Nam Long unveils ambitious targets for 2019

Shareholders of Nam Long Investment Corporation (NLG) approved a number of business targets for 2019 as well as its profit distribution plan at its annual general meeting held last Saturday (April 20) at the Lotte Legend Hotel in HCM City’s District 1.

In 2019 the company has set a target of VNĐ7.9 trillion (U$340.4 million) in sales, VNĐ3.48 trillion ($150.1 million) in net revenues, excluding revenues from projects it has joined hands with Japanese partners to develop.
The net profit of the parent company is expected to top VNĐ956 billion in 2019, a 25 per cent increase from the previous year.
The earning per share (EPS) is expected to reach VNĐ3,699.
Despite the challenges faced by the property market last year, Nam Long continued to grow and enjoyed an excellent year.
Its sales surged by 25 per cent from VNĐ4.1trillion in 2017 to VNĐ5.2 trillion.
It sold a total of 3,272 units, including 162 Valora townhouses/villas, 1,776 Flora apartments, 1,112 Ehome/EhomeS apartments, and 222 land lots.
Its revenues rose by 11 per cent to VNĐ3.48 trillion. Net profit after tax of the parent company went up by 43 per cent to VNĐ763 billion or 124 per cent of its target.
Last year also marked a successful year for Nam Long in co-operation with partners to start work on its urban lands.
For instance, in April it signed an agreement with Hankyu Hanshin and Nishitetsu Group of Japan to develop the 8.5ha Akari City township in Bình Tân District.
In June it started construction of the 355ha Waterpoint township in Long An Province with ground levelling and infrastructure works getting under way. Nishitetsu, TBS Group and Tân Hiệp Invest have contributed capital along with Nam Long to develop the project’s 165ha first phase (Southgate), with sales expected to begin in the second quarter of this year.
To achieve its vision until 2020 of becoming a leading township developer, this year will focus on developing large townships of international standards with modern infrastructure and lots of amenities to bring more value to customers and shareholders.

At the end of March this year Nam Long announced acquisition of three unencumbered land plots for developing the Waterfront township (170ha in Long Hưng Commune, Đồng Nai), Nam Long Đại Phước (45ha in Nhơn Trạch, Đồng Nai) and Nam Long Hải Phòng (21ha in Thủy Nguyên, Hải Phòng).
At the annual general meeting Nam Long also tabled its revised business plans for the three years from 2018 to 2020.
It now targets selling 15,273 units, 22 per cent more than in the previously approved plan.
The combined net profit for the three years was increased from VNĐ2.52 trillion to VNĐ2.84 trillion, a 13 per cent increase.
The meeting also approved plans to distribute profits for 2019, with a dividend payout of 20 per cent (10 per cent in cash and 10 per cent in shares) and a bonus issue of 10 per cent, and this will be done after the 2020 annual general meeting.

(Source: Nam Long Group (Hose: NLG))