Novaland’s subsidiary, Aqua City developer, turns a 100 billion loss in early 2024 into a 546 billion profit for the whole year

Thành phố Aqua, the developer of Aqua City, has made a remarkable turnaround from a loss of over 100 billion VND in the first half of 2024 to a net profit after tax of 546 billion VND for the entire year. The 1,000-hectare Aqua City project in Dong Nai is deemed vital for Novaland’s survival. After two consecutive years of losses, the project regained its momentum following legal obstructions being cleared, allowing hundreds of units to be put on sale. Financially, the total debts have decreased by 3.9%, and the debt-to-equity ratio has improved. Novaland maintains a controlling stake of 51% in Aqua City and recently transferred some shares to Thiên Hà Investment and Trading Services Company.