Nam Long Annual General Meeting 2023 (NLG): Set sale target over VND 9,000 billion, annual revenue target over VND 4,800 billion

On April 22, 2023, at Sheraton Saigon Hotel, Nam Long Investment Joint Stock Company (HOSE: NLG) held an annual general meeting to report business results in 2022 and announce the business plan, profit distribution as well as dividend payment plan in 2023 with approval of the majority of shareholders attending.

2022 was a difficult year for the real estate industry. From Q2/2022, the market slowed down and remained quiet. A series of unfavorable institutional, legal, economic and political issues affected many businesses in the industry. Despite the inevitable impacts, the 30-year Nam Long Group maintained balance through appropriate and sustainable product strategies and healthy financial structure, and became one of a few real estate enterprises in the market that successfully issued bonds in the last months of the year, raising a total of VND 1,973 billion, including VND 1,000 billion from IFC - a member of the World Bank group.

Chairman of the Board - Nguyen Xuan Quang delivered the opening speech.

In 2022, Nam Long had a record sales of VND 10,000 billion, the highest number despite many difficulties and challenges of the market. NLG's annual revenue in 2022 totaled almost VND 4,339 billion, the company's gross profit surpassed VND 1,984 billion, up 12% compared to 2021.

Nam Long Annual General Meeting 2023 with the participation of a large number of Shareholders

At this year’s meeting, Nam Long also announced a business plan for 2023 with a sales target of VND 9,430 billion, net revenue target of VND 4,836 billion, profit after tax target of VND 919 billion, profit after tax target of company shareholders VND 586 billion. Nam Long also proposed to pay cash dividends in 2023 of 5% of par value. Recorded in the first quarter of 2023, Nam Long handed over 413 products in Mizuki Park (valued at VND 1,317 billion), 41 products in Southgate (worth VND 134 billion) and the remaining products in Akari City (phase 1), Novia.

Business plan, profit distribution as well as dividend payment plan in 2023 approved by the majority of shareholders attending.

This year, Nam Long will open sales at projects including Waterpoint (phase 1- 165 hectares), Mizuki Park (26 hectares), Akari City, Nam Long - Can Tho Central Lake II (43 hectares), Izumi City (170 hectares), EHome Southgate.

Nam Long will carry out implementations that increase operational efficiency such as restructuring the organization to improve work performance, accelerating the digital transformation process such as using ERP platform, applying technology to operation management (Smart approval system, NLID human resource management system, etc.) to optimize business activities and the Group's resources, enhance the flexibility and responsiveness; bring the best results for the Group in particular and shareholders in general.

Source: Nam Long Group (HOSE:NLG)