Vincom Retail reports 3-month profit exceeding 1,000 billion VND

The consolidated financial report for the first quarter just released by Vincom Retail Joint Stock Company (stock code: VRE) shows a favorable start in the first 3 months of the year in terms of business results when revenue and profit both increased sharply compared to the same period.

Specifically, the company's total consolidated net revenue in the first quarter reached VND1,943 billion, up 42% over the same period last year. Of which, the commercial center business recorded revenue of VND1,913 billion, up 54% over the same period in 2022.

Particularly in the important transactions with related parties, revenue from providing services and leasing commercial centers for Vinhomes was nearly 70 billion VND, for Trading and Service Company Limited was nearly 50 billion VND, for Vinpearl Joint Stock Company was 19 billion VND, and for Vinschool Joint Stock Company was 18 billion VND.

With this result, the company recorded VND 1,024 billion in consolidated profit after tax in the first quarter, an increase of 171% over the same period last year and 23% over the fourth quarter of 2022.

According to business representatives, this year, in general, in the context of the world situation still having many unpredictable fluctuations, although Vietnam's economy cannot avoid being affected, it is still forecasted to be among the leading groups in the region.

However, this enterprise confidently said that "it will maintain its pioneering position in the market". The plan is to open 2 new shopping centers in Ho Chi Minh City and Ha Giang , bringing the total number to 85 shopping centers in 45/63 provinces and cities nationwide.

As of March 31, Vincom Retail had a total of VND701 billion in unfinished basic construction costs, of which, at Bac Ninh Hotel was VND208 billion, Vincom Plaza Dien Bien project was VND135 billion, Vincom Plaza Bien Hoa 2 project was nearly VND136 billion and Vincom Plaza Dong Ha Quang Tri project was VND127 billion.

Vincom Retail currently has 4 subsidiaries: Vincom Retail Operation Company Limited, Suoi Hoa Urban Development and Investment Joint Stock Company, Vincom Retail Investment Joint Stock Company and Vincom Retail Landmark 81 Company Limited.

Source: https://dantri.com.vn/kinh-doanh/vincom-retail-bao-lai-3-thang-vuot-1000-ty-dong-20230423092236517.htm