Vingroup reports doubled sales and tripled profits

By Bizhub

Vinhomes Thang Long in Nam An Khanh, Ha Noi City is among the projects that Vingroup is developing in Viet Nam. — Photo nhadat.info

HA NOI (Biz Hub) — Realty developer Vingroup (VIC) has announced consolidated sales of over VND15 trillion (US$671 million) in Q1 of this year, a two-fold increase over the same period last year.

The group also reported a gross profit of VND4.3 trillion and a profit-after-tax of over VND1 trillion, or a three-fold increase over the same period last year.

Sales from real estate contributed VND10.5trillion and sales from retail contributed VND2.2 trillion, an increase of 146 per cent and 363 per cent, respectively.

The group said the income from the shopping centre and the leased office accounted for VND802 billion, up 56 per cent. The hotel and tourism business revenue reached VND984 billion, up 54 per cent, education services contributed VND172 billion, up 45 per cent, and hospital service revenue reached VND216 billion, up 42 per cent.

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As of March 31, 2016, the total assets of the group reached VND150.6 trillion, an increase of nearly VND5.2 trillion. Equity reached VND40.7 trillion, an increase of nearly VND3.2 trillion, compared with December 31, 2015.

At present, the group has six projects which are being developed – the Vinhomes Gardenia in Cau Dien Ward in Ha Noi, the Vinhomes Riverside No. 2 in Long Bien District, the combination Metropolis project on Pham Hung Street in Tu Liem District and the Vinhomes Central Park project in Binh Thanh District in HCM City, as well as the Vinhomes Hai Phong in Hai Phong City and the Vinhomes Dragon Bay in Ha Long City. The total investment in these projects is VND4.85 trillion , VND4.9 trillion, some VND4.8 trillion, VND37.7 trillion, VND4.9 trillion and VND12 trillion, respectively.

The group is also expected to open some 15 trading centres and launch 19 shophouse projects across the country this year.

In April, Vingroup bagged three important titles at the Real Estate Asia-Pacific Awards in Malaysia -- best urban complex for Vinhomes Central Park, best high-rise buildings for Landmark 81 in HCM City and best landscape design for Vinhomes Times City Park Hill in Ha Noi.

On May 5, each VIC share rose 2 per cent to reach VND52,000 on the HCM Stock Exchange. — VNS