A series of home delivery projects in 2017 has helped many large real estate companies, rising very high over the previous year.
2017 is the period of real estate market received more complete apartment, put into great use, up to tens of thousands of products. According to the specific financial accounting of the real estate industry, the time of handover is also the period when real estate companies are allowed to recognize revenue and profit. As a result, a number of real estate companies have reported impressive financial results last year.
With the number of flats transferred to 3,596 units, 271 more than in 2016, Novaland Group Investment Corporation (Novaland) achieved after tax profit exceeded VND2,000 billion in 2017. Accumulated The project has handed over to the present time 15 projects with nearly 10,000 products put into operation, the average absorption rate of the projects is 93%.
Thanks to the completion of many projects, the revenue for the whole year of 2017, Novaland’s profit after tax increased 24% over the same period. Net revenue and profit after tax in 2017 increased 58% and 24% respectively compared to 2016.
There was also a large amount of apartments handed over in the past year. Dat Xanh Real Estate Services and Construction JSC has a net profit of VND 751 billion, up 40% compared to 2016 and exceeded 7% of the targeted profit. Last year the company sold 22,108 real estate with more than 8,607 direct investment and investment cooperation.
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Meanwhile, Thu Duc Housing Development Corporation (Thu Duc House) has good business results in 2017 compared to 2016. Accumulated turnover of sales and services of the enterprise reaching VND1.840 trillion, after tax profit of VND131 billion, up 74 percent and 21 percent year-on-year respectively. Revenue of the company mainly came from projects in Binh Chieu, TDH Phuoc Binh, Truong Tho TDH and Long Hoi City.
Long Giang Land Investment and Urban Development Joint Stock Company (Long Giang Land) achieved an after-tax profit of VND106.36 billion, up 54% against VND16.63 billion in 2016. 2017 is attributed to the large turnover from handover of Rivera Park Saigon project (District 10, HCMC).
Meanwhile, Nam Long Investment Joint Stock Company achieved revenue of VND 3,161 billion, up 24.8% against 2016, profit after tax reached over VND 756 billion, up 95.1% over 2016 and exceeded 15% year plan. Consolidated net revenue in Q4 / 2017 reached VND1.525 trillion, up 17% over the same period of last year thanks to new projects including Fuji, Kikyo, EhomeS Phu Huu apartments and villas. this project. The group of villa products accounted for 23% of revenue at the end of the year.
While real estate companies reported heavy profits thanks to the handover of many apartment projects, the construction business group also had positive business results due to the close relationship between the real estate market and the industry.
Last year, Coteccons Construction JSC recorded consolidated net sales of VND27,153.45 billion, up 30.7% y / y and fulfilling 106% of the full year target (VND27,000 billion). Consolidated profit after tax was VND1,600 billion, up 16% y / y.
Another big builder in Hoa Binh Construction Group also reported positive business results. In 2017, Hoa Binh achieved total revenue of VND16,046 billion, up 48.7% against 2016, fulfilling 103% of the year plan. Profit after tax is VND 860 billion, 1.5 times higher than in 2016, fulfilling 104% of the plan.
Construction Joint Stock Company No. 5 also achieved VND1.967 trillion in revenue in 2017, up 33.7 percent against 2016, after-tax profit reached VND60 billion, up 43.1 percent over 2016.
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According to forecasts of real estate professionals, with the number of apartments expected to be handed over in 2018 continue to increase sharply, it is likely that enterprises in this industry will promise a bright financial year as recorded high sales in the next 12 months.
Statistics of Savills Vietnam, in 2017, estimated that HCM City will have about 21,000 apartments to be handed over, put into use from the projects have been built and offered from 2015-2016. Including both new and refurbished supply in the period 2017-2018 in HCMC could reach 70,000 units.
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