Company Insight

As of the cumulative 9 months of 2024, NLG's net revenue reached VND 828 billion (-46.5% YoY), and NPAT was VND 54 billion (-82.9% YoY). The weak performance in 9M2024 is due to NLG's focus on handovers mostly scheduled for Q4/2024, with two main projects being Akari Phase 2 and the project in Can Tho.

The Akari Phase 2 project (1,700 units) began handovers in mid-October 2024. According to NLG, as of November 5th, 400 units (~24% of the total project) had been delivered. 

Meanwhile, in Can Tho, Central Lake project opened bookings in mid-October for 274 units (with a good result of 400 booking slots). Additionally, Ehomes condo began handover to customers from October. 

We still maintain our revenue projection for NLG as previous report. Specifically, NLG's revenue for 2024 is estimated to reach VND 5,313 billion (+67.0% YoY), with NPAT at VND 1,043 billion (+30.4% YoY). Of this, two projects are expected to contribute approximately 85% of NLG's revenue in 2024, namely the project in Can Tho (VND 1,416 billion) and Akari Phase 2 (VND 3,082 billion).