AsemconnectVietnam - In the first quarter of 2024, Nam Long recorded presale revenue of VND1,160 billion, 5 times higher than the same period (about VND238 billion), mainly from the projects Akari (VND490 billion), Mizuki (VND246 billion), Southgate (VND283 billion).

The characteristic of real estate development businesses is that the revenue and profit falling points will focus on the third and fourth quarters of every year - coinciding with the time when customers receive houses. The lowest quarter in terms of both revenue and presale is usually in the first quarter, especially in years when the Lunar New Year is close to the New Year, causing long holidays.
According to the consolidated financial report of the first quarter of 2024, net revenue of Nam Long Investment Joint Stock Company (NLG) recorded VND205 billion, down 13%, largely contributed from the handover of houses and apartments at Mizuki project, Southgate and Izumi City project.
During the period, financial revenue decreased sharply by 44%, and profits in related companies decreased by 69.34% (due to the Mizuki project being handed over mainly in the first quarter of 2023 and continuing handover until the end of 2024), while sales costs and corporate management costs decreased by 11% and 21%, respectively. As a result, Nam Long recorded a negative profit after tax of VND65 billion.
The positive point is that the general market seems to be warming up, shown through sales programs launched to the market, in which investors have projects with clear legal status and average product lines. Providing and meeting real housing needs is the bright spot of recovery of the real estate market. For Nam Long alone, the Company said that presale was quite positive, reaching VND1,160 billion, 5 times higher than the same period.
According to shares at the 2024 Annual General Meeting of Shareholders taking place in the middle of last April, Nam Long representative said that by the end of 2023, the Company has a total unrecorded revenue value of more than VND8,000 billion. The company plans to record revenue from product delivery of about VND6,000 billion in 2024, with the rest recorded in 2025-2026.
At the end of the first quarter of 2024, Nam Long's prepaid buyer account was recorded at over VND4,200 billion, an increase of about VND390 billion compared to the beginning of the year. This item will be recorded in revenue when Nam Long completes and hands over the project expected in the second half of 2024.
In particular, according to Nam Long, the handover progress depends on the customer's payment schedule and Nam Long's support.
N.Nga
Source: VITIC/Tinnhanhchungkhoan