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Vincom Retail profits nearly triple in Q1

By Minh Son    April 23, 2023 | 06:29 pm PT Google Get VnExpress first in Google Search info See more of the news you trust. Make VnExpress a preferred source to prioritise our updates in your Google search results
Vincom Retail profits nearly triple in Q1
Vincom Megamall at Times City in Hanoi. Photo courtesy of Vincom Retail
Mall operator Vincom Retail has reported after-tax profits of VND1.02 trillion (US$43.4 million) for the first quarter, a 2.7-fold rise year-on-year, amid a recovery in consumption.

It was 23% up quarter-on-quarter, the company’s consolidated financial statements showed.

Vincom Retail reported revenues of VND1.94 trillion in the first quarter, an increase of 42%, with its mall business accounting for VND1.9 trillion.

The company targets profits of VND4.68 trillion on revenues of VND10.35 trillion for this year, up 69% and 41% from 2022.

Vincom Retail, a subsidiary of conglomerate Vingroup, plans to open a mall each in Ho Chi Minh City and the northern province of Ha Giang, increasing its total number to 85 in 45 cities and provinces.

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