According to statistics from VietstockFinance, 84 residential real estate enterprises on the stock exchange have announced financial reports in the first 9 months of 2024 with net revenue of more than VND 111.3 trillion and net profit of more than VND 20.5 trillion, down compared to the same period.
Leading the industry in terms of profit is the familiar name Vinhomes with a figure of more than VND 19.6 trillion.Other giants such as Ha Do Group and Nha Khang Dien also appeared in the top 10 highest profits, but in general, they still remained the same or declined compared to the same period.
On the contrary, there are still dozens of residential real estate enterprises that continue to face the problem of business losses. Although the profit in the third quarter of 2024 increased dramatically, more than 18 times higher than the same period, exceeding VND 3 trillion, it still could not help Novaland report a profit after 9 months of 2024.
Novaland recorded a loss of more than VND4.1 trillion due to a net loss of more than VND7.2 trillion in the first half of the year when it had to increase provisions and financial expenses as requested by the auditor for land rent, land use fees payable and late payment fees of the 30.1-hectare Nam Rach Chiec project, Thu Duc City, Ho Chi Minh City.At the same time, it re-evaluated the exchange rate difference of foreign currency payables and losses from liquidating subsidiaries.
However, the "door" is not completely closed for Novaland as a number of asset liquidation agreements were urgently implemented in the third quarter of 2024, and at the same time, the group's leadership said that it had negotiated an agreement with banks for about VND12,000 billion in additional capital injection in the coming time.
Another big player also facing a loss-making business result is Nam Long Group.This group reported a loss after tax of more than VND 40 billion in the third quarter of 2024, compared to a profit of VND 71 billion in the same period last year.This is the second quarter that this group reported a loss in 2024.
However, according to a recent assessment by VNDirect Securities, the fourth quarter of 2024 will be the point where Nam Long Group's profits fall this year with a series of products at the two projects Akari City and Nam Long Can Tho being handed over.Notably, in the first 9 months of the year, Nam Long Group's sales volume increased by more than 100% over the same period, reaching more than VND 3,500 billion.
According to VNDirect Securities Company, the sharp increase in sales volume of Nam Long Group clearly reflects the suitability of this group's product fund to market demand in the context of a severe shortage of supply in the Ho Chi Minh City area.
As for LDG Investment Joint Stock Company, the loss was almost predicted when the company's net revenue was negative by nearly VND 175 billion, due to the impact of returned goods of nearly VND 358 billion.It is highly likely that the value of this returned goods is from the Tan Thinh residential area project (Dong Nai).
In a recent report, VIS Rating assessed that, in general, the ability to access new capital sources of real estate businesses has improved in 2024, thanks to the increase in bank credits for real estate business activities and the issuance of shares doubled compared to the previous year.According to VIS Rating, in the coming time, the low debt coverage ratio indicators of this business will be partially improved, while the cash flow from recovered sales will partially meet the capital needs.
Positive developments from the market will encourage investors to increase the amount of goods sold, thereby reducing inventory, solving the cash flow problem.This is also the reason why many businesses are trying to speed up project progress to quickly launch products to create new sources of revenue.
