Novaland subsidiary Nova Saigon Royal posts H1 2026 net loss of 49.6B VND

Overview

Nova Saigon Royal, a wholly-owned subsidiary of Novaland (NVL), reported a net loss of over 49.6 billion VND in the first half of 2026, a sharp reversal from a net profit of 33.3 billion VND in the same period last year. The company also disclosed delayed payments on its NSRCH2223001 bond issue, highlighting continued financial strain within the Novaland ecosystem.

Key Facts

• Nova Saigon Royal reported a net loss of 49.6 billion VND in H1 2026, versus a net profit of 33.3 billion VND in H1 2025.
• Total liabilities stood at nearly 1,450.6 billion VND as of June 30, 2026, up 2% year-on-year.
• Equity reached nearly 4,420.3 billion VND, slightly down from the prior year; owner’s contributed capital was over 3,527.4 billion VND.
• No bank loans were recorded; bond debt decreased from 926.1 billion VND to nearly 916.3 billion VND.
• The company delayed payment of nearly 9.7 billion VND in principal on bond NSRCH2223001, leaving nearly 916.3 billion VND in principal and over 51 billion VND in interest unpaid.
• Bond NSRCH2223001 was issued on March 17, 2022, with a total value of 1,000 billion VND (10,000 bonds, each with a face value of 100 million VND), and matured on September 17, 2023.
• Nova Saigon Royal is 100% owned by Novaland (NVL), listed on HOSE.

What Happened

Nova Saigon Royal, a real estate investment company based in Ho Chi Minh City, submitted a financial report to the Hanoi Stock Exchange (HNX) revealing its H1 2026 results. The company swung to a net loss of over 49.6 billion VND, compared to a net profit of over 33.3 billion VND in the same period last year. The report also showed total liabilities rising slightly to nearly 1,450.6 billion VND, with no bank debt but significant bond obligations.

The company explained that delayed payments on bond NSRCH2223001 were due to its inability to arrange sufficient funds. It is currently negotiating with bondholders to settle the outstanding debt. The bond, originally issued in March 2022, matured in September 2023 but remains largely unpaid.

Market Context

Novaland (NVL) shares closed at 12,900 VND on September 8, 2026, on the HOSE. The subsidiary’s financial difficulties reflect broader challenges in Vietnam’s real estate sector, where many developers face liquidity constraints and debt restructuring pressures. NVL has been working on asset sales and debt renegotiations to ease its financial burden, but the persistence of losses and unpaid bonds at project companies suggests that recovery remains uneven.

Strategic Significance

For long-term investors, the continued losses and bond payment delays at Nova Saigon Royal highlight the depth of Novaland’s financial restructuring needs. The subsidiary’s inability to service its debt, even after the bond’s original maturity, indicates that cash flow generation from projects is still insufficient. This situation may affect NVL’s consolidated financials and its ability to attract new capital or complete ongoing projects. The outcome of negotiations with bondholders will be a key indicator of the group’s progress in resolving its debt overhang.

What to Watch

• Progress of negotiations between Nova Saigon Royal and bondholders of NSRCH2223001.
• Any further asset sales or capital injections by Novaland to support its subsidiaries.
• NVL’s consolidated financial results for H2 2026 and full-year 2026.
• Regulatory filings or announcements regarding debt restructuring at Novaland or its affiliates.
• Market reaction to any news about the resolution of the delayed bond payments.