Vinhomes Ocean Park 2 – The Empire in Hung Yen province. (Photo courtesy of the company) In the third quarter, Vingroup’s net revenue from business activities reached 28.7trillion VND, down 5% over last year, whereas its gross profit halved to nearly5.8 trillion VND.
During the period, the revenue from financial activities was 6.5 times higherthan in the same period in 2021, amounting to nearly 10 trillion VND. The gainswere attributed to the liquidation of financial investments and the transfer ofsubsidiaries.
The strong increase in financial revenue in the third quarter helped Vingrouprecord a profit after tax of 506.3 billion VND, more than double over2021.
For the first nine months of 2022, the company’s total consolidated netrevenue, including revenue from real estate transfer recognised in financialincome in the first nine months of 2022, reached 88.19 trillion VND, a 4.7%decrease year-on-year.
During the period, revenue from real estate transfers only began to risesharply from the third quarter thanks to the delivery of low-rise apartments atVinhomes Ocean Park 2—The Empire project started earlier than planned, whileother sectors recorded good recovery and growth.
In the real estate segment, Vingroup will continue to deliver a large number ofproducts in the coming quarters and in 2023, and the number of vehiclesdelivered in the fourth quarter is also expected to inch higher due to theincrease in component supplies.
Other business segments, like leasing investment property (mainly fromcommercial centre businesses), hotel services, tourism, entertainment, healthcare, and education, are forecast to continue to recover strongly in thenear future.
As a result, its profit before tax reached nearly 8.74 trillion VND, and profitafter tax was more than 1.57 trillion VND, down 10% and 9% on-year,respectively.
As of September 30, Vingroup's total assets advanced by 30% over the end of2021 to 555.5 trillion VND, mainly boosted by the successful launch of new realestate projects.
In capital mobilisation, since the beginning of 2022, Vingroup has successfullyraised 760 million USD from the international capital market.
In October, the Asian Development Bank (ADB) arranged a 135 million USD climatechange financing package for VinFast to support the production of publictransport electric buses and a network of Vietnam's first national-scaleelectric vehicle charging stations.
In the retail real estate segment, Vincom Retail posted high growth in bothrevenue and profit over the same period last year and gradually recovered topre-COVID-19 levels.
On the tourism and resort front, Vinpearl's activities continue torebound according to the general momentum of the tourism market.
Vingroup’s stock, which is listed on the Ho Chi Minh Stock Exchange (HoSE) asVIC, ended October 31 at 55,400 VND per share, down 0.54%./.
VNA
