Novaland reports outstanding Q2 figures

Tuesday, Aug 03, 2021 08:30

Perspective of Waikiki Villa at NovaWorld Phan Thiet (Binh Thuan)

Novaland Investment Group Corporation has announced a net profit of over VND2 trillion for the second quarter of this year, a 71 per cent year-on-year increase.

Total consolidated revenues including from sales of goods and services were VND7.1 trillion, a 282 per cent increase.

Revenues from sales topped VND6.3 trillion, up 541 per cent, mainly contributed by handovers of units at projects like Saigon Royal, Aqua City, NovaHills Mui Ne, Victoria Village, NovaWorld Ho Tram, and NovaWorld Phan Thiet.

Services and others fetched nearly VND753 billion.

As of June 30 the company’s total assets were worth nearly VND172 trillion, up 18.7 per cent.

They included inventories of VND103.2 trillion, up 18.9 per cent year this year, mostly from an increase in project development costs of Aqua City, NovaWorld Phan Thiet and NovaWorld Ho Tram.

Lands and project development costs accounted for 92 per cent of the inventories (equivalent to VND94.7 trillion), and finished works and real estate products and products on handover made up the rest.

Cash and cash equivalents and bank deposits were worth over VND 2.1 trillion, up 5 per cent.

The Company's loans and financial leases were worth VND51.3 trillion, up 4.9 per cent.

Short-term loans and finance lease liabilities accounted for 35.4 per cent of outstanding loans (equivalent to VND18.2 trillion). Long-term loans and financial lease liabilities accounted for VND33.1 trillion, down 4 per cent this year, mainly from loan repayment and conversion and redemption of international convertible bonds.

In the second quarter the company made principal and interest repayments of VND16.8 trillion for matured debts and prepayment of loans from available cash and cash proceeds from sales.

With respect to fundraising, in July 2021 the company successfully issued $300 million worth of international convertible bonds that have been listed on the Singapore Stock Exchange.

Credit Suisse (Singapore) Limited is the sole global coordinator and bookrunner. The issuance attracted great interest from reputable international investors. The order book was subscribed 2.5 times relative to the initial deal size.

In term of product introduction, during the second quarter the company got strong support from the market despite the effects of thy Covid-19 pandemic on the economy. Online launches were held regularly, and a variety of incentive programmes were offered to customers to choose from based on their financial wherewithal and requirements. Pre-sales performance witnessed an increase of 227 per cent quarter-on-quarter.

Perspective of Aqua Marina at Aqua City

In late June and early July NovaWorld Phan Thiet’s new phase, Waikiki, was launched.

It has an area of 10.5 hectares and is in the centre of NovaWorld Phan Thiet.

Very few units have been launched and they have an identical location that offers a unique "multi-storeyed" view of the entire Phan Thiet Bay and 25ha theme park.

NovaWorld Ho Tram attracted attention in the second quarter with the launch of the "limited” beach villa product line at the Habana Island phase. Known as the most luxurious area at NovaWorld Ho Tram, Habana Island resonates with its rare river-sea terrain.

The second home apartments here are likened to having both sea and river frontages, and possess spectacular panoramic views.

Since June Binh Chau hot springs have been added as a utility at NovaWorld Ho Tram for customers to come and visit and experience them.

In early July Novaland introduced a new phase of the Aqua City project called Sun Harbor 1.

It is located at the core of Aqua City with outstanding amenities. The most luxurious aspect of this phase is the European-style square - marina complex called Aqua Marina that spreads over 2.7ha.

Aqua Marina is designed as an amusement - entertainment - shopping complex with a world-class shopping mall, international standard marina and a square with a capacity of 10,000 people.

Aqua Marina is currently in the finishing stages for launch in August.

With regard to sustainable activities, in the second quarter Novaland joined hands with the community to respond to the Covid pandemic.

It donated VND100 billion to the Covid – 19 Vaccine Fund.

Novaland has also carried out a number of activities and donated urgent medical equipment to Ho Chi Minh City, Binh Thuan, Can Tho, and Vung Tau.


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