Vincom Retail posts $33 mln Q2 profit as market recovers

Shopping mall operator Vincom Retail earned an after-tax profit of VND773 billion ($33 million) in the second quarter of this year, almost double that of the same period last year.

The company is a subsidiary of Vietnam’s biggest private conglomerate Vingroup.

Vincom Retail, listed on the Ho Chi Minh Stock Exchange as VRE, earned a net revenue of VND1,850 billion ($79.2 million) and an after-tax profit of $33 million in Q2, up 22.5% and 99.5% year-on-year respectively, according to its consolidated financial report.

Retail space leasing achieved VND1,822 billion in revenue in the period, up 33.1%.

The company attributed the latest positive results to post-pandemic economic recovery.

It opened three new Vincom shopping malls in the second quarter: the Vincom Mega Mall Smart City in the Vinhomes Smart City (Hanoi); Vincom Plaza Tran Huynh (Bac Lieu province); and Vincom Plaza My Tho (Tien Giang province), the last two in the Mekong Delta.

Vincom Retail now operates 83 shopping malls in 44 Vietnamese localities with a total floor area of 1.8 million square meters.

In the first half of the year, the company earned an after-tax profit of VND1,151 billion ($49.28 million), down 1.5% year-on-year. Its revenue was VND3,219 billion.

Vincom Retail's total assets reached VND38,671 billion by the end of June, up 2% compared to the beginning of the year, of which real estate accounted for VND27,363 billion. Its debt stayed at VND3,137 billion.

Given the positive business outcomes, VRE shares at the closing session Thursday jumped to the ceiling VND28,100 ($1.2) a piece.