On July 30th, 2018, No Va Land Investment Group Corporation (HSX: NVL) ("Novaland" or the "Company") announced today its financial results for the second quarter of 2018. As at June 30th, 2018, the Company recognized Net revenues of VND4,290 billion and Net profit after tax of VND745 billion. Cash and cash equivalents at the end of period was VND8,841 billion.

Revenues: for the first half of 2018, Novaland’s net revenues reached VND4,290 billion, representing an increase of 29% compared to the same period last year, mainly attributable to sales from projects of Lakeview City, Rivergate Residence, The Tresor Residence, Golden Mansion, Wilton Tower, Kingston Residence, and Lucky Palace. These projects contribute close to 90% to the Company’s Net Revenues in the first half and will continue to generate larger revenues in the second half of 2018. 

Gross Profit: compared to last year’s first half, the Company’s Gross Profit increased substantially 74% to VND1,410 billion. Profit sharing from investments in joint ventures and associates also saw a gain of VND240 billion due to the difference in fair value of the investment into associates. 

Net profit after tax: As at June 30th, 2018, net profit after tax attributable to shareholders of parent company was VND723 billion. For quarter 2/2018, this net profit was VND597 billion, up 39% from previous quarter. The Company have completed 23% fiscal year profit target and still on track to full year’s delivery and profit plan in the next 2 quarters.

Total assets: The Company’s total assets as of June 30th, 2018 amounted to VND58,756 billion, representing an increase of 19% from the end of 2017. Owner’s equity reached VND17,467 billion which is 32% higher than 2017, and undistributed earnings increased by 25% to VND3,636 billion. 

Inventories: compared to the end of 2017 fiscal year, Inventories increased 16% to VND31,454 billion as of June 30th, 2018, mainly attributable to inventories at projects of newly acquired subsidiaries.

Charter capital: in the first half of 2018, Novaland have carried out three share issuances including those for ESOP, bonus shares and private placement (52.5 million shares). As a results, the charter capital as of June 30th was VND9,143 billion, up 41% compared to the end of 2017. 

Fundraising: Novaland successfully raised USD310 million in the first half of 2018, including a USD160 million offering of convertible bonds and a USD150 million private placement of shares. The convertible bonds were listed on Singapore Stock Exchange from April 30th, 2018. This concurrent issuance marked the biggest ever capital raised in Vietnam. The success of this transaction is a testament to Novaland’s impressive fundraising story, which garnered high quality demand from the international investment community. 

Topping-out projects: there were many topping-out projects including The Sun Avenue Residence, Sunrise Riverside, Sunrise Cityview, RichStar, Newton Residence, Orchard Parkview and Botanica Premier. Most of these projects will be delivered in the third and fourth quarters of 2018. The Company is accelerating the construction of under development projects to deliver on time and is in good shape to complete 2018’s revenue and profit targets. 

Opening the first hospitality project – Azerai Can Tho Resort: early June 2018, Novaland and Azerai founder Adrian Zecha held the grand opening of Azerai Can Tho Resort in Can Tho City. Positioning on the "affordable luxury" segment, Azerai Can Tho is an ideal resort - blending a beautiful location with heritage, culture and local history; Combining excellent services, ensuring peace and privacy for the world-class luxury clientele. This is the first project in the Nova Phu Sa resort chain developed by the Novaland Group in the Mekong Delta region.