Vietnamese real estate giant Vinhomes JSC reported net revenue of VND29.29 trillion (US$1.2 million) in the first quarter of 2023, 3.3 times higher than the first quarter of 2022, profit after tax of VND11.92 trillion, 2.5 times higher than last year.

By the end of the first quarter, the company has completed 29 per cent of the full-year revenue plan and nearly 40 per cent of the plan of profit after tax in 2023.

The company's financial income also tripled over the same period last year, reaching nearly VND11.3 trillion.

In the first quarter, the financial expenses of the business increased by nearly 84 per cent to VND877 billion, selling expenses also tripled to VND1 trillion, but administrative expenses were reduced by half, to VND544 billion. Thus the total operating expenses of this enterprise did not increase significantly over the same period last year.

Earnings per share (EPS) reached VND2,723.

As of March 31, 2023, the total assets of Vinhomes reached VND378 trillion, up 4.4 per cent compared to the beginning of the year. Equity also increased by more than 8 per cent, to more than VND160 trillion, of which undistributed profit was nearly VND112 trillion.

In 2023, Vinhomes set a revenue growth target of 60 per cent to reach VND100 trillion. If this goal is achieved, Vinhomes will earn a record-high revenue since its inception. Meanwhile, the profit growth target after tax is somewhat modest, increasing only three per cent to VND30 trillion.

This year, in addition to continuing sales activities of the two mega-cities Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3 and launching new urban projects, Vinhomes will promote the development of new social housing projects.

After breaking ground for the first two projects in Thanh Hoa and Quang Tri provinces in 2022, the company will continue to open and sell apartments in these two projects and implement other social housing projects, with fully integrated basic facilities such as schools, commercial centres, children's play areas, parks, sports areas.

With the industrial real estate segment, Vinhomes said that it was actively promoting investment to increase the occupancy rate in the Cat Hai project in Hai Phong. — VNS