Financial statements (Financial Statements) of the first quarter of Vinhomes (JSC) of Vinhomes show that the first quarter revenue of this unit reached 15,698 billion dong, up 91%, net profit reached 2,652 billion dong, 2.9 times higher than the same period in 2024. This is also a leading enterprise leading the group of real estate companies.
The business results of Nha Khang Dien Investment and Trading Joint Stock Company according to the Joint Stock Commercial Bank for the first quarter of 2025 just announced also showed improvement when recording net revenue of VND 710 billion, up 113% over the same period in 2024.
After deducting expenses and taxes, Khang Dien reported after-tax profit of VND119 billion, up 86% over the same period last year, the after-tax profit of the parent company increased by more than 92% to VND122 billion.
The financial statements for the first quarter of 2025 of Nam Long Investment Joint Stock Company (code: NLG) also showed that the revenue of this unit reached more than VND 1,290 billion, 6 times higher than the same period last year at VND 204 billion.
However, in that context, many other businesses are continuing to restructure, consolidate financial platforms and especially the story of handling debt pressure.
No Va Real Estate Investment Group Joint Stock Company (Novaland) announced a consolidated BCTC in the first quarter of 2025, recording a total consolidated revenue of more than VND 1,778 billion, 2.5 times higher than the same period. Regarding financial activities, revenue decreased while financial expenses remained high.
As a result, in the first quarter of 2025, Novaland net lost more than VND 443 billion.
This year, Novaland's Board of Directors approved 2 business options. Option 1, net revenue reached VND13,411 billion and after-tax loss was VND12 billion. Option 2, net revenue reached VND 10,453 billion and after-tax loss was VND 688 billion.
According to Novaland, the key factor affecting this year's business results is the progress of legal settlement of projects. Accordingly, option 1 was built with the expectation of advantages, while option 2 was reserved for less favorable situations.
As of March 31, 2025, Novaland's total assets reached more than VND 234,806 billion, money and money equivalent of more than VND 6,000 billion.
The largest proportion is inventory with VND 148,639 billion, of which the value of land fund and projects under construction accounts for 95%, the rest is completed real estate or completed real estate waiting to be handed over to customers.
Outstanding loans are paid VND 185,951 billion, outstanding loans account for VND 59,258 billion.
Another enterprise also facing a sharp decline in revenue is Dat Xanh Group Joint Stock Company. In the first quarter of 2025, the group's revenue decreased by 13%, to VND924 billion.
Ha Do Group Joint Stock Company (code: HDG) also has a not-so-good revenue. The company's revenue in the first quarter of 2025 reached VND598.58 billion, down 29.4% over the same period. The company's after-tax profit reached VND155.07 billion, down 29.94% over the same period.
The current problem for real estate businesses is the story of inventory clearance. According to data from many market research units, more than 90% of inventories are currently in the mid-high-end segment, with an average selling price of more than 90 million VND/m2, beyond the affordability of the majority of people.
In contrast, basket of inventories in the affordable segment (under 55 million VND/m2) only accounts for about 10% but the selling price exceeds 3 billion VND. And in the context of many economic fluctuations, buyers tend to look for options that suit their financial capacity. This makes high-priced inventory products even less attractive.
Experts say that real estate businesses are still forced to restructure their portfolios and adjust product development strategies.
Focusing on customers with real needs, providing products suitable for the majority's financial capacity, possessing favorable locations and clear legal documents will be the key to unblocking liquidity and gradually solving the inventory problem.
