Vinhomes reports doubled Q2 profit

By Nguyen Ha July 30, 2019 | 01:43 am PT

Residential area of Vinhomes Central Park in Ho Chi Minh City. Photo by Shutterstock/Ho Su A Bi.

Real estate giant Vinhomes earned after-tax profit of VND8.46 trillion ($365 million) in the second quarter, up 102.9 percent year-on-year.

The corporation's consolidated second quarter revenues also increased 309 percent to VND20.9 trillion ($902 million). Its consolidated Q2 2019 report said the surge in revenue and profit was largely due to Vinhomes delivering a number of subdivisions in its major projects.

In the first six months of the year, Vinhomes saw its consolidated revenue grow 70 percent year-on-year to VND26.8 trillion ($1.16 billion), and after-tax profits 37 percent to VND11.14 trillion ($481 million).

At its annual general meeting in May, Vinhomes announced plans to raise its overall after-tax profit by 40 percent in 2019 to VND20.6 trillion ($889 million).

Newly-appointed Vinhomes chairwoman Nguyen Dieu Linh said the corporation will look to expand to cities outside Hanoi and HCMC and begin leasing office space in its urban complexes.

Vinhomes operates 17 urban area projects in Hanoi, Ho Chi Minh City, Hai Phong City, northern Bac Ninh Province, and the two central provinces of Thanh Hoa and Ha Tinh.

It has the second largest market cap (VND294.09 trillion or $12.7 billion) on the Ho Chi Minh Stock Exchange, behind only Vingroup (VIC), its parent company which is Vietnam's largest private conglomerate.