$587 mln Vinhomes Q3 profit driven by giant real estate project

Vinhomes, a subsidiary of Vietnam’s largest private conglomerate Vingroup, reported an after-tax profit of VND14,575 billion ($587 million) in Q3/2022 thanks to the handover of 1,300 low-rise real estate units at the Vinhomes Ocean Park 2 - The Empire project, up 30% year-on-year.

The 458-hectare Vinhomes Ocean Park 2 - The Empire project, located in two communes Nghia Tru and Long Hung, Van Giang district, Hung Yen province, made its debut in April 2022.

The company's consolidated net revenue reached VND17,805 billion ($717.09 million) in Q3, down 13.8% year-on-year.

In the first nine months of the year, Vinhomes reported a consolidated net revenue and after-tax profit of VND31,199 billion ($1.26 billion) and VND20,048 billion ($807.43 million), down 49% and 26%, respectively.

By September 30, 2022, the company's total assets reached VND342 trillion ($13.77 billion), up 48% compared to the beginning of the year. Of this, cash and cash equivalents increased 3.2 times to more than VND14.7 trillion ($591.9 million), thanks to the successful launch of the new project.

By the end of Q3/2022, Vinhomes' equity hit VND140 trillion ($5.64 billion), up 7% compared to the beginning of the year.

Vinhomes JSC, listed on the HCMC Stock Exchange as VHM, is one of Vietnam’s largest real estate developers. It has been a pioneer in building and operating large-scale residential projects.

VHM expected a revenue of VND75,000 billion ($3.24 billion) and after-tax profit of $1.29 billion in 2022, down 12% and 23% from the 2021 results, respectively.

In 2021, it made new strides in pushing ahead with the all-in-one residential area model at Vinhomes Ocean Park and Vinhomes Smart City in Hanoi, and Vinhomes Grand Park in Ho Chi Minh City.