Vingroup's hospitality arm records $9.82 mln in H1 profit
Vinpearl Joint Stock Company's revenue and after-tax profit hit VND5,912 billion ($225.84 million) and VND257 billion ($9.82 million), respectively, in H1/2025, completing 42.2% and 15% of the year's targets.
Vinpearl Sky Wheel, part of Vinpearl Nha Trang in Khanh Hoa province, south-central Vietnam. Photo courtesy of the company.
In Q2, the company (HoSE: VPL) recorded net revenue of VND2,942 billion ($112.38 million), down 41.51% year-on-year. The decline was driven by a 93% decrease in real estate transfer revenue to over VND218 billion ($8.33 million), while in Q2/2024, it was over VND2,954 billion.
Gross profit after deducting cost of goods sold reached over VND2,176 billion ($83.12 million), down 39.75% compared to Q2/2024.
Notably, Vinpearl's financial revenue in the quarter dropped by nearly 1,600% to VND475.4 billion ($18.16 million), mainly due to a sharp increase in interest on bank deposits, loans, and deposits for property purchase.
Excluding expenses and taxes, the company's net profit in Q2/2025 was nearly VND167 billion ($6.38 million), down 50.53%.
According to broker Vietcap, Vinpearl's core revenue (from hotels & resorts, parks & entertainment areas, and golf courses) is expected to increase by 34% in 2025 and by 9% in 2026 year-on-year, contributing about 80% and 76% to the total planned revenue, respectively.
Vinpearl operates through three core businesses: hotels and resorts, amusement parks/entertainment complexes, and golf courses, along with other businesses such as convention centers and real estate sales.
As of end-2024, Vinpearl owned and/or operated a total of 31 hotels/resorts with over 16,100 rooms, 12 amusement parks/entertainment complexes, four golf courses, and one convention center across Vietnam.
Analysts assess that Vinpearl has a competitive advantage with its multi-function development model and access to Vingroup/Vinhomes (VIC/VHM) land funds, providing visitors with a comprehensive experience featuring accommodation, entertainment, and services in just one visit.
The company has a proven track record in implementing large-scale projects with comprehensive capabilities from development, operation, and management.
As an industry leader, Vinpearl is well positioned to capitalize on the growth of Vietnam’s tourism industry and shape new trends, particularly through its VinWonders theme park brand with significant expansion potential.
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