Vinhomes profit in the first quarter is nearly 6,000 billion VND

In the first quarter, the total consolidated net revenue of Vinhomes Joint Stock Company (VHM) reached VND 8,923 billion, coming from the handover of residential real estate at three projects Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Grand Park.

If adjusted from sales of large real estate lots and business cooperation projects are recognized in financial income, consolidated net revenue reached VND 14,279 billion, down 9% compared to the same period last year.

Selling expenses were reduced, while administrative expenses increased by more than 60%. As a result, Vinhomes’ consolidated profit before tax reached VND5,886 billion, down 17% year-on-year.

At the end of the first quarter, total assets of this company reached VND 233,963 billion, equity reached VND 136,072 billion, up 13% and 44% respectively over the same period.

The value of inventory by the end of March reached nearly VND 30,000 billion, an increase of more than VND 1,000 billion compared to the beginning of the year. In which, real estate under construction recorded more than VND 27,000 billion, mainly in projects such as Vinhomes Grand Park, Vinhomes Smart City, Vinhomes Ocean Park, Vinhomes Dream City, Dai An urban area.

According to documents of the general meeting of shareholders, this year Vinhomes sets a revenue target of 75,000 billion VND, with a profit after tax of about 30,000 billion VND. This enterprise is expected to pay a cash dividend at the rate of 20% from accumulated profit after tax until December 31, 2021.

Minh Son