Nam Long reported a record-breaking profit of VND 756 billion in 2017

In 2017, Nam Long also surpassed 15% of the year target set by the AGM.

Nam Long Investment Joint Stock Co (NLG) has released Q4 2017 consolidated financial statement.

In Q4 2017, the company’s net revenue was VND1.524 billion, which was a 77% increase compared to Q4 2016, bringing the total revenue to VND3.161 billion. Nam Long’s total revenue consists of VND 2.239 billion from sales of land, townhouses, villas and apartments, accounting for over 70% of total sales; VND883 billion turnover from the project transfer, accounting for over 26% of total revenue and the rest from services, construction and rental of real estate.

Financial income in the Q4 soared to nearly VND30 billion while last year Q4 only earned VND14 billion. On the company financial statements, cash and cash equivalents at the end of the year were over VND2.080 billion, of which bank deposits increased by VND140 billion to VND525 billion. Term deposits with maturity of less than 3 months increased by more than VND1 trillion, to VND1.548 billion.

Total financial income reached nearly VN 95 billion, 3.7 times higher than 2016.

In Q4, financial expenses decreased by over VND5 billion, versus last year’s figures, posted at over VND7 billion. However, the total annual financial expense is slightly increased compared to last year, to VND29.33 billion. This is mainly the interest paid on loans.

Revenue growth also led to higher sales and corporate management costs. As a result, in Q4, Nam Long posted an after-tax profit of VND291 billion, 46% more in comparison with Q4 2016, of which the after-tax profit of its parent company was VND183 billion.

End-of-year inventories increased VND188 billion to VND3.884 billion. Real estate inventories were VND3.872 billion, including VND1.480 billion at Long An project, VND672 billion at Phu Huu project, 708 billion dong in Hoang Nam project, 270 billion dong in Fuji project, 185 billion dong in Nguyen Son project, 173 billion dong in Areco project…

By the end of 2017, total assets of the company reached VND7.920 billion, adding VND1.700 billion to initial asset figure.

Accumulatively, Nam Long obtained more than VND756 billion in after-tax profit in 2017, almost doubling its 2016’s profit. This is also set new record for Nam Long's annual profit. With this result, Nam Long surpassed 15% of the year target set by the AGM. After-tax profit of parent company’s shareholders reached VND 535 billion.