Vingroup’s real estate arm VEF posts 8,372% net profit growth in H1 on strong sales
Vietnam Exhibition Fair Center JSC, a real estate subsidiary of conglomerate Vingroup (HoSE: VIC), reported a net profit of VND15.25 trillion ($583.3 million) in the first half of 2025, up 8,372% year-on-year on the sales of key real estate projects.
During the period, the firm, listed on the Unlisted Public Company Market as VEF, posted revenue of VND44.57 trillion ($1.7 billion), an 86-fold surge from the same period last year.
The company attributed the spike in earnings to the sale of units at the Vinhomes Co Loa urban area and the 148 Giang Vo project, both in Hanoi.
Illustration of Vinhomes Co Loa urban area project in Hanoi. Photo courtesy of the VEF.
VEF’s total assets dropped sharply from VND105.1 trillion ($4.02 billion) at the beginning of the year to VND36.24 trillion ($1.39 trillion) as of June 30.
Inventories, mostly land use rights and development costs for ongoing real estate projects, fell to VND3.8 trillion ($145.3 million) from VND22.16 trillion ($847.6 million).
Prior to real estate sales, VEF relied heavily on financial income, mainly generated from VND11 trillion ($420.7 million) in loans at an annual interest rate of 12%.
Total liabilities fell from VND101.1 trillion ($3.87 billion) to VND24.22 trillion ($926.4 million), while owners’ equity nearly tripled to VND12.02 trillion ($459.86 million).
In a separate development, VEF recently made a cash dividend payout of 435%, or VND43,500 ($1.6) per share, totaling VND7.25 trillion ($277.3 million). Vingroup, which holds an 83.32% stake in VEF, received about VND6.04 trillion ($231 million) from the dividend distribution.
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