Owner of largest commercial centers in HCMC reports $5.5 mln profit in 2022
IN Hospitality Corporation, the operator of Ho Chi Minh City's top commercial centers like Gem Center and White Palace, reported after-tax profit of VND130 billion ($5.54 million) in 2022, up 11 times year-on-year.
The strong profit increase helped raise the company's equity by 22% to more than VND670 billion ($28.5 million). As a result, its debt-to-equity ratio decreased to 0.46 times. The company's liabilities hit more than VND308 billion ($13.1 million), up more than 17%.
Of which, it recorded about VND33.5 billion ($1.43 million) in outstanding bonds from a batch issued in May 2019, with an original value of VND180 billion ($7.66 million) and an interest rate of 9.5% per year. Last year, the company spent about VND12.6 billion ($536,600) on interest for the bond lot.
Gem Center in Ho Chi Minh City. Photo courtesy of the center.
In Hospitality specializes in providing management services, investing in related projects, and developing brands in the field of hotels, restaurants, and meetings-incentives- conferences-exhibitions (MICE).
The company currently operates conference centers among the largest in Ho Chi Minh City, including Gem Center in District 1, White Palace Hoang Van Thu in Phu Nhuan district, White Palace Pham Van Dong in Thu Duc city, and The Log restaurant in District 1.
The predecessor of In Hospitality was PQC Convention JSC, part of the In Holdings ecosystem founded by Nguyen Huu Phu and Nguyen Huu Quy.
In 2020, VinaCapital's VOF fund, through Aldrin Three Pte Ltd, purchased a 15% stake in IN Holdings for $25 million, pushing IN Holdings' valuation up to $167 million.
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