NLG announced mixed Q3 2022 results with net revenue of VND882bn (USD36mn; +484% YoY vs Q3 2021’s low base) thanks to the deliveries of Akari City Phase 1 and Southgate; however, its NPAT-MI declined 97% YoY to VND7.9bn (USD0.3mn) mainly due lower financial income vs a non-cash revaluation gain of VND362bn (USD14.8mn) from the consolidation of Southgate JSC in Q3 2021.

In 9M 2022, NLG’s net revenue soared 244% YoY to VND2.7tn (USD110.6mn), which was mainly supported by Akari City Phase 1 and consolidated revenue of Southgate (which started to be recorded in the group’s revenue at end-Q3 2021). NLG’s 9M 2022 SG&A expenses increased 95% YoY primarily due to recognized selling expenses from the project handovers and was 21% higher than our full-year forecast. 9M 2022 NPAT-MI was VND119bn (USD5mn; -83% YoY).

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