NVL – 2023 turns profitable thanks to Q4 one-off gains – Earnings Flash
  • 2024-01-31T00:00:00
  • Company Research
  • NVL reported mixed Q4 2023 results with revenue declining 37% YoY to VND2.0tn (USD83mn) but NPAT-MI increasing 12x YoY to VND1.6tn (USD68mn), primarily driven by an investment gain from securities trading worth VND415bn (USD17mn) and a penalty fee from a breach of contracts worth VND791bn (USD33mn) in the quarter.   
  • In 2023, NVL’s revenue was VND4.8tn (USD196mn; -57% YoY) and NPAT-MI was VND805bn (USD33mn; -63% YoY) vs 9M 2023’s net loss of VND841bn (USD35mn) thanks to Q4 one-off gains.  
  • Bond maturity: At end-2023, NVL’s total debt was VND57.7tn (USD2.4bn); with corporate bonds amounting to VND38.6tn (USD1.6bn), decreasing by VND5.6tn (USD229mn) vs end-2022. Total corporate bonds set to mature within 12 months were VND16.2tn (USD667mn).  
  • Cash position: Total cash (including short-term deposits) at end-2023 amounted to VND3.46tn (USD142mn) – flat vs end-Q3 2023 but decreased by VND5.5tn (USD224mn) vs end-2022. 

NVL’s 2023 results 

VND bn 

Q4 2022 

Q4 2023 

YoY 

2022 

2023 

YoY 

Net revenue 

3,240

2,028

-37%

11,134

4,759

-57%

Gross profit 

994

554

-44%

4,251

1,373

-68%

Selling expenses 

-267

-149

-44%

-960

-293

-70%

G&A expenses 

-356

-496

39%

-1,536

-1,531

0%

EBIT 

371

-91

N.M.

1,755

-451

N.M.

Financial income 

900

1,825

103%

5,005

5,741

15%

Financial expenses 

-670

-251

-63%

-4,149

-3,856

-7%

  • Interest expense 

-204

-143

-30%

-844

-324

-62%

Other non-operating income 

-1

572

N.M.

1,367

724

-47%

Profit (Loss) from associates 

5

-1

N.M.

4

5

27%

PBT 

605

2,055

240%

3,982

2,162

-46%

PAT 

128

1,642

13x

2,182

685

-69%

NPAT-MI 

137

1,646

12x

2,162

805

-63%

  

 

 

 

 

 

 

Gross margin 

30.7%

27.3%

 

38.2%

28.9%

 

SG&A as % of revenue 

-19.2%

-31.8%

 

-22.4%

-38.3%

 

EBIT margin 

11.4%

-4.5%

 

15.8%

-9.5%

 

Effective Tax rate 

78.9%

20.1%

 

45.2%

68.3%

 

NPAT-MI margin 

4.2%

81.2%

 

19.4%

16.9%

 

Source: NVL’s Q4 2023 financial statement, Vietcap compilation 

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