Vietnam's largest private corporation Vingroup earns $85 mln profit in 2022

Vingroup, Vietnam’s largest listed company by market capitalization, earned a post-tax profit of VND1,982 billion ($84.52 million) in 2022, versus a loss of VND7,558 billion ($322.3 million) in 2021.

The conglomerate posted a revenue of VND101,590 billion ($4.33 billion), down 19.23% from VND125,780 billion ($5.36 billion) a year ago, according to its latest financial report.

Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, noted its businesses were on track to rebound to pre-pandemic levels last year.

VinFast, the vehicle arm, sold 24,000 vehicles, including 7,400 electric vehicles and 60,000 electric motorbikes, up 36% year-on-year.

In December 2022, VinFast submitted an application to the US Securities Exchange Commission (SEC) to register for an initial public offering of common shares.

Regarding real estate and services, Vinhomes, listed on the HoSE as VHM, earned a net profit of VND29,001 billion ($1.24 billion), or 97% of the target on an adjusted revenue of VND81,406 billion ($3.47 billion), beyond the goal of VND75,000 billion ($3.2 billion), thanks to the recovery of the sector after two years of the Covid-19 pandemic.

Vincom Retail doubled its net income to VND2,735 billion ($116.67 million), while the revenue jumped 24.06% year-on-year to VND7,309 billion ($311.67 million).

Vinpearl's resort and tourism activities recovered in line with market momentum. The total number of room nights sold in 2022 reached nearly 1.3 million, up 60% compared to 2021.

In the fourth quarter of last year, Vingroup made a post-tax profit of VND274.53 billion ($11.71 million) on a revenue of VND914.13 billion ($38.98 million), down 57% and 58% year-on-year, respectively.

The conglomerate attributed the sinking figures to the falling number of delivered properties. Besides, Its financial revenue jumped 81% to VND1,616 billion ($68.93 million) thanks to higher incomes from deposits and lending.

Vingroup said it had successfully raised $1.1 billion from international capital markets in 2022.

VIC shares closed the Tuesday session at VND55,200 ($2.35) per unit.