Novaland changes generals, appoints financially strong general director

Mr. Duong Van Bac officially took on the role of General Director of Novaland Group from November 1, replacing Mr. Dennis Ng Teck Yow.

Mr. Duong Van Bac has more than 17 years of experience in the fields of finance and real estate - Photo: NV

No Va Real Estate Investment Group Corporation (Novaland, stock code NVL) has just announced the resolution of the Board of Directors (BOD) on appointing Mr. Duong Van Bac as General Director of Novaland Group.

Mr. Bac officially assumed the role of general director from November 1, replacing Malaysian businessman Dennis Ng Teck Yow. The real estate company said that Mr. Dennis Ng Teck will focus on performing his duties as a member of Novaland's Board of Directors.

Novaland explained that this "change of general" is part of a plan to improve the senior leadership team and comprehensively restructure to help this real estate business overcome challenges and develop sustainably.

Prior to assuming the role of CEO, Mr. Bac was the Deputy CEO and CFO of Novaland. He has over 17 years of experience in finance and real estate, with expertise in capital mobilization, investment and valuation.

Mr. Bac has just joined Novaland since August 2023 and will hold the position of Deputy General Director from September 2024.

Thus, from 2022 to now, Novaland has gone through 3 general directors: Mr. Nguyen Ngoc Huyen (appointed January 2022), Mr. Dennis Ng Teck Yow (appointed March 2023) and now Mr. Duong Van Bac.

The current Chairman of the Board of Directors of Novaland is Mr. Bui Thanh Nhon. Mr. Nhon is also the Chairman of the NovaGroup ecosystem.

According to Novaland, after more than 20 months of comprehensive restructuring, the company has successfully restructured most of its debts and arranged and mobilized many new sources of capital to accelerate project construction. In addition, Novaland is closely coordinating with authorities to resolve legal problems for key projects.

Novaland Group has just announced its business results for the third quarter of 2024 with a total consolidated revenue of VND 2,010 billion. Novaland's financial revenue in the last quarter skyrocketed to VND 3,897 billion , pushing its after-tax profit in the quarter to nearly VND 2,950 billion, up 21 times over the same period last year.

In the first 9 months of the year, Novaland's total consolidated revenue was VND4,295 billion and its accumulated consolidated profit after tax in the first 9 months of the year recorded a loss of VND4,377 billion, mostly due to provisions for the 2024 semi-annual reporting period according to the auditor's opinion. As of September 30, Novaland's total assets reached more than VND232,029 billion.

Source: https://tuoitre.vn/novaland-thay-tuong-bo-nhiem-tong-giam-doc-manh-ve-tai-chinh-20241101153714232.htm