Vinhomes earns $455 mln in H1 net profit
Vinhomes, the largest residential housing developer in Vietnam, recorded a consolidated net profit of VND11.5 trillion ($454.6 million) in H1/2024, down 47% year-on-year and reaching 33% of the year’s target.
A subsidiary of the nation’s largest private conglomerate Vingroup, Vinhomes earned VND13.66 trillion ($539.5 million) in pre-tax profit and VND36.43 trillion ($1.44 billion) in revenue between January and June, down 51% and 41% year-on-year, respectively.
Illustration of Vinhomes Royal Island project in Hai Phong city, northern Vietnam. Photo courtesy of Vinhomes.
In the second quarter, the firm, listed on the Ho Chi Minh Stock Exchange as VHM, earned a net profit of VND10.6 trillion ($418.9 million) on revenue of VND28.2 trillion ($1.11 billion), up 9% but down 13% year-on-year, respectively.
VHM said in its H1 earnings report that its revenue and profit primarily came from the sale of units at the 877-hectare Vinhomes Royal Island mega urban project in the northern port city of Hai Phong, as well as from existing projects.
It posted H1 sales of VND51.7 trillion ($2.04 billion) and had unearned revenues of VND118.66 trillion ($4.69 billion) as of end-Q2.
Despite the H1 underperformance, Vinhomes said it was confident of achieving its 2024 business targets, including record revenue of VND120 trillion ($4.74 billion) and net profit of VND35 trillion ($1.38 billion).
As of June 30, the value of the firm’s total assets and equity stood at VND494.46 trillion ($19.52 billion) and VND206.78 trillion ($8.17 billion), up 11.2% and 13.2% from end-2023, respectively.
Its accounts receivable rose by VND4.1 trillion ($161.9 million) to VND137 trillion ($5.41 billion), and inventories rose by VND1 trillion ($39.49 million) to VND56.31 trillion ($2.22 billion). Its liabilities hiked 9.8% to VND287.67 trillion ($11.36 billion).
Vinhomes' portfolio includes mega urban projects like Vinhomes Ocean Park I, II, III; Vinhomes Grand Park; and Vinhomes Smart City in Hanoi, besides Vinhomes Royal Island and several others in the southern region.
VHM shares closed at VND37,850 ($1.49) apiece on Friday, up 1.1%, for a market capitalization of VND164.81 trillion ($6.51 billion).
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