Vincom Retail’s Q1 profit expands threefold

Vietnam's top shopping mall operator Vincom Retail has reported a post-tax profit of VND1.02 trillion ($43.6 million) in this year’s first quarter, up three times from a year earlier and 23% against last year’s fourth quarter.

The company’s Q1 consolidated net revenue was VND1.94 trillion ($82.7 million), up 42% year-on-year. Its shop leasing business and related services made up most of the amount, up 54% to VND1.91 trillion, while the rest came from other sources.

As of March 31, 2023, Vincom Retail’s total assets increased by 4% compared to the beginning of the year to VND44.26 trillion ($1.88 billion).

At its annual general meeting of shareholders to be held on Wednesday, the company will present plans for this year’s net revenue of VND10.35 trillion ($440.13 million), up 41% year-on-year, and post-tax profit of VND4.68 trillion ($199 million), up 69%.

In the scenario that economic development drivers and the business environment are better than expected, the firm targets net revenue and after-tax profit of VND11.5 trillion ($489.04 million) and VND5.2 trillion ($221.13 million), respectively, for 2023, up 56% and 87% year-on-year.

Vincom Retail is a subsidiary of Vingroup, Vietnam's largest private conglomerate. The firm, listed on the Ho Chi Minh Stock Exchange as VRE, closed the Monday trading session at VND28,150 ($1.2) per share.