- 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% |
| -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% |
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Gross margin | 30.7% | 27.3% |
| 38.2% | 28.9% |
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SG&A as % of revenue | -19.2% | -31.8% |
| -22.4% | -38.3% |
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EBIT margin | 11.4% | -4.5% |
| 15.8% | -9.5% |
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Effective Tax rate | 78.9% | 20.1% |
| 45.2% | 68.3% |
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NPAT-MI margin | 4.2% | 81.2% |
| 19.4% | 16.9% |
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Source: NVL’s Q4 2023 financial statement, Vietcap compilation
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