According to Novaland (NVL)'s reviewed consolidated semi-annual financial report, CEO Duong Van Bac received income from two positions: general director and member of the Board of Directors. In total, he earned over 2.4 billion VND in the first six months of this year. On average, Bac's monthly salary was over 403 million VND.

This income represents a 69% increase compared to the first six months of the previous year. At that time, Bac was the chief financial officer, later becoming deputy general director and earning over 1.4 billion VND. He was the highest-paid executive and the only one whose income increased among the Board of Directors and the Board of General Directors of Novaland.

Duong Van Bac - CEO of Novaland. Photo: NVL

Bac assumed the role of CEO in 11/2024, replacing Ng Teck Yow. Born in 1985, Bac has experience in finance and real estate, specializing in capital raising, investment, and valuation. Novaland stated that Bac has contributed significantly to the group's restructuring process.

Two other executives with billion-VND incomes in the first six months of the year were Deputy General Director Tran Thi Cao Van and Deputy General Director Cao Tran Duy Nam, earning over 1.4 billion VND and 1.3 billion VND, respectively. Both were appointed to their positions in mid-11/2024.

Bui Thanh Nhon, Chairman of the Board of Directors, received a salary of 600 million VND in the first half of the year. This amount remains unchanged compared to the same period last year.

In addition to his improved income, Duong Van Bac also received bonus shares and preferential rights to purchase NVL shares at a discounted price. At the end of May, Novaland approved a plan to issue 48.7 million shares, equivalent to 2.5% of outstanding shares, as bonuses for senior employees. Bac received nearly 4.5 million shares. The remaining shares were distributed among 24 senior personnel, each receiving between 1.5 and 2.8 million shares.

Simultaneously, Novaland issued a similar number of shares at a preferential price of 10,000 VND to these individuals. The Board of Directors stated that the bonus and preferential share policy aimed to recognize the contributions of members, attract talent, and encourage long-term employee commitment.

During the first half of the year, Novaland's revenue improved, but expenses remained high, and cash flow faced challenges. The company reported a loss of over 666 billion VND. Novaland's total outstanding debt exceeded 61,800 billion VND, with approximately 32,300 billion VND due within the next 12 months.

Therefore, the company stated that it does not yet have the capacity to fully repay outstanding debts from 2022 to the present. They are continuing to explore new restructuring options for these debts, aiming for a resolution between late 2026 and early 2027.

Tat Dat