Over 506.3 billion VND is Vingroup's profit in the third quarter of 2022

Vietnam’s largest conglomerate Vingroup has released its consolidated financial statements for the third quarter of 2022, with a profit after tax of over 506.3 billion VND (2 million USD).
Vingroup's profit doubles in Q3. Photo is VinUni University is located in the Vincom Ocean Park urban area. .(Source: mekongasean)
Vingroup's profit doubles in Quater III: VinUni University in the Vincom Ocean Park urban area .(Source: mekongasean/via VNA)

In the third quarter, Vingroup’s net revenue from business activities reached 28.7 trillion VND, down 5% over last year, whereas its gross profit halved to nearly 5.8 trillion VND.

During the period, the revenue from financial activities was 6.5 times higher than in the same period in 2021, amounting to nearly 10 trillion VND. The gains were attributed to the liquidation of financial investments and the transfer of subsidiaries.

The strong increase in financial revenue in the third quarter helped Vingroup record a profit after tax of 506.3 billion VND, more than double over 2021.

For the first nine months of 2022, the company’s total consolidated net revenue, including revenue from real estate transfer recognised in financial income 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 rise sharply from the third quarter thanks to the delivery of low-rise apartments at Vinhomes Ocean Park 2—The Empire project started earlier than planned, while other sectors recorded good recovery and growth.

In the real estate segment, Vingroup will continue to deliver a large number of products in the coming quarters and in 2023, and the number of vehicles delivered in the fourth quarter is also expected to inch higher due to the increase in component supplies.

Other business segments, like leasing investment property (mainly from commercial centre businesses), hotel services, tourism, entertainment, health care, and education, are forecast to continue to recover strongly in the near future.

As a result, its profit before tax reached nearly 8.74 trillion VND, and profit after 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 of 2021 to 555.5 trillion VND, mainly boosted by the successful launch of new real estate projects.

In capital mobilisation, since the beginning of 2022, Vingroup has successfully raised 760 million USD from the international capital market.

In October, the Asian Development Bank (ADB) arranged a 135 million USD climate change financing package for VinFast to support the production of public transport electric buses and a network of Vietnam's first national-scale electric vehicle charging stations.

In the retail real estate segment, Vincom Retail posted high growth in both revenue and profit over the same period last year and gradually recovered to pre-COVID-19 levels.

On the tourism and resort front, Vinpearl's activities continue to rebound according to the general momentum of the tourism market.

Vingroup’s stock, which is listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, ended October 31 at 55,400 VND per share, down 0.54%.

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(Source: TGVN/ VNA)