NovaWorld Phan Thiet project with various amenities is attracting a large number of visitors, who come to sightsee. — Photo Courtesy Novaland

No Va Real Estate Investment Group Joint Stock Company (Novaland) has released its audited financial statements.

They show its consolidated post-tax profits in 2023 to be nearly VNĐ486 billion (US$19.6 million), VNĐ199 billion ($8 million) down from the previously announced VNĐ685 billion ($27.7 million). 

Novaland attributed the decrease in profit to provisions for inventory value reduction made by its affiliated companies as required by auditors based on a conservative approach.

The provisions are expected to be reversed as the projects continue to be implemented.

The audited financial statements show the company’s total assets as of December 31, 2023, were over VNĐ241.5 trillion ($9.8 billion), a decrease of 6.3 per cent from 12 months earlier. 

Its inventories were worth VNĐ139 trillion ($5.6 billion), with the value of land and projects under construction accounting for 93.3 per cent, or VNĐ130 trillion ($5.3 billion).

The remaining were completed real estate and real estate goods, projects waiting to be handed over to customers.

As of December 31 Novaland's unrecognised revenues were worth nearly VNĐ240 trillion ($9.7 billion) from projects that have been handed over, are in the process of legal procedure completion and where Novaland is the investor and in development cooperation. 

Novaland has largely completed the restructuring of loans and bonds, is focused on carrying out key projects, handed over houses to customers in stages with the support of financial partners, and been flexibly adjusting plans for new projects to fit the current situation.

It has been collaborating with local authorities to resolve and improve the legal issues of projects in the shortest time possible. — VNS