Novaland Group (NVL) reported revenue of approximately 3,587 billion VND in its recently published consolidated financial report. This figure is more than double that of Q1 2025 and marks the highest revenue in over a year.

Net revenue from real estate transfers accounted for 3,452 billion VND, a 111% increase compared to the same period last year. This growth was primarily driven by product handovers at projects such as Sunrise Riverside, Aqua City, NovaWorld Phan Thiet, and NovaWorld Ho Tram, alongside land use rights transfers.

While the cost of goods sold rose by 50%, its growth rate was slower than that of revenue. Consequently, the company achieved a gross profit of nearly 1,889 billion VND, 2.9 times higher than the same period last year, with a gross profit margin of almost 52.7%.

After factoring in financial revenue and deducting operating expenses, Novaland posted an after-tax profit of approximately 860 billion VND. This represents a significant turnaround from a loss of over 476 billion VND in the same period and marks the second consecutive quarter the company has reported positive earnings.

For this year, NVL aims to hand over over 2,600 products and sell over 2,100 new units, targeting a record revenue of 22,715 billion VND. The projected after-tax profit is 1,852 billion VND, a slight 0.5% decrease attributed to rising interest rates. After the first 3 months, Novaland has achieved nearly 16% of its revenue target, but its profit has already exceeded 46% of the annual plan.

Since the beginning of the year, Novaland has advanced construction across various sub-areas of the Aqua City project cluster, including The Tropicana and Habana Island phases of NovaWorld Ho Tram, and the Vip Ocean Villa sub-area, Novotel Phan Thiet hotel, and Royal Mansions giai doan 1 of NovaWorld Phan Thiet. In central TP HCM, two projects are nearing completion: Victoria Village, scheduled for handover from Q2, and The Grand Manhattan, anticipated for handover this year.

Victoria Village project seen from above. Photo: NVL

At the annual meeting last week, founder Bui Thanh Nhon outlined the company's priority strategy: completing financial and governance restructuring to establish a stable and sustainable operating foundation. Concurrently, Novaland will expedite legal procedures and project construction.

Novaland recently saw a leadership transition. Bui Cao Nhat Quan was appointed Chairman of the Board of Directors for the new term, succeeding his father, Bui Thanh Nhon. Previously, Quan also took over his father's role as head of the parent company, NovaGroup. Nhon remains involved, continuing to guide, supervise, and advise on Novaland's medium and long-term development strategy.

Tat Dat