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).
A shopping mall operated by Vincom Retail in Vietnam. Photo courtesy of the firm.
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.
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