Vingroup’s tourism arm Vinpearl sees H1 profit up 2.8-fold

Vinpearl JSC, the hospitality arm of Vietnamese conglomerate Vingroup, booked a net profit of VND2,579 billion ($104.48 million) in H1/2024, skyrocketing 2.84-fold from the same period last year.

The earnings led to Vinpearl’s ROE of 8% in the period, improving from 5% in H1/2023, the company said in a regular filing to the Hanoi Stock Exchange.

As of June 30, Vinpearl posted owner’s equity at VND31,513 billion ($1.28 billion), up 136.6% year-on-year.

Thanks to such an increase in equity, the debt-to-equity ratio dropped from 2.31x as of June 2023 to 1.15x, equivalent to liabilities of VND36,240 billion. Of the amount, undue bonds were worth VND11,000 billion, down from VND12,500 billion a year earlier.

As such, Vinpearl’s total assets amounted to circa VND67,750 billion ($2.74 billion) as of June 30. The figure exceeded the total assets of Vincom Retail, now an affiliate of Vingroup, at VND52,328 billion.

Last month, the company raised $150 million worth of five-year bonds in Singapore. In September 2021, the firm raked in $425 million from selling international bonds.

In November 2023, Vingroup announced a plan to separate operations of Vinpearl and set up a new entity, named Ngoc Viet Business and Trading Joint Stock Company, with a charter capital of VND20.42 trillion ($827 million) where Vingroup will hold a 99.96% stake.