NLG – Business performance strengthened by handovering of Akari 2 and Can Tho projects
• In Q1/2025, NLG's revenue and gross profit increased sharply over the same period, reaching VND 1,291 billion (+531% YoY) and VND 413 billion (+377% YoY), respectively, thanks to the promotion of handovers at Akari 2 and Nam Long Can Tho projects. Gross profit margin recorded 32%, due to NLG's handover of high-rise products and low-value products (Akari 2 and EhomeS Can Tho)• Presales in the first quarter decreased compared to the same period and the previous quarter and reached VND 545 billion (-68% QoQ, -53% YoY). However, presales in April alone reached VND 2,031 billion, showing positive signs of recovery in Southgate (Long An) as well as satellite areas.
• We estimate that NLG's revenue and net profit after tax and minority interest (NPAT-MI) in 2025 to reach VND 6,661 billion (-7% YoY) and VND 794 billion (-20% YoY), respectively, mainly from handovers at Southgate, Can Tho and Akari 2 projects.
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