Vinhomes’ revenue triples

By Minh Son April 24, 2023 | 07:14 pm PT

A VinBus shuttle bus in Vinhomes Ocean Park urban area. Photo courtesy of Vinhomes

Vinhomes, the country’s largest property developer, reported net revenues tripled year-on-year in the first quarter to VND29.3 trillion (US$1.2 billion).

Its gross profit was up 70% at VND6.6 trillion, its first quarter results show.

Vinhomes said most of it was profit from the sale of its projects to its subsidiaries.

Sales and administrative expenses remained steady.

By the end of Q1, Vinhomes’ total assets reached more than VND377 trillion, over 4% increase compared to the start of the year. Equity was recorded at more than VND160 trillion, with undistributed profit at nearly VND112 trillion.

Reuters reported in mid-March that Singaporean property developer CapitaLand Group was in negotiation to purchase some of Vinhomes’ projects, with its value at about US$1.5 billion.

In which, CapitaLand may consider buying a part of the Ocean Park 3 project, a development project in the style of a mega-urban complex of 293 hectares near Hanoi, or another Vinhomes project north of Hai Phong city.