Total consolidated net revenue in 3Q2023 was VND 3.3 trillion, an increase of 66% YoY, boosted by the recognition of revenue from sales of inventory properties, while leasing of investment properties continued the resilient growth. Specifically, Vincom Retail handed over 268 shop-house units to customers at Quang Tri and Dien Bien projects, recording VND 1.3 trillion (equivalent to 39% of total consolidated net revenue). Revenue from leasing investment properties and rendering of related services was VND 2.0 trillion, contributed 60% to total consolidated net revenue and increased by 8% YoY. Consolidated net profit after tax (NPAT) in 3Q2023 was VND 1.3 trillion, equivalent to a growth of 66% YoY.
Total consolidated net revenue in 9M2023 was VND 7.4 trillion, NPAT was VND 3.3 trillion, a YoY increase of43%and 72%,respectively.
In the quarter, Vincom Retail continued to improve the operational efficiency of its existing assets, a network of 83 retail malls located at prime locations across 44 provinces and cities of Vietnam. Vincom Retail continues to be the partner of choice for our tenants and customers thanks to our brand reputation, best-in-class locations, and leading professional management services. For example, Guess, a forty-year-old American fashion brand has decided to open its first store in Vietnam at Vincom Center Dong Khoi (HCMC). The Sushi Hokkaido Sachi restaurant chain which opened their store for the first time in Vincom malls with its unique design concept featuring the timeless touch of Kyoto which was applied to their restaurant design for the first time. All of such has brought refreshed experience for Vincom mall shoppers.
Vincom launched one of the biggest festival seasons of the year, called "Fresh Vietnamese Colors – Happy Reunion Party" in 3Q2023, marking the first time the Company cooperated with young artists to introduce and bring contemporary traditional folk image materials into retail malls. Vincom Autumn Festival was one of the top six hot topics on social media for the week of September 18 to September 24, as surveyed by Kompa.
Leveraging its solid results in 9M2023, Vincom Retail will continue to optimize its operations and be a pioneer in introducing new consumer trends to Vietnam to reaffirm its position as the leading retail real estate developer in Vietnam and in the region.
