Vinhomes earns more than 1.2 billion USD in one quarter
Vinhomes Joint Stock Company (stock code VHM) has just announced its business results for the first quarter of 2023 with net revenue of nearly VND 29,300 billion (more than USD 1.2 billion), 3.3 times higher than the same period last year.
Of which, revenue from real estate transfers reached nearly VND27,004 billion, up 353%.
During the quarter, the company also had an additional VND11,294 billion in financial revenue, a sharp increase compared to VND3.8 billion in the first quarter of 2022. Of which, more than VND8,500 billion was from the transfer of investments. In the explanation, Vinhomes said that this figure was mainly profit from the transfer of investments in subsidiaries that own part of real estate projects.
In addition, Vinhomes also had profits shared from investment and business cooperation contracts with Vingroup Corporation – JSC and a company of the same group for the purpose of developing real estate projects and business cooperation.
At the end of the first quarter of 2023, Vinhomes recorded a profit after tax of nearly VND12,000 billion, more than double the period of the first quarter of 2022.
In the recently announced 2023 Annual General Meeting of Shareholders document, Vinhomes set a historic revenue target of VND100,000 billion, an increase of more than 60% compared to 2022. The target of after-tax profit increased slightly by 3% to VND30,000 billion.
The company’s leaders plan to continue implementing sales activities at the remaining apartment funds of the two Vinhomes Ocean Park 2 and 3 projects. At the same time, the company will also research and launch new urban projects in 2023, depending on the market situation.
With the Happy Home social housing project, after breaking ground on the first two projects in Thanh Hoa and Quang Tri in 2022, the company will continue to open for sale these two projects and complete legal procedures to add projects in many provinces and cities in all three regions such as Hai Phong, Hung Yen, Khanh Hoa with full integration of basic utilities.
This real estate developer also plans to promote investment in the industrial real estate sector. In 2023, Vinhomes will step up legal completion and infrastructure construction to be ready to sign with partners as soon as the industrial park/industrial cluster projects come into operation as well as closely follow FDI investment flows, focus on researching and applying modern and effective industrial real estate models such as smart industrial parks/eco-industrial parks/large-scale specialized industrial parks
