Vinhomes Reports VND 20.6 Trillion Net Profit in First Nine Months

Key Points

• Vinhomes achieved a net profit of VND 20.6 trillion in the first nine months of 2023, a 36.5% decline year-over-year.
• The decrease is attributed to lower profits in the first quarter, which amounted to only VND 904 billion.
• Vinhomes' unbilled revenue reached VND 123 trillion, providing a solid foundation for future growth.
• The company aims to achieve a record revenue of VND 120 trillion in 2023, a 15% increase year-over-year.
• Vinhomes' total assets and equity both increased by approximately 18% year-to-date, reaching VND 524,684 billion and VND 215,966 billion, respectively.

Detailed Summary

• In the third quarter, Vinhomes' revenue grew by almost 2% year-over-year to VND 33.32 trillion.
• The net profit of VND 20.6 trillion is attributed to the handover of Vinhomes Ocean Park 2-3 projects and the recognition of business results at the Vu Yen project in Hai Phong.
• Vinhomes launched new subdivisions in Vu Yen, Hai Phong, and the Global Gate project in Dong Anh, Hanoi, in the third quarter.
• In the south, Vinhomes partnered with Samty of Japan to launch an additional apartment subdivision in the Grand Park project.
• For the full year, Vinhomes targets a 15% growth in revenue to a record VND 120 trillion, and a 4.3% increase in net profit to VND 35 trillion, the highest since 2022.

Conclusions

• Despite a decline in net profit year-over-year, Vinhomes remains optimistic about its growth prospects, supported by its strong unbilled revenue.
• The company's ambitious revenue and profit targets for 2023 reflect its commitment to maintaining its leading position in the real estate sector.
• Vinhomes' continued expansion and project launches demonstrate its confidence in the long-term growth potential of Vietnam's real estate market.