Vinhomes, the housing development arm of private conglomerate Vingroup, earned a consolidated net profit of VND33.13 trillion ($1.36 billion) in 2023.
The figure represented a 14.9% year-on-year increase, according to the firm’s newly released Q4/2023 consolidated financial statement.
Its consolidated revenue jumped 65% year-on-year to VND103.33 trillion ($4.23 billion), driven by deliveries of 9,800 low-rise apartments at the Vinhomes Ocean Park 2 and 3 projects in the east of Hanoi.
As of December 31, 2023, Vinhomes had total assets of VND447.36 trillion ($18.33 billion), up 23.6% from a year earlier. Its cash and cash equivalents rose 30.4% to VND14.1 trillion ($578 million), while inventories slipped 18.7% to VND52.34 trillion.
Its liabilities went up 24.2% year-on-year to VND265 trillion ($10.86 billion).
Its shares, listed on the Ho Chi Minh Stock Exchange as VHM, slid 0.72% to VND41,200 ($1.69) apiece at the close of Thursday’s session.