Vincom Retail earns $78 mln net profit in 9 months

Shopping mall operator Vincom Retail earned after-tax profits of VND1,944 billion ($78.26 million) in the first nine months of the year, up 63% year-on-year.

In doing so, it had fulfilled 80% of the year's profit target.

The subsidiary of Vietnam’s biggest private conglomerate Vingroup, listed on the Ho Chi Minh Stock Exchange as VRE, posted net revenues of VND5,244 billion ($211 million) in the period, up 16% year-on-year, according to its consolidated financial report.

Its net revenue and after-tax profit figures for the third quarter went up 154.7% and 32.4 times year-on-year to VND2,005 billion ($80.72 million) and VND793.6 billion ($31.95 million), respectively.

Most of the revenue came from real estate leasing (commercial centers) at VND1,837 billion ($73.95 million), up 152.3% over the same period in 2021 and 2% higher than in Q3 of pre-pandemic 2019.

According to VRE, the company situation has improved thanks to the simultaneous opening of big brands at Vincom shopping centers since the beginning of the year.

On October 10, coffee major Trung Nguyen Legend simultaneously opened 10 stores in the nationwide Vincom system.

Japanese retailer Fast Retailing’s clothing chain will open three stores at Vincom Center Ba Trieu, Vincom Mega Mall Royal City and Vincom Center Tran Duy Hung, all in Hanoi, in Q4/2022.

By September 30, 2022, VRE's total assets were VND39,951 billion ($1.61 billion), up 5.4% compared to the beginning of the year. Of this, cash and cash equivalents as well as investments held to maturity hit VND4,227.4 billion ($170.3 million), up 21.2% compared to the beginning of the year.

The company's equity and liabilities currently stand at VND32,600 billion ($1.31 billion) and VND7,354 billion ($296 million), respectively.

On the Ho Chi Minh Stock Exchange, the VRE share closed Thursday’s session at VND23,250 ($0.94).