Many real estate tycoons have made billions in profits, while some are still facing difficulties.

The business landscape of the top real estate giants shows a clear divergence. Many big names have recorded positive results, while a significant number of businesses are still facing challenges.

Real estate companies listed on the stock exchange are releasing their financial reports in quick succession - Photo: BONG MAI

A series of billionaires are seeing a surge in profits.

Based on its financial report for the first quarter of 2025, Vinhomes Joint Stock Company (stock code VHM) continues to lead among listed companies operating in the real estate sector, with revenue of nearly 15,700 billion VND. After deducting expenses, this "giant" company had a net profit after tax of over 2,650 billion VND, an increase of 193% compared to the same period of the previous year.

Meanwhile, Vingroup (VIC) also achieved impressive results with revenue exceeding VND 84,050 billion, a 287% increase compared to the same period last year. After-tax profit was over VND 2,240 billion (+68%).

Besides real estate business, the company chaired by billionaire Pham Nhat Vuong is also focusing its efforts on the electric vehicle sector.

In the real estate sector, both Kinh Bac Urban Development Corporation (KBC) and Nam Long Investment Corporation (NLG) also recorded quite positive results in the first quarter of this year.

Specifically, KBC achieved revenue of VND 1,500 billion, a 25% increase compared to the same period last year. After-tax profit reached VND 300 billion, thanks to industrial park and urban development projects in Bac Ninh and Hai Duong . The company, operated by tycoon Dang Thanh Tam, continues to expand its leased land area in industrial parks, serving the production and investment needs of businesses leasing space and constructing factories.

While lower than some competitors, Nam Long achieved approximately VND 1,200 billion in revenue and VND 120 billion in after-tax profit in the first quarter of the year. Nevertheless, this result is noteworthy given the challenging market conditions. The company is implementing a strategy of developing affordable and mid-range housing projects, targeting customers in Ho Chi Minh City and surrounding areas.

Meanwhile, the giant Dat Xanh Group (DXG) also recorded revenue of approximately 1,500 billion VND and after-tax profit of 300 billion VND, a significant increase. Other companies with increased after-tax profits include: Saigon VRG Investment (SIP), Saigon 3 Group Investment and Development (SGI), Dat Phuong, Long Hau, Khang Dien, Sonadezi Chau Duc, Viglacera…

The "storm" hasn't completely subsided at many large businesses.

Not all "big players" recorded good profits. In the first quarter of 2025, Novaland Group (NVL) achieved net revenue of nearly VND 1,780 billion, a 2.5-fold increase compared to the same period last year.

Due to high financial costs, business management expenses, and other losses, the company ultimately recorded a net loss after tax of 476 billion VND. Although the "storm" has not completely subsided, the situation at this real estate company has improved somewhat compared to the previous period.

Novaland's total assets as of the end of the last quarter reached over 234,800 billion VND, of which inventory accounted for nearly 64%. The company has liabilities of approximately 186,000 billion VND, including over 59,000 billion VND in loans.

Similarly, Sunshine Homes (SSH) faced an unfavorable situation, with revenue reaching nearly 187 billion VND and after-tax profit only slightly exceeding 7.3 billion VND in the last quarter, a decrease of nearly 17% and 94% respectively compared to the same period last year. The main reasons stem from increased cost of goods sold, increased business management expenses, and increased interest expenses.

Nevertheless, Sunshine Homes still aims to achieve VND 4,000 billion in revenue in 2025 (a 36% increase compared to 2024) and VND 500 billion in pre-tax profit. To achieve this plan, the company needs to effectively control costs, improve operational efficiency, and boost product sales.

Many other real estate companies also suffered losses in the first quarter of the year, including: DIC Group, OGC Group, Vinahud…

Bond maturity pressure

According to statistics from VNDirect Securities, in 2025, the real estate sector will face significant pressure from corporate bond debt, with over 130,000 billion VND maturing, accounting for 64% of the total market value. Notably, 43% of this amount (56,000 billion VND) had been previously extended, indicating increasing financial pressure.

Despite the recovery in the corporate bond market, the real estate sector continues to face challenges regarding investor confidence and the risk of default.

The Vietnam Association of Real Estate Brokers (VARS) forecasts that the real estate market will improve from the second quarter of 2025 with many positive developments, but risks regarding the financial health of developers remain.

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Source: https://tuoitre.vn/nhieu-dai-gia-bat-dong-san-lai-ngan-ti-mot-so-van-kho-khan-20250510110522024.htm