Aqua City Company Limited is a subsidiary of No Va Real Estate Investment Group (Novaland) and the investor of the 1,000-hectare Aqua City urban area in Bien Hoa City, Dong Nai, and has just sent a report on the financial situation in 2024 to HNX.
Accordingly, the company unexpectedly reported a profit after tax of 546 billion dong. With this result, the business reported profit after 2 years 2022 and 2023, respectively, respectively after tax losses of VND 136 billion and VND 359 billion. The financial statements also show that, in 2024, Aqua City Co., Ltd. reduced the total liabilities of about 3.9% from 11,412 billion dong in late 2023 to 10,972 billion dong at the end of 2024. This figure is 6.54 times the equity of 1,678 billion dong. The bond balance index has been issued/equity also decreased from 2.12 to 1.43 in the past year.
Currently, Novaland still holds a controlling stake in Aqua City Company Limited. The financial report for the first quarter of 2025 showed that in March 2025, Novaland completed the sale of 19% of the charter capital at Aqua City Company Limited - the investor of the 1,000-hectare Aqua City project in Dong Nai. After the transaction, Novaland's ownership ratio decreased from nearly 70% to 51%.
The ownership ratio in related groups including Phuc Hoa Real Estate Company Limited and Green Land Real Estate Investment and Development Company Limited also decreased accordingly. The transfer value is 973 billion VND. The difference between the total transfer value and the recorded value has been recorded by Novaland in the undistributed after-tax profit on the consolidated accounting balance sheet.
Regarding the transfer receipt, according to the business registration file of Aqua City Company Limited in April, Thien Ha Investment Trading Services Joint Stock Company is a new shareholder, holding 19% of the capital. Notably, Thien Ha's head office has the same address as Novaland's head office at 65 Nguyen Du, Ben Nghe Ward, District 1, Ho Chi Minh City.
The Aqua City project with a scale of about 1,000 hectares invested by Novaland is the largest real estate project in Bien Hoa city and Dong Nai province. The project has been implemented but has been suspended since 2021 due to problems in approving planning adjustments and not yet reaching consensus on social housing land funds.
On November 19, 2024, Chairman of Dong Nai Provincial People's Committee Vo Tan Duc signed Decision No. 3479 officially approving the local adjustment of the 1/10,000 Master Plan, marking the decisive step in resolving the legal problems for Novaland's Aqua City project, which has been stuck for more than 2 years.
In December 2024, the Department of Construction of Dong Nai province continued to issue a notice confirming that 521 low-rise houses in Zone II were eligible for business. In January 2025, the provincial Department of Construction issued an additional notice that 422 low-rise houses of the project are eligible for business.
