Nam Long (NLG) plans for a 3-year growth in net profit "much higher than 2019"

Nam Long Group (NLG) has recently released its Annual report 2019 in which CEO Steven Chu Chee Kwang clearly stated: “Nam Long Group is very optimistic about the affordable housing segment and the township market in Vietnam. NLG is planning to grow sales and net profit for 3-year period (from 2020 to 2022) much higher than 2019”.

According to Steven Chu, the real estate industry and the overall economy have been struggling as a result of changes in the real estate regulations enforced by the Vietnamese government, and now they have to respond to the complex situation of Covid-19 happening in Vietnam and worldwide. This causes negative impacts on the mentality and purchasing power of consumers as well as on the stock market. Regardless of all the obstacles, the real estate market remains highly promising during this time, proven by the significant growth of demand in affordable housing products from Vietnamese families.
As stated in the Annual report 2019, all financial indicators all increased by double digits compared to five previous years. Total assets reached VND 10,904 billion, increased by 14%; net profit totaled VND 961 billion, increased by 26%. NLG's total land fund is 681ha distributed among 5 projects in southern provinces and a project in Hai Phong.
Notably, NLG sold a total of 3,013 products in the past year, of which number of Flora products sold was 1,971 Flora, increased by 11% compared to the previous year.
NLG is also one of very few real estate companies that announce its investment and sale opening plan for each phase of every project until 2023 in its annual report.
As of February 17, 2020, foreign institutions accounted for 38.2%, internal shareholders accounted for 33.34%, domestic institutions accounted for 10.85% and domestic individuals accounted for only 16.8% of NLG ownership structure.
In last Friday trading session (April 10), NLG share price increased slightly by 0.2% to VND 21,650, with trading volume of nearly 1.6 million shares.

(Source: tinnhanhchungkhoan)