Novaland confident of achieving ambitious financial targets

Friday, Apr 21, 2017 16:00

A project developed by Novaland in HCM City.— VNS Photo

Giant builder Novaland group (NVL) on Friday said it plans to enlarge its land ownership through mergers and acquisitions this year.

Speaking to the media before the company’s annual shareholders meeting, Phan Le Hoa, the company’s director of capital market and investor relations,said the M&A activities would target some housing projects in key locations in HCM City and other cities like Can Tho, Da Nang and Vung Tau.

NVL would develop over 10 million square metres of land in the next five years, and is building its first resort in Can Tho, he said.

Expressing confidence about the company achieving its targets this year, he said sales would top VND17.5 trillion (US$767 million) and after-tax profit, VND3.1 trillion ($136 million).

Last year they were respectively VND7.4 trillion ($324 million), up 10.3 per cent, and VND1.7 trillion ($74.5 million), a 276 per cent rise.

“Until 2020 the company’s profits and revenues will be steady and achieve the target thanks to projects sold in between 2014 and 2016 and to be handed over this year and the years to come.”

This year alone around 4,100 flats in 11 projects will be handed over.

Last year, Novaland was one among the market leaders in HCM City, selling 8,000 units, or 23 per cent of the city’s total sales.

This figure was 13.3 per cent up from 2015, the company said.

Novaland has 40 projects on hand with products in many segments like villas, houses, apartment, office-tel, land plots.

This year the company plans to complete 10 projects, including Lakeview City in District 2, The Tresor in District 4, RiverGate in District 4 and Orchard Garden in Phu Nhuan District. — VNS

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