CÔNG TY CỔ PHẦN ĐẦU TƯ NAM LONG (HOSE: NLG)
Số 6 Nguyễn Khắc Viện, P. Tân Phú, Quận 7, TP.HCM
Điện thoại: (84.28) 54 16 17 18
Fax: (84.28) 54 17 18 19
On April 25, 2020, at the headquarter in Capital Tower, Nam Long held an online Annual General Meeting to ensure shareholders’ safety. Regardless of the online meeting, Nam Long still consulted with shareholders through voting cards sent by mail. The results will be published on the company official website www.namlongvn.com on April 29, 2020.
At the end of 2019, notwithstanding common challenges in the real estate market, Nam Long still achieved two-digit financial growth targets compared to the previous five years. Specifically, NLG sold a total of 3,013 products in the past year, of which there was 1,971 Flora apartment products, equivalent to an increase of 11%, and 480 Valora villas and townhouses, equivalent to 196% growth compared to 2018. Total assets at the end of the year totaled VND 10,904 billion, increased by 14%, and profit after tax totaled VND 961 billion – increased by 26%. The total amount of cash, cash equivalents and bank deposits were VND 1,966 billion which provided a solid financial foundation without any debt pressure. NLG's total land fund was 681 ha with projects across six southern key economic provinces including Ho Chi Minh City, Dong Nai, Long An, Binh Duong, Can Tho and Hai Phong. Regarding dividend payout in 2019, 10% cash dividends valued at VND 239.14 billion of which 5% was paid in advanced in December 2019, whereas the remaining 5% and 10% stock dividends worth 239,14 billion are expected to be paid in the Q2/2020. The 10% bonus shares payout was delayed until a more suitable time on the stock market.
In 2019, Nam Long proved high adaptability to new regulations in real estate with specific proofs. Firstly, simultaneously developing 3 townships, including Mizuki, Akari and Waterpoint with pre-sales (reservation) results are among the highest in the southern residential housing market with revenue of over VND 5,000 billion. Secondly, handing over to customers more than 3,000 EHome and Flora products in township projects. Thirdly, building system to develop and sell projects in Hanoi and Hai Phong. Lastly, building and enhancing corporate culture in partnership with Vanto Group, an American consulting company, well known worldwide with breakthrough effects by transforming corporate culture. Nam Long was also more determined in launching social security programs, supporting national housing development programs with social housing product EHomeS, continuing the “Swing for dreams” scholarship dedicated to low-income students with excellent performance. In addition, Nam Long was frequently nominated in the prestigious rankings such as Vietnam’s Top 50 valuable brands (Brand Finance), The Trillion Dollar Club in 2019, Top 50 Listed Companies in Vietnam (Forbes), Vietnam’s 50 Best-performing Companies (Nhip Cau Dau Tu) and awards for projects and exchange platforms as part of the International Property Awards.
During the transformation to realize the plan for 2020 and step closer to being a leading township developer, Nam Long has focused on improving and enhancing its foundation for development to maximize efficiency, sustain performance and share value with shareholders in the period when the global economy is heavily influenced by Covid-19. In the meeting, Nam Long shared the updated 3-year plan from 2020 to 2022 with shareholders. This plan was carefully developed by the management in the unfavorable market scenario due to the impacts of Covid-19 on business and global economy affecting the real estate industry. Nevertheless, it would still guarantee the expected medium-term growth targets as planned for 2018-2022. In this 5-year plan for the period of 2018-2022, the total sales were projected at more than 19,500 products while the total revenue was estimated at more than VND 40,000 billion including revenue of the Group and its joint ventures (JVs). Accordingly, the total expected profit of the Group and the JVs would be 9,000 billion VND in this period.
The plan for 2020 was revised for the most prudent scenario. Nam Long adjusted its sales plan to the safest with a total sales target for products, projects and commercial properties of VND 6,351 billion, equivalent to a 317% increase compared to 2019; a revenue of VND 1,520 billion, a profit of VND 820 billion from main activities of township and housing development, and 40% usage of the total 113 hectare commercial real estate land fund to build a complete commercial real estate ecosystem, adding values to township projects as well as creating a regular and stable source of income. In regards to raising capital through partnerships with Japanese partners, the partnership in Waterfront and Nam Long Dai Phuoc projects will practice capital transfer instead of project transfer as applied with Mizuki, Akari, Waterpoint projects, thus, this revenue will be recorded as financial revenue but the execution of partnership agreement remains unchanged. Along with the previous pre-sale achievements, Nam Long’s revenue and profit are expected to be high for the year of 2021 – 2022. In 2020, total dividend payout is expected to be 15%, of which 10% in cash and 5% in stock.
Nam Long has also just announced its financial results for Q1/2020, in which net revenue was more than VND 416 billion, increased by 25% compared to the same period last year. Nam Long also reported an additional VND 39 billion interest in joint ventures and affiliates, equivalent to a 300% increase compared to the same period last year. Thereby, the net profit from operating activities topped VND 130 billion, 600% more than the same period last year. By the end of Q1/ 2020, Nam Long's total assets totaled VND 10,931 billion, slightly increased by VND 26 billion compared to the beginning of the year. On March 28, Nam Long tested a new online sales channel for Dual Key products from Akari City project. Within 10 days of opening, the revenue recorded was approximately VND 100 billion.
The resolution voting results, the vote counting report, the draft meeting minutes and the draft Resolution of the General Meeting of Shareholders 2020 will be officially announced at https://namlongvn.com/co-phieu/ on April 29, 2020.
(Source: Nam Long Group (Hose: NLG))
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