Vietnamese real estate businesses are still struggling with revenue and profit issues as some businesses have a positive financial picture but many businesses are still facing difficulties - Photo: NGOC HIEN
The first quarter of 2025 is expected to be the starting quarter for the recovery period for the Vietnamese real estate market after a period of stagnation, but business results reports show that the recovery of real estate businesses is uneven.
Billionaire Pham Nhat Vuong's Vinhomes makes huge profits
Vinhomes Joint Stock Company (stock code VHM - a member of Vingroup Corporation) has just announced its first quarter business results, recording total consolidated net revenue of VND 15,698 billion. Consolidated profit after tax reached VND 2,652 billion, up 193% over the same period last year.
According to Vinhomes, handover activities at Vinhomes Royal Island and Vinhomes Ocean Park 2-3 projects continued to be the main driving force contributing to business results during the period.
Vinhomes' Q1-2025 sales and undelivered sales at the end of the quarter reached VND35,000 billion and VND120,000 billion, respectively, up 116% and 7% year-on-year.
At the recent 2025 annual shareholders' meeting, Vinhomes approved the 2025 business plan with expected revenue of VND 180,000 billion and after-tax profit estimated at VND 42,000 billion.
As of March 31, billionaire Pham Nhat Vuong's Vinhomes real estate business had total assets and equity of VND561,504 billion and VND223,396 billion, respectively.
Nam Long, Khang Dien improve revenue, Dat Xanh revenue decreases
Khang Dien House Investment and Trading Joint Stock Company (stock code KDH) has just announced its consolidated financial report for the first quarter of 2025, recording net revenue of VND 710 billion, an increase of 113% over the same period in 2024. Khang Dien's gross profit also improved from VND 174 billion in the first quarter of 2024 to VND 307 billion in this quarter.
After deducting expenses and taxes, Khang Dien reported a profit after tax of VND119 billion, an increase of 86% over the same period last year, while the parent company's profit after tax increased by more than 92% to VND122 billion.
Despite recording impressive growth compared to the same period last year, this quarter's results are still very modest compared to the business plan that Khang Dien has approved for the whole year of 2025 when setting a revenue target of VND 3,800 billion and after-tax profit of VND 1,000 billion, up 16% and 24.4% respectively compared to 2024.
According to the first quarter financial report of Nam Long Investment Joint Stock Company (stock code NLG), this company recorded revenue of more than 1,290 billion VND, 6 times higher than the same period last year (204 billion VND).
Nam Long representative said that revenue mainly comes from handing over real housing projects such as Akari phase 2 (Binh Tan district) and Can Tho Central Lake. At the end of the first quarter, Nam Long had a net profit of nearly 110 billion VND, while in the same period last year it lost 65 billion VND.
The first quarter financial report of Phat Dat Real Estate Development Corporation (stock code PDR) recorded net revenue of nearly VND438 billion, 2.7 times higher than the same period last year.
According to Phat Dat's explanation, sales revenue recorded during the period was mainly from the transfer of real estate in the Bac Ha Thanh project in Binh Dinh. After deducting expenses, the company's net profit from business activities increased by 51% over the same period, reaching 64.6 billion VND and after-tax profit was more than 50 billion VND.
Meanwhile, Dat Xanh Group Corporation (stock code DXG) recorded VND924 billion in revenue in the first quarter, down from the same period last year, and recorded after-tax profit of more than VND78 billion.
Novaland reduces losses in the first quarter of the year
According to the recently announced contract financial report of Novaland Group (stock code NVL), NVL's revenue reached more than VND 1,778 billion in the quarter, more than 2.5 times higher than in the first quarter of 2024.
Of which, net revenue from sales reached about VND 1,634 billion, up 225% over the same period, recorded from the handover of 256 products at key projects and net revenue from providing services reached VND 144 billion. Subtracting the cost of goods sold, the company's gross profit was nearly VND 646 billion, 3.4 times higher.
In addition, this real estate company also reported revenue of more than VND516 billion from financial activities, mainly from investment cooperation contract profits and loans. However, consolidated profit after tax recorded a loss of VND476 billion, mainly due to exchange rate difference losses and other activities.
NVL reduced its loss, improving by nearly 21% compared to the same period last year, but this quarter also marked Novaland's return to loss after two profitable quarters. As of March 31, Novaland's total assets reached more than VND234,807 billion. Inventories recorded VND148,639 billion.
Source: https://tuoitre.vn/vinhomes-novaland-khang-dien-nam-long-phat-dat-dang-lam-an-ra-sao-20250430194907693.htm
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