'One-trillion-dong profit club' led by Vinhomes JSC

Tuesday, Aug 04, 2020 10:25

The Vinhomes Ocean Park, a project developed by real estate firm Vinhomes JSC. — Photo vinhomes.vn

Twenty-five companies have entered the “one-trillion-dong profit club” for January-June, despite the economy being ravaged by the COVID-19 pandemic.

Leading the chart is residential real estate firm Vinhomes JSC – a member of conglomerate Vingroup JSC.

Vinhomes in the first six months recorded VND11.45 trillion (US$490.2 million) of post-tax profit, up slightly from last year’s figure, though post-tax profit in the second quarter dropped 55 per cent year-on-year to VND3.8 trillion.

The real estate company attributed the growth of post-tax profit in January-June to successful sales of real estate projects, especially in the first quarter when coronavirus hardly had any impact on the Vietnamese economy.

The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) ranked second with a six-month post-tax profit of nearly VND8.8 trillion.

The figure was down 3 per cent year-on-year.

Five companies which had post-tax profits of between VND4 trillion and VND6 trillion are PetroViet Nam Gas (PV Gas), steel producer Hoa Phat, the Viet Nam Prosperity Joint Stock Commercial Bank (VP Bank), the Viet Nam Technological and Commercial Joint Stock Bank (Techcombank), the Viet Nam Dairy Products JSC (Vinamilk), and the Joint Stock Commercial Bank for Industry and Trade (Vietinbank).

The Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) and Asia Commercial Joint Stock Bank (ACB) recorded post-tax profits in the first six months of VND3.06 trillion and VND3.47 trillion, respectively.

The HCM City Development Joint Stock Bank (HD Bank) announced its post-tax profit in the first half of the year was VND2 trillion.

Other companies such as PetroViet Nam Power Corporation (PV Power), real estate firm Novaland, Sai Gon-Ha Noi Joint Stock Commercial Bank (SHB), brewer Sabeco and Vingroup JSC reported post-tax profits ranged from VND1 trillion to VND1.93 trillion.

Banks continued performing well in the first half of the year despite the impact of the pandemic as half of the 21 companies in the “one-trillion-dong profit club” are in the banking sector.

The securities sector had one representative, Techcombank Securities Co (TCBS), recording a VND1 trillion post-tax profit in the first six months. — VNS

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