- 2023-02-10T00:00:00
- Company Research
We attended NVL’s analyst meeting on February 10, during which management provided a brief update on 2022 business results and the restructuring of the company’s operations and financing arrangements. Weak Q4 2022 profit due to fewer project handovers and high tax expenses. NVL’s Q4 2022 net revenue was VND3.2tn (USD137mn; -29% YoY) and NPAT-MI was VND239bn (USD10mn; -71% YoY). We attribute the YoY plummet in NPAT-MI to (1) fewer project handovers, (2) gross profit margin declining from 44.9% in Q4 2021 to 33.6% in Q4 2022 and (3) high effective tax expenses (an effective tax rate of 67.5% in Q4 2022 vs 36.9% in Q4 2021). |
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