Vincom Retail records $85.5 mln H1 profit

Vietnam's top shopping mall operator Vincom Retail reported net revenue of VND4.12 trillion ($173.8 million) in H1/2023, up 28% year-on-year, and post-tax profit of VND2.03 trillion ($85.5 million), up 76%, according to its consolidated financial statement.

In Q2/2023, Vincom Retail posted net revenue of VND2.17 trillion ($91.77 million) and after-tax profit of VND1 trillion ($42.3 million), up 17% and 29% respectively.

Vincom Retail has set a net revenue target of VND10.35 trillion ($440.13 million) in 2023, up 41% year-on-year, and post-tax profit of VND4.68 trillion ($199 million), up 69%.

This means the company had fulfilled 40% of its year revenue target and 43% of the year profit target after the first six months.

This year, Vincom Retail plans to open Vincom Mega Mall Grand Park in Ho Chi Minh City and Vincom Plaza Ha Giang in the northern mountainous province, with a total retail space of 55,000 m2, bringing the total number of its commercial centers to 85 in 45 out of the 63 provinces and cities nationwide.

As of June 30, 2023, VRE's assets had stood at VND44.19 trillion ($1.9 billion), up 3.4% compared to the beginning of the year, mainly from real estate investment with VND25.84 trillion ($1.1 billion). Cash and cash equivalents reached more than VND7.52 trillion ($317.4 million), up 7%, of which bank deposits hit VND5.49 trillion ($232.03 million).

At Friday's close, VRE shares finished at VND28,800 ($1.22).