Nam Long Group appoints new CEO

March 05, 2024 | 15:30
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Nam Long Group on March 4 announced the appointment of Lucas Ignatius Loh Jen Yuh as CEO pursuant to the new organisational structure of its growth strategy.

According to Nguyen Xuan Quang, chairman of the Board of Directors of Nam Long, the company highly recognises the contribution of Tran Xuan Ngoc, CEO for the 2021-2023 term with his valuable contributions to the group.

“Steadily continuing following the growth strategy planned with the world's leading strategic consultant McKinsey, in the future, in addition to residential and urban development areas, Nam Long will continue to develop other core business fields to ensure stable growth such as commercial real estate development, capital mobilisation, investment and investment management, new business investment and third-party capital management, and therefore, the group needs solid core competencies led by high experienced senior leaders to expand our portfolios and the fields that we expand development,” Quang said.

In addition to ensuring the sustainable development of the group, this is also a direction that serves the benefits for all related sides of shareholders and partners, Quang added

Nam Long Group appoints new CEO
Lucas Ignatius Loh Jen Yuh was appointed as CEO of Nam Long

Before joining Nam Long Group, Loh Jen Yuh had more than 30 years of experience working at top Asian organisations and corporations such as the Inland Revenue Authority of Singapore, Temasek Holdings, CapitaLand Group, and Hopson Development Limited.

According to a just released financial report, Nam Long had a net profit for 2023 of nearly VND484 billion ($20 million).

Specifically, in 2023, profits from joint ventures and affiliates reached more than $17.4 million, compared with only nearly $1 million in 2022. Nam Long also recorded net revenue of more than $132.5 million, with revenue from the real estate business reaching $120 million.

In 2023, financial revenue also decreased by 36 per cent, to more than $10.2 million.

Due to the difficulty recorded in the real estate market in general, Nam Long also significantly reduced sales and administrative costs to 17 per cent and 14 per cent, respectively.

Although Nam Long’s net profit in 2023 decreased by 13 per cent compared to the previous year, to nearly $20 million, compared to the target of $23.6 million set for 2023 with the current downturn real estate market, it has also implemented 82 per cent of the plan.

On the balance sheet, Nam Long Group's total assets as of December 2023 were at $1.19 billion, an increase of 6 per cent compared to the beginning of the year.

Short-term receivables and inventory increased by 2 per cent and 17 per cent, respectively, to $150 million and $720 million.

Of those, the value of under-construction real estate of some projects increased significantly, such as the Izumi City project increasing by 3 per cent to $354 million, Hoang Nam project (Akari City) tripling to $72 million, and Can Tho project more than doubling to $53 million.

Nam Long Group appoints new CEO
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By Bich Ngoc

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