Vinhomes profit drops 25% to $1.24 bln in 2022
Vinhomes, a subsidiary of Vietnam’s largest private conglomerate Vingroup, reported after-tax profit of VND29 trillion ($1.24 billion) in 2022, down 25% year-on-year.
Its consolidated net revenue was VND62,392 billion ($2.66 billion), down 26%.
In the fourth quarter of 2022, the company recorded consolidated net revenue of nearly VND31,200 billion ($1.33 billion), up 34% year-on-year, thanks to the handover of 2,200 more low-rise real estate units at the Vinhomes Ocean Park 2 - The Empire project.
The 458-hectare project, located in Nghia Tru and Long Hung communes, Van Giang district, Hung Yen province near Hanoi, made its debut in April 2022.
Illustration of the Vinhomes Ocean Park 2 - The Empire project. Photo courtesy of Vinhomes.
The company's real estate transfers were still its largest source of revenue with nearly VND28.7 trillion ($1.22 billion) in the quarter, accounting for nearly 92% of total consolidated revenue and up nearly 39% year-on-year.
In addition, it offers general construction services, design consultancy, and construction supervision.
Revenue from real estate management and rental services brought in trillions of dong (VND1 trillion = $42.65 million), all growing positively compared to Q4/2021.
Vinhomes JSC, listed on the HCMC Stock Exchange as VHM, is one of Vietnam’s largest real estate developers. It has been a pioneer in building and operating large-scale residential projects.
As of December 31, 2022, Vinhomes's total assets stood at VND361,200 billion ($15.4 billion), up 57% compared to the beginning of the year. Of this, cash and cash equivalents were more than VND14,700 billion ($626.86 million), up 53% thanks to the successful launch of the Vinhomes Ocean Park 2 - The Empire project.
Stable cash sources have helped Vinhomes to proactively accelerate the construction and further development of major projects and reduce dependence on loans. As a result, net debt only accounted for about 14.4% of equity.
By the end of Q4/2022, Vinhomes' equity stood at VND148,400 billion ($6.33 billion), up 13% compared to the beginning of the year.
- Related News
- Read More
Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex
Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.
Industries - Sat, November 2, 2024 | 8:00 am GMT+7
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7
Thailand bans export of raw palm oil until December
Thailand's Department of Internal Trade has temporarily banned the export of raw palm oil due to reduced production caused by drought and plant diseases.
Southeast Asia - Fri, November 1, 2024 | 8:31 pm GMT+7
Envision Energy to build $420 mln wind power plant in Vietnam from June 2025
Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025.
Energy - Fri, November 1, 2024 | 8:30 pm GMT+7
Indonesia to ban plastic waste imports from 2025
The Indonesian government will start imposing a ban on the import of plastic waste from the beginning of next year, according to Minister of Environment Hanif Faisol Nurrofiq.
Southeast Asia - Fri, November 1, 2024 | 8:29 pm GMT+7
Islamic economy makes up 48% of Indonesia’s GDP
The contribution of Islamic business activities to Indonesia’s GDP has been estimated at 48%, local authorities reported at the 11th Indonesia Sharia Economic Festival (ISEF).
Southeast Asia - Fri, November 1, 2024 | 8:28 pm GMT+7
Restructured construction giant Tracodi gets set to execute ambitious plans
After changing its name and restructuring as a group, Tracodi Construction Holdings JSC (HoSE: TCD), a member of Bamboo Capital Group (HoSE: BCG), has completed a leadership shake-up and is poised to achieve rapid growth.
Bamboo Capital - Fri, November 1, 2024 | 4:43 pm GMT+7
Philippines requests companies to pay for plastic waste treatment
The Philippines expects its "Extended Producer Responsibility" (EPR) that came into force last year will help it curb plastic waste
Southeast Asia - Fri, November 1, 2024 | 4:30 pm GMT+7
Indonesia warns of rising online terrorism
Indonesia's National Counter-Terrorism Agency (BNPT) has warned of a shift in terrorism tactics, moving from public attacks to online platforms that target vulnerable groups, particularly women and children.
Southeast Asia - Fri, November 1, 2024 | 4:29 pm GMT+7
Singapore establishes global fintech network
The Monetary Authority of Singapore (MAS) on Wednesday announced that it has established a “Global Finance & Technology Network” (GFTN) to propel Singapore’s reputation as a premier global fintech hub into its next phase and enhance global connectivity.
Southeast Asia - Fri, November 1, 2024 | 4:28 pm GMT+7
Nokia, Viettel deploy 1.2 Tb/s optics transmission in Vietnam, to help 5G growth
Finnish giant Nokia and Vietnamese telco Viettel have rolled out high-capacity optical network after achieving an optics transmission speed record of 1.2Tb a second per wavelength in Vietnam.
Companies - Fri, November 1, 2024 | 3:40 pm GMT+7
Korea SK Group sells 76 mln shares of Vietnam’s Masan, no longer major shareholder
South Korea’s chaebol SK Group has sold 76.28 million shares of Vietnam’s conglomerate Masan, lowering its ownership in Masan to 3.67% of the charter capital and 3.86% of the voting shares.
Companies - Fri, November 1, 2024 | 3:16 pm GMT+7
