Vincom Retail targets $199 mln profit in 2023
Vietnam's top shopping mall operator Vincom Retail is targeting net revenue 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%.
Vincom Plaza Hung Vuong in Can Tho city, southern Vietnam. Photo courtesy of the company.
The company's business plan is based on the management's expectation that the outlook for the economy as well as the business environment this year will improve from 2022, according to documents to be submitted at its annual general meeting of shareholders on April 26.
In the scenario that economic development drivers and the business environment are better than expected, the company's board of directors has set a net revenue target and after-tax profit plan of VND11.5 trillion ($489.04 million) and VND5.2 trillion ($221.13 million), up 56% and 87% year-on-year, respectively.
In addition, the subsidiary of Vietnam’s biggest private conglomerate Vingroup, listed on the Ho Chi Minh Stock Exchange as VRE, will also submit plans at the meeting on how to use its accumulated after-tax profit from 2022.
According to KPMG audited data, VRE's accumulated undistributed post-tax profit as of December 31, 2022 was VND12.07 trillion ($513.06 million) which the board of directors will recommend be used for production and business activities.
The last time the company paid a dividend was in 2018 when the payment per share was VND1,050 (4.5 U.S. cents) plus bonus shares at a rate of 1,000: 225.
This year, Vincom Retail plans to open two new shopping centers, including Vincom Mega Mall Grand Park in Ho Chi Minh City and Vincom Plaza Ha Giang in the northern mountainous province of Ha Giang, with a total retail floor area of 55,000 m2, bringing the total number of commercial centers to 85 in 45 out of the 63 provinces and cities nationwide.
VRE posted net revenue of VND7.31 trillion ($310.8 million) and after-tax profit of VND2.74 trillion ($116.3 million) in 2022, up 24% and 108% year-on-year, according to its consolidated financial report.
At Tuesday's close, VRE share price hit VND28,500 ($1.21).
- Related News
- Read More
Coffee prices rise, more businesses go bankrupt: exec
Robusta coffee prices are continuing to rise sharply, exceeding Arabica for the first time in over 50 years, and while coffee growers are content, many coffee traders are struggling, writes Phan Minh Thong, general director of Phuc Sinh Group, a leading coffee exporter in Vietnam.
Companies - Wed, May 15, 2024 | 1:22 pm GMT+7
Thai government wants to sell 10-year-old rice
Thailand's Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai said on Monday that the government wants to sell the last stocks of decade-old rice.
Southeast Asia - Wed, May 15, 2024 | 1:06 pm GMT+7
Singapore promotes new mindset in public communications
Singaporean Deputy Prime Minister Lawrence Wong has pledged to hold more press conferences so that the government can better communicate its "thinking and considerations" to the public.
Southeast Asia - Wed, May 15, 2024 | 1:03 pm GMT+7
Jakarta builds one of global largest waste processing facilities
Indonesia commenced the construction of a plant turning waste into alternative fuel (refuse-derived fuel or RDF) in Rorotan, North Jakarta, on Monday.
Southeast Asia - Wed, May 15, 2024 | 1:02 pm GMT+7
Indonesia needs over 31 tonnes of rice in 2024
Indonesian President Joko Widodo on Monday revealed that the realisation of rice imports through State Logistics Agency (Bulog) was only less than 5% of the total national needs.
Southeast Asia - Wed, May 15, 2024 | 1:00 pm GMT+7
Public security ministry continues search for holders of scandal-hit Van Thinh Phat bonds
The Ministry of Public Security's investigative agency (C03) is looking for holders of bonds from 25 packages issued by real estate developer Van Thinh Phat.
Society - Wed, May 15, 2024 | 11:42 am GMT+7
Vietnam gov’t vows to tighten gold market as high prices linger
The Vietnamese government is taking action to tighten control over the local gold market as prices of the precious metal remain high despite the central bank’s resumption of auctions after an 11-year hiatus.
Finance - Wed, May 15, 2024 | 11:14 am GMT+7
Food seasoning firm Vedan earns $174 mln in Vietnam in 2023, down 11%
Food seasoning maker Vedan recorded a revenue of $173.6 million in Vietnam in 2023, down 11% year-on-year, according to the 2023 performance review of the Taiwan-headquartered firm.
Companies - Wed, May 15, 2024 | 11:01 am GMT+7
Nghe An province seeks investors for $38 mln residential project
Nghe An authorities are seeking investors for a VND970 billion ($38.1 million) residential project in the central Vietnam province.
Real Estate - Wed, May 15, 2024 | 8:15 am GMT+7
Denmark seeks to enhance food production dialogue, supply chain with Vietnam
Danish Minister for Food, Agriculture and Fisheries Jacob Jensen is leading a high-level delegation to visit Vietnam from May 14-16, aiming to intensify high-level policy dialogues with Vietnamese counterparts with a focus on a more sustainable food production and a resource-efficient supply chain.
Economy - Tue, May 14, 2024 | 11:01 pm GMT+7
Northern Vietnam province fines China's JA Solar for illegal construction
Vietnam’s northern province of Bac Giang has issued a fine of VND130 million ($5,107) to JA Solar Ne Vietnam for constructing a factory without permits.
Companies - Tue, May 14, 2024 | 10:38 pm GMT+7
Former parliament chair aide stripped of Party membership
The Vietnamese Party Central Committee’s Secretariat has decided to expel Pham Thai Ha, assistant to former National Assembly Chairman Vuong Dinh Hue, from the Party.
Politics - Tue, May 14, 2024 | 10:05 pm GMT+7
Mekong Capital’s investee companies expand presence
A number of companies in the investment portfolio of Mekong Capital, a leading fund manager in Vietnam, have expanded their operations in the Southeast Asian country.
Companies - Tue, May 14, 2024 | 7:35 pm GMT+7
Vietnam welcomes Chinese high-tech investments: PM
Vietnam welcomes major investments from Chinese business giants, particularly in the high-tech sector, Prime Minister Pham Minh Chinh said Tuesday.
Industries - Tue, May 14, 2024 | 5:46 pm GMT+7
Navigating Global Minimum Tax rules
Dang Ngoc Minh, deputy head of the General Department of Taxation, gives his insight into the status of Pillar 2 implementation of the Global Minimum Tax (GMT) in Vietnam, takeaways from Resolution No. 107/2023/QH15, and the Government's plan to build a follow-up decree.
Consulting - Tue, May 14, 2024 | 4:49 pm GMT+7
Bamboo Capital plans 50% charter capital increase to achieve ‘spectacular’ growth targets
Bamboo Capital Group JSC, listed on the Ho Chi Minh Stock Exchange as BCG, has finalized the list of existing shareholders as it plans to raise its charter capital by 50% to service debt and finance operations.
Companies - Tue, May 14, 2024 | 4:19 pm GMT+7
