Nam Long Group’s 2019 net profit hits record high at $40.5 million

Bich Phuong Friday | 02/07/2020 16:33

Mizuki Park, one of Nam Long in Ho Chi Minh City's Binh Chanh District. Photo courtesy of Nam Long.

Vietnamese real estate developer Nam Long Group has reported $40.5 million net profit in 2019, an all-time high since establishment though revenue dropped 27% to $107.5 million.

Company’s 2019 net profit rose 26% year-on-year, slightly exceeding whole-year goal of The results of 2019 also slightly exceeded the $40.3 million target set earlier, according to its earning report posted on website.

In fourth quarter, Nam Long reported a revenue of more than $51.6 million, an increase of 50% over the same period last year. The achievement was contributed by completion of Flora Novia project, Small Island villas and Valora Island villas.

The company also recorded $4.8 million profit from joint venture companies. The income was 12 times higher than the same period of last year.

As of end-2019, the real estate developer’s total assets reached $456 million, an increase of $42.3 million compared to the beginning of the year.