Vingroup earns $22.3 mln in profit after tax in Q1

Profit after tax of Vingroup, Vietnam's biggest listed conglomerate by market cap, dropped 69% year-on-year in the first quarter of this year to VND512 billion ($22.3 million).

Net revenue reached VND18,229 billion ($794 million), 21.7% lower than Q1/2021, according to the group’s (HoSE: VIC) consolidated financial report.

However, Vingroup claimed that adding up sales from large real estate lots would result in a consolidated net revenue of VND25,145 billion, up 0.4% year-on-year.

As of March 31, 2022, its total assets were worth VND441,367 billion ($19.22 billion), up 3% from the beginning of the year, while equity was VND134,558 billion ($5.86 billion).

In the technology and industry sector, VinFast sold more than 6,700 vehicles on the Vietnamese market in Q1, with VinFast Fadil remaining the most popular model in March.

In the electric car segment, VinFast has received a total of about 60,000 orders for VF 8 and VF9 globally after three months of opening registration. On March 29, 2022, VinFast announced the construction of its first overseas manufacturing complex in North Carolina, the U.S.

In the commercial and service segment, the residential real estate sector remains a standout. During the period, Vinhomes launched 1,500 units from two buildings, P1 and P3, as part of the Vinhomes Ocean Park project in Gia Lam district, Hanoi, with an absorption rate of 80% by the end of March.

Under the Vinhomes Grand Park project in District 9, Ho Chi Minh City, 74 low-rise commercial villas were sold after only one week on the market.

For retail real estate, Vincom Retail on April 28 launched Vincom Mega Mall Smart City, the fourth Mega Mall in Hanoi.

In the resort tourism segment, Vinpearl's activity has recovered strongly in Q1. The total number of booked rooms climbed by 23% year-on-year, owing to a surge in domestic travelers during the holidays.