Retail real estate giant reports profit of over 2,100 billion VND

At the end of the trading session on July 22, VRE shares of Vincom Retail Joint Stock Company (stock code VRE) closed at VND20,050, up slightly from the previous session. Although closing in green on the day the VN-Index fluctuated and then fell sharply by more than 10 points, to around 1,254 points, VRE shares are still at a multi-year low.

If calculating the highest point in 2024 of VRE is more than 28,700 VND/share set in March, investors have lost more than 30% when holding up to this point. VRE stock price is at its lowest since April 2020 until now.

Vincom Retail currently has a total of 86 shopping malls nationwide.

VRE shares have plummeted despite the fact that the company's business results have maintained growth momentum. Vincom Retail's consolidated financial report for the second quarter of 2024 according to Vietnamese accounting standards (VAS) was just released on the same day, showing that the total consolidated net revenue in the second quarter reached VND2,479 billion, up 14% over the same period last year. Consolidated profit after tax in the second quarter reached VND1,021 billion.

Accumulated in the first 6 months of the year, net revenue reached 4,733 billion VND, profit after tax reached 2,104 billion VND, growth of 15% and 4% respectively compared to the same period. Thus, each month, this chain of shopping malls pockets more than 1,000 billion VND in profit after tax.

In the second quarter of 2024, Vincom Retail will continue to simultaneously open 4 shopping malls: Vincom Mega Mall Grand Park in Ho Chi Minh City (technical opening), Vincom Plaza Dien Bien Phu and Vincom Plaza Ha Giang and reopen Vincom Plaza 3/2 in Ho Chi Minh City after renovation, with an occupancy rate of 85% - 92% at the time of opening.

The "giant" in the retail real estate industry is operating 86 shopping malls in 46/63 provinces and cities nationwide, with more than 1.81 million square meters of retail floor space across the system. In the last 6 months of the year, Vincom Retail said it will continue to add new shopping malls to increase its market coverage.

Source: https://nld.com.vn/ong-lon-bat-dong-san-ban-le-bao-lai-hon-2100-ti-dong-196240722180153421.htm