Top Vietnam mall operator Vincom Retail posts $40 mln net profit in Q2

Vincom Retail, the largest mall operator in Vietnam, has reported a consolidated net profit of VND1.02 trillion ($40.3 million) in Q2/2024, up 2% year-on-year.

This was the sixth consecutive quarter that its net profit had passed the VND1-trillion ($39.42 million) mark.

Q2 revenue went up 14% year-on-year to VND2.48 trillion ($97.92 million), the firm said in its consolidated quarterly financial statements.

Of this, revenue from leasing activities and rendering of related services accounted for VND1.94 trillion ($76.47 million) while the sale of inventory properties brought in VND466.93 billion.

Its financial income rose 51% year-on-year to VND420 billion ($16.56 million).

Between January and June, Vincom Retail, in which private conglomerate Vingroup holds an 18.82% stake after its partial withdrawal in April, posted a consolidated net profit of VND2.1 trillion ($83 million), up 3.9% year-on-year.

Its revenue increased 15% year-on-year to VND4.73 trillion ($186.6 million).

In June, the firm opened three new malls: Vincom Mega Mall Grand Park in Ho Chi Minh City; Vincom Plaza Dien Bien Phu in the northern province of Dien Bien; and Vincom Plaza Ha Giang in the northern province of Ha Giang; and reopened Vincom Plaza 3/2 in HCMC after a period of renovation.

The openings brought the number of Vincom malls to 86 in 46 out of 63 localities in the country, with 1.81 million square meters of gross floor area.

Vincom Retail’s shares, listed on the Ho Chi Minh Stock Exchange as VRE, closed flat Tuesday at VND20,050 ($0.79) apiece.