Vinhomes profit is 900 billion VND, unrecorded sales are more than 4 billion USD

Vinhomes Joint Stock Company (VHM) has just announced its consolidated financial report for the first quarter of 2024 with net revenue reaching 8,211 billion VND, down 72% over the same period. Total converted consolidated net revenue (including revenue from Vinhomes’ activities and business cooperation contracts) reached VND 8,605 billion.

After deducting expenses, the company’s consolidated profit after tax reached 904 billion VND. During the period, the handover of Vinhomes Ocean Park 1 – 2 – 3 and Vinhomes Grand Park continued to make major contributions to the business results of the enterprise.

Both revenue and profit in the first quarter were lower than the same period in 2023, according to Vinhomes’ explanation, because the recognition period for products under construction has not yet reached.

Specifically, VHM’s unrecorded sales amounted to 112,000 billion VND at the end of the first quarter of 2024 (converted at the current Vietcombank exchange rate of about 4.4 billion USD). Therefore, although the first quarter results are not positive, Vinhomes leaders said they are still “confident in achieving the business plan approved at the recent shareholders’ meeting”.

Specifically this year, Vinhomes sets a record revenue target of 120,000 billion VND, equivalent to more than 4.7 billion USD. Profit after tax is 35,000 billion VND, the highest level since 2022.

Vinhomes’ business results contribute to the overall picture of Vingroup.

On the same day, Vingroup (VIC) also announced its consolidated financial report for the first quarter with total consolidated net revenue in the first quarter of 2024 reaching VND 21,739 billion, down 44% over the same period.

Meanwhile, consolidated profit after tax reached 1,335 billion VND, an increase of 2.26 times over the same period.

By the end of March 2024, Vingroup’s total assets reached 693,949 billion VND (equivalent to more than 27 billion USD at the current exchange rate), a slight increase of 3.9% compared to the beginning of the year.

Regarding VinFast – the electric car brand that Vingroup is focusing on developing, it also recorded positive results in the first quarter of the year.

Vingroup representative said that VinFast delivered a total of 9,689 electric cars in the first quarter, an increase of 444% over the same period in 2023. In particular, the domestic market continued to contribute largely to sales in the first quarter.

At the same time, VinFast has also begun to record encouraging growth in the US market and a number of new dealers have begun to record sales.

In a fluctuating macro context, VinFast affirms that it still maintains its goal of delivering 100,000 electric cars in 2024.