Vincom Retail posts record consolidated net profit of $180 mln in 2023

Vincom Retail JSC, the largest mall operator in Vietnam, earned a consolidated after-tax profit of VND4.41 trillion ($180.5 million) in 2023, its all-time high.

The figure represents a 58.8% year-on-year increase from 2022 performance, the firm said in its quarterly financial statement.

Its consolidated revenue increased 33% year-on-year to VND9.79 trillion ($400.8 million) last year.

With those results, Vincom Retail, listed on the Ho Chi Minh Stock Exchange as VRE, met 94.2% and 94.6% of its net profit and revenue targets set for the year.

In the fourth quarter last year, the firm, a subsidiary of privately-run conglomerate Vingroup, recorded an after-tax profit of VND1.07 trillion ($43.72 million) on revenue of VND2.34 trillion, up 28.3% and 9.6% year-on-year, respectively.

The growth in revenue was fueled by sales of the Dong Ha Quang Tri shophouse project and other property projects.

As of December 31, 2023, Vincom Retail’s total assets had increased 11.6% year-on-year to VND47.65 trillion ($1.95 billion). Its cash and cash equivalents dropped 41.6% to VND4.1 trillion ($168 million).

The firm had VND9.83 trillion ($402.33 million) in total liabilities as of end-2023, up 5.9% year-on-year. Its short-term debt shrank to VND20 billion ($819,000) from VND1.06 trillion ($43.42 million) a year earlier as the firm liquidated bonds in Q4.

Meanwhile, its long-term debt rose 85% to VND3.92 trillion ($160.3 million) as the firm took a loan worth VND1.77 trillion from Deutsche Bank.

VRE shares ended down 4.1% to VND22,450 ($0.92) apiece on Wednesday.