Novaland (NVL) has released its Q4 2025 financial results showing a turnaround with net profit of 1.819 trillion VND, compared to a loss the previous year. However, this improvement is primarily due to adjustments in financial obligations rather than increased sales revenue. The company’s revenue was lower than last year, but accounting adjustments regarding land use fees and late payment penalties related to Lakeview City have significantly boosted profits. Changing the basis for calculating land use fees from 2017 to 2008 has saved the company thousands of billions VND. While the 2025 financial report has not been audited, if technical income adjustments are excluded, core operations might report a loss of approximately 1.649 trillion VND. Furthermore, reducing financial obligations has positively impacted the balance sheet, paving the way for upcoming projects like The Grand Manhattan and Aqua City.
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