Property developer Vinhomes to pay $375 mln dividend

Vinhomes, Vingroup’s real estate developer, is expected to pay 2021 dividends in cash mounting to VND8,700 billion ($375 million).

The dividend rate is 20%, which means each share will receive VND2,000 ($0.09). The dividend plan was approved by shareholders at the company’s recent annual general meeting.

Deadline for closing the right to receive dividends is June 1, 2022. The dividend will be paid on June 22 for over 4.3 billion outstanding shares. Vingroup, Vietnam's biggest listed conglomerate by market cap, with a 66.66% ownership, will receive over VND5,800 billion.

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

Total consolidated net revenue reached $385 million in the first quarter of 2022, owing to the handover of three significant real estate projects, namely Vinhomes Ocean Park, Vinhomes Smart City, and Vinhomes Grand Park.

Including revenues from real estate projects that have not been recognized as financial income, the enterprise's consolidated net revenue would mount to $616 million in the first quarter, down 9% year-on-year.

As of March 31, 2022, Vinhomes recorded total assets and equity of $10.1 billion and $5.87 billion respectively, up 13% and 44% year-on-year.

Vinhomes continued to launch new products in Q1 and obtained impressive sales results from several projects, including two buildings P1 and P3, as part of Vinhomes Ocean Park in Hanoi's Gia Lam district, as well as The Tonkin subdivision in Vinhomes Smart City in the city's Bac Tu Liem district.

Vingroup reported a profit after tax of VND512 billion ($22.3 million) in Q1, down 69% year-on-year.