Vingroup Joint Stock Company has just announced its financial report for the first quarter of 2024 with total consolidated net revenue in the first quarter of 2024 reaching VND 21,739 billion, down 44% over the same period. Revenue from manufacturing activities continued to exceed real estate revenue for another quarter.
Financial revenue increased to 18,941 billion VND, an increase of 88% over the same period, mainly thanks to profits from liquidation of financial investments and transfer of subsidiaries of 17,690 billion VND. Vingroup’s consolidated after-tax profit in the first quarter reached VND 1,335 billion, up 126% over the same period.
As of March 31, 2024, Vingroup’s total assets reached VND 693,949 billion, a slight increase of 3.9% compared to December 31, 2023.
With the Technology – Industry pillar, VinFast sticks to its growth roadmap with brand launches in Indonesia and Thailand, establishing a presence in the Middle East, starting factory construction in India and expanding its international sales network in the first quarter. year 2024.
At the same time, VinFast signed distribution contracts with 10 new dealers, bringing the total number of dealer partners to 16 in 7 states in the US, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. Newly signed agents will open for sale from the second quarter.
VinFast delivered a total of 9,689 electric cars in the first quarter, an increase of 444% over the same period in 2023. The domestic market continued to contribute largely to sales in the first quarter. In parallel, VinFast also started recording encouraging growth in the US market and a number of new dealers have started recording sales.
In a volatile macro context, VinFast has set clear plans and keeps the target of delivering 100,000 electric cars in 2024 with sales mainly recorded in the second half of the year thanks to its rapidly expanding retail network. Quickly, new car models target a larger customer base and penetrate new markets.
In addition, VinAI introduced InteriorSense and SurroundSense – two advanced technology solutions for new generation smart vehicles at the CAEV technology exhibition. VinBrain won the Gold Award for innovation solution at the ASEAN Digital Awards 2024 with the DrAid™ Solution for diagnosing and treating Liver Cancer, and represented Vietnam to present this solution at Asia’s largest Hepatobiliary Conference. – Pacific – APASL 2024 in Kyoto, Japan.
In the Trade and Services blockIn the first quarter of 2024, Vinhomes officially launched the Royal Island City project – Vinhomes Royal Island with a scale of 877 hectares located on Vu Yen Island, Hai Phong, creating a strong boost for the Northern real estate market in particular. and the country in general. Possessing a series of high-class, high-class amenities and services, gathered in an urban area, the project was welcomed by the market with nearly 2,000 customers placing orders after less than 1 month since its launch.
Also this March, The Canopy apartment tower belonging to the Vinhomes Smart City project – a product of cooperation between Vinhomes and foreign partners – achieved an absolute absorption rate as soon as it launched its first apartment fund, becoming become the focus of the real estate market in the West of the Capital.
Not only making its mark with impressive sales achievements, Vinhomes is also a pioneering investor in improving service quality and investing in utilities to bring more value to customers and residents. Beginning in January 2024, a series of events to welcome the Lunar New Year at the Center Point shopping and service complex – Vinhomes Ocean Park 2 and a 3km long New Year festival in Ocean City have attracted millions of customers and residents. people participate.
In the field of Resort Tourism, Vinpearl’s operations continue to recover with many special events during Lunar New Year and Valentine’s Day. Also on this occasion, Vinpearl opened Vinpearl Harbor commercial area in Nha Trang, including 300 booths and a series of animated activities and minishows, attracting more than 25,000 visitors per day during the Lunar New Year holiday. The total number of room nights sold in the first quarter reached nearly 452 thousand rooms, an increase of 34% over the same period last year. Also in recovery, the revenue of VinWonders and Vinpearl Golf in the first quarter also grew by 55% and 28% respectively over the same period last year.
In the field of retail real estate, In the first quarter, Vincom Retail recorded positive growth compared to the same period last year, with total consolidated revenue increasing by 16% over the same period thanks to on-schedule real estate handover at Quang Tri projects and operations. Shopping center business was stable and consolidated profit after tax grew by 6%.
At the recent 2024 Annual General Meeting of Shareholders, Vingroup had its 2024 business plan approved with the target of net revenue and profit after tax reaching VND 200,000 billion and VND 4,500 billion, respectively. In the coming time, with macroeconomic indicators continuing to show signs of recovery under the drastic management of the Government, as well as key business areas of Vingroup having positive growth momentum. , Vingroup expects business results to develop positively in the coming quarters.
