AsemconnectVietnam - No Va Real Estate Investment Group Joint Stock Company (Novaland, code NVL - HOSE) has just announced its consolidated financial statements for the fourth quarter of 2023 and accumulated for the whole year 2023.

Accordingly, Novaland's fourth quarter of 2023 recorded revenue of VND2,031.84 billion, down 37.34% over the same period last year; However, the profit suddenly reached more than VND1,642 billion, nearly 13 times higher than the same period.
The reason according to Novaland is that financial revenue increased sharply from nearly VND900 billion to more than VND1,825 billion, equivalent to more than doubling. According to the balance sheet, this increase mainly comes from profits from investment cooperation contracts and profits from trading business securities.
Meanwhile, comparing the balance sheet of the fourth quarter of 2023 and the third quarter of 2023, Novaland recorded a profit of VND414.84 billion from trading securities in the last quarter of the past year, while the third quarter of 2023 is not recorded.
Cumulatively in 2023, NVL's revenue will reach VND4,771.95 billion, down 57.2% compared to the previous year, mainly coming from real estate transfer activities thanks to handover at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City, Lakeview City, Saigon Royal and other central real estate projects.
Financial revenue grew by 14.7% to more than VND5,741 billion, of which, in addition to nearly VND415 billion from profits from trading business securities, Novaland also recorded an increase of more than 39% from investment cooperation contract profits, up to more than VND3,225.8 billion.
As a result, Novaland recorded profit after tax of VND684.8 billion, down 68.8% compared to the previous year.
Thus, with a yearly plan of revenue of VND9,531 billion and profit after tax of VND214 billion, in 2023 Novaland will only complete 50% of the revenue target but exceed 220% of the profit target.
At the end of 2023, NVL's total assets are nearly VND241.4 trillion, down 6% compared to the beginning of the year, of which inventory is VND138.6 trillion, mainly the value of land fund and Projects under construction account for 93.4% (equivalent to VND129.5 trillion).
On the other hand, the Company's liabilities decreased by 8%, to VND195.9 trillion, of which short-term debt is more than VND90.5 trillion, and long-term debt is VND105.35 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan