Vingroup releases earnings in Q4, 2023

Thursday, Feb 01, 2024 15:09

Vingroup's Landmark 81 SkyView observation deck, the highest in Southeast Asia, and the five-star Vinpearl Luxury Landmark 81 hotel at its 81-storey building Landmark 81 located in Binh Thanh district, HCM City. — Photo of Vingroup

Vingroup released on Tuesday its unaudited consolidated financial statements for the fourth quarter (4Q2023), prepared in accordance with Vietnamese Accounting Standards (VAS).

For Fiscal year 2023, Vingroup’s consolidated net revenue was VNĐ161 trillion (US$6.7 billion), an increase of 59 per cent year-on-year thanks to deliveries and revenue recognition of low-rise residential products at Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3, as well as strong growth in electric vehicles (EVs) deliveries compared to the same period last year.

Profit before tax last year was VNĐ13.7 trillion. And profit after tax in 2023 was VNĐ2.1 trillion, completing the business guidance set out at the 2023 Annual General Meeting.

As at 31 December 2023, total assets of Vingroup were VNĐ669.6 trillion, an increase of 16 per cent compared to 31 December 2022.

In Technology – Industrials, 2023 was a foundational year for VinFast in its quest to expand to international markets, in particular with the company's listing on the NASDAQ.

In 4Q2023, VinFast delivered 13,513 EVs, marking a 35 per cent increase compared to the previous quarter. The annual total delivery reached 34,855 EVs, contributing to cumulative global delivery count of 42,291 since 2021.

In the North American market, VinFast has received 70 dealer applications from agents across the US. The company is gearing up for the upcoming first delivery of the VF 9 in 2024.

On the domestic front in Việt Nam, the first batch of VF 6 vehicles was successfully delivered to customers in December 2023, following a three-month ordering period. The VF 7 model is available for consumers to order in Việt Nam from December 2023, with deliveries scheduled for the first quarter of 2024.

In Real Estate and Services pillar, amidst the government's ongoing efforts to boost economic activity, Grand World, the F&B, entertainment, and shopping complex in Ocean City, had a grand opening in 4Q2023, attracting significant attention. The countdown festival welcomed a record-breaking 160,000 visitors, highlighting the allure of this unique destination in the Northern region.

In January 2024, Vinhomes further underscored its market leadership by initiating the construction of two extensive social housing projects in Nam Trang Cat (Hải Phòng) and Cam Ranh (Khánh Hòa). These projects, comprising over 8,000 units in total, represents Vinhomes' commitment to the community, addressing the need for accessible and quality housing in these regions.

In 2023, driven primarily by handovers at Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3, Vinhomes achieved consolidated pro-forma net revenue, including revenue of bulk sale transactions and transfer of real estate projects of which gain was recognised as finance income, for like-for-like comparison purpose of VNĐ 121.4 trillion. This marked a substantial 49 per cent increase compared to fiscal year 2022. The consolidated profit after tax was VNĐ33.3 trillion, exceeding the year guidance and showcasing a 14 per cent year-on-year growth.

For leasing activities, Vincom Retail recorded strong growth in both revenue and profit, with net revenue reaching VNĐ9,791 billion and net profit, VNĐ4,409 billion. This represented impressive increases of 33 per cent and 59 per cent, respectively, compared to 2022.

In the Hospitality & Entertainment segment, against the backdrop of Việt Nam's tourism industry experiencing a clear recovery, with total domestic tourist arrivals surpassing pre-pandemic levels in 2023, and foreign tourist arrivals increasing 3.5 times compared to the previous year, exceeding annual targets, Vinpearl has actively organised a series of world-class festive season events across major tourist complexes in Nha Trang, Phú Quốc, and Nam Hội An. The Wake Up Festival event, a highlight among these celebrations, has solidified Vinpearl's position as the leading experience platform in Việt Nam. — VNS

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