Vingroup posts Q3 earnings of $80 mln, highest in five years

Vingroup, the largest private multi-industry conglomerate in Vietnam by ecosystem, recorded a consolidated net profit of VND2,015 billion ($79.54 million) in Q3/2024, the heftiest quarterly earnings in the past five years.

The figure jumped 255% over the same period of last year, Vingroup said in its consolidated quarterly financial statement.

Profit attributable to equity holders of the parent came in at VND5,295 billion ($209 million) in the quarter, versus a loss of VND669 a year earlier.

In July-September, Vingroup (HoSE: VIC) raked in revenue of VND62,850 billion ($2.48 billion), the highest in the group’s history on a quarterly basis. The figure rose 31% year-on-year.

In Q3, revenue from real estate sales increased 28.5% year-on-year to VND38,929 billion ($1.54 billion), while that from industrials jumped 89% to VND14,081 billion.

In addition, financial revenue soared 6.54-fold to VND8,572 billion ($338.4 million), with gains from selling offshoots and liquidations of financial investments accounting for 65.6%.

In the first nine months of this year, the conglomerate earned a consolidated net profit of VND4,068 billion ($160.6 million) on revenue of VND126,934 billion, up 161% and down 5.4% year-on-year, respectively.

In the nine-month period, property sales made up 55% of the group’s revenue mix and industrials 21%, changing from the respective 70% and 11% in the comparable period of 2023.

Notably, revenue from industrials spiked 64% year-on-year to VND28,142 billion ($1.11 billion).

The group said it delivered 21,912 VinFast-branded electric vehicles (EVs) in Q3, up 116% year-on-year, resulting in accumulative deliveries of 44,260 in Jan-Sep, up 108%.

As of September 30, Vingroup’s total assets stood at VND791,474 billion ($31.24 billion), up 18.5% from end-2023. Cash and cash equivalents slid 3.37% to VND27,040 billion, while short-term financial investment decreased 8.2% to VND6,424 billion.

Its total liabilities increased 20.75% to VND627,217 billion ($24.76 billion).

VIC shares slipped 0.24% to VND41,450 ($1.64) at Friday break.