Vinhomes reports $460 mil profit after tax in H1

A corner of Vinhomes Ocean Park 3 in Hưng Yên Province, about 20 km from Hà Nội. — VNS Photos Việt Thắng

HÀ NỘI — Vinhomes Joint Stock Company (VHM) has released its unaudited consolidated financial statements for the first half of 2024, in accordance with Vietnamese Accounting Standards (VAS).

For the period, Vinhomes achieved a total consolidated net revenue of VNĐ36.4 trillion (US$1.4 billion), with total adjusted net revenue (including revenue from both Vinhomes’ businesses and business cooperation contracts) standing at VNĐ47.9 trillion ($1.9 billion).

The company reported a consolidated profit after tax of VNĐ11.5trillion ($460million), primarily driven by the bulk sales transactions at Vinhomes Royal Island and continued deliveries at existing projects.

With contracted sales reached VNĐ51.7 trillion in the first six month and total unbilled bookings amounted to VNĐ118 trillion by the end of second quarter of 2024, Vinhomes remains positive in achieving its 2024 business plan, supported by upcoming deliveries of key projects such as Vinhomes Ocean Park 3 and Vinhomes Royal Island.

As of June 30, 2024, Vinhomes maintains a robust financial position, with total assets and equity reaching VNĐ494 trillion and VNĐ 206,7 trillion, respectively. These represent an increase of 11.2 per cent and 13.2 per cent from the figures reported on December 31, 2023.

During the first half of 2024, Vinhomes successfully issued VNĐ12.5 trillion of corporate bonds, underscoring its ability to access new capital as well as secure resources for project developments.

A view of an adjacent houses at Vinhomes Ocean Park 3 in Hưng Yên Province.

Additionally, on June 28, Vinhomes received approval from the Department of Construction of Hưng Yên Province to allow them to sell houses in Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3 to foreign individuals and organisations. This milestone is expected to invigorate the company’s sales and bolster positive sentiment within the local real estate market.

Looking ahead, it is expected that along with improving macroeconomic conditions, the implementation of amended Land Law 2024, Housing Law 2023, Real Estate Business Law 2023 from August 1 which are anticipated to help resolving legal obstacles, as well as the proactive efforts of the government and local authorities, will catalyse positive transformations within the real estate market. — VNS