NLG announced Q2 2022 results with net revenue of VND1.2tn (USD54mn; +210% YoY vs Q2 2021’s low base) and NPAT-MI of VND110.7bn (USD5mn; +135% YoY) that were mainly supported by the deliveries of Akari City Phase 1 (P1) (~90 units) and Southgate (~140 units). 

In H1 2022, net revenue surged 187% YoY to VND1.8tn (USD79mn), but NPAT-MI declined 73% YoY to VND111.3bn (USD5mn). The YoY lower NPAT-MI in H1 2022 was mainly because there was a non-cash revaluation gain of VND429bn (USD19mn) in Q1 2021 from the consolidation of Izumi City. In addition, we attribute the YoY surge in H1 2022 SG&A expenses mainly to recognized expenses related to the launches of Izumi City and other projects, as well as the deliveries of high-rise units at Akari City P1 in the period.

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