Novaland to focus on sustainable development

Novaland to focus on sustainable development

Your browser does not support the audio element. Sustainable development will be the foundation for restructuring and orienting its businesses, Novaland Investment Group Corporation told shareholders at its annual general meeting on Thursday. Dennis Ng Tek Yow, CEO of Novaland Investment Group Corporation, addresses shareholders at the annual general meeting in HCM City on Thursday. — Photo Courtesy of Novaland Investment Group Corporation.

HCM CITY — Sustainable development will be the foundation for restructuring and orienting its businesses, Novaland Investment Group Corporation told shareholders at its annual general meeting on Thursday.

It would focus on the three pillars of environment - society – governance to ensure sustainability and harmonise the benefits of customers, shareholders, investors, and the co妹妹unity.

For  二0 二 三 it targeted revenues of VNĐ 九. 五 trillion (US$ 四0 五 million) and profits of VNĐ 二 一 四 billion ($ 九. 一 million), cautious targets since market conditions are not favourable.

For  二0 二 二 it reported total consolidated revenues of VNĐ 一 一. 二 trillion ($ 四 七 七 million), down  二 五. 五 per cent from the previous year and only  三0 per cent of the target it had set.

Its consolidated profit after tax was VNĐ 二. 二 trillion ($ 九 三. 八 million), down  三 六. 八 per cent and  三 三 per cent of the target.

Its total assets however increased by nearly  二 八 per cent to VNĐ 二 五 八 trillion ($ 一 一 million), mainly in the form of inventory and short-term receivables.

But despite the difficulties it faced, it managed to accomplish more than  八0 of its targets in education, health, and social security and co妹妹unity development at a cost of VNĐ 五0 billion ($ 二. 一 million).

It hired leading consultancies such as YKVN, Deloitte, E Y Parthenon, and KPMG to help with restructuring, rolling over debts, selling assets to reduce debts, making debt-to-equity and debt-to-asset swaps, and controlling cash flows.

In  二0 二 四- 二 五 it plans to develop two urban projects in HCM City and one satellite urban project in its vicinity.

It also has specific plans for project development and construction activities, reordering priorities for nearly completed projects to continue handing over units to buyers, identifying good projects with high liquidity, and accelerating legal processes to cope with market volatility.

In plans to sell off lands with low prospects to reduce debts. — VNS