Vingroup releases Q1 earnings

(SGI) - Vingroup Joint Stock Company ("Vingroup") (ticker "VIC") released its unaudited consolidated financial statements of the first quarter of 2023 (1Q2023) prepared in accordance with Vietnamese Accounting Standards (VAS).
Vingroup releases Q1 earnings

In 1Q2023, Vingroup's consolidated pro-forma net revenue, including revenue of bulk sale transactions of which gain was recognized as finance income, for like-for-like comparison purposes, was VND 50.3 trillion, an increase of 100% YoY thanks to deliveries and revenue recognition of low rise residential products at Vinhomes Ocean Park 2 in this quarter. At the same time, other core businesses, including leasing of investment properties, hospitality and entertainment, healthcare, and education, delivered robust growth. Profit before tax in 1Q2023 was VND 4.3 trillion, an increase of 121% YoY.

As of 31 March 2023, the total assets of Vingroup were VND 596.9 trillion, an increase of 3.4% compared to 31 December 2022.

Regarding fundraising activity, on 29 March 2023, Vingroup announced that it was honored by The Asset Triple A Country Awards as "The Best Issuer in Sustainable Finance" in 2022. At the same time, Vingroup and VinFast were also honored in the "Best Green Loan" category for a US$500 million syndicated term loan (including US$400 million for Vingroup and US$100 million for VinFast). Although this is Vietnam's first syndicated green loan financing, Vingroup and VinFast drew strong interest from the market very quickly. As a result, Vingroup and VinFast increased the size of the credit facility from USD 300 million to USD 500 million, marking a new milestone in the Group's international fundraising track record. With these two prestigious awards, Vingroup has affirmed its pioneering role in green investment and capital raising in the international market.

In Technology – Industrials, 1Q2023 marks vital milestones in VinFast's development strategy as it started to hand over the VF 8 City Edition in North America, and most recently VF 9 and VF 5 EV models in Vietnam just one year after introducing the concept car to the public. Moreover, the Chairman of Vingroup, Mr. Pham Nhat Vuong continued to show his support to VinFast by establishing GSM (Green - Smart - Mobility) Joint Stock Company specializing in offering VinFast electric car and electric motorcycle rental and taxi services to popularize the experience of "electrified" mobility, thereby promoting a sustainable Green Lifestyle for the community. On 14 April 2023, GSM Company officially put the first pure-electric taxi services in Vietnam - Xanh SM into operation.

Besides, VinAI introduced new driving technologies to the Consumer Electric Show 2023 in the US, drawing much attention from visitors. VinBrain signed a data use agreement with Stanford University and signed a cooperation agreement with Nutex Health, a hospital system listed on the Nasdaq exchange, to deploy DrAid™ - VinBrain's imaging solution at all Nutex Health hospitals, to support the screening and diagnosis process on 52 abnormal signs in the heart - lungs - bones by Chest X-Ray Images.

Regarding the Real Estate and Services pillar, in 1Q2023, Vinhomes reassured its reputation and position as a leading developer when it continues to hand over townhouse products in Vinhomes Ocean Park 2 urban area and organized the handover ceremony in which more than 1,000 ownership certificates were handed over to residents of The Rainbow subdivision (Vinhomes Grand Park, HCMC). The company officially launched a new product – the first Mega Complex in Vinhomes Ocean Park 2, designed according to the model of world-famous luxury complex shopping streets. This is expected to quickly create excitement and bustle for Vinhomes Ocean Park 2 and the 1,200-ha ocean-themed super urban complex Vinhomes Ocean Park.

Vinhomes also affirms the market's No. 1 real estate operator brand when maintaining a series of programs that connect residents and customers to participate, contributing to building the most livable megacities. The utilities present at Vinhomes urban centers are the Royal Wave Park Complex and Laguna saltwater lake, recognized by the World Records Organization as the largest artificial wave-creating saltwater lake complex within the urban area and the largest artificial lake in the urban area in Asia, providing residents with world-class living experiences.

For Leasing activities, in 1Q2023, Vincom Retail recorded strong growth in both revenue and profit compared to 2022, with an increase of 42% and 171% year-on-year, respectively. The footfall to the shopping malls increased by 39% compared to the last year's period, equal to 98% compared to the pre-Covid-19 level.

In the Hospitality & Entertainment segment, Vinpearl continued to recover along with the recovery of the tourism market post-Covid-19. The total number of room nights sold reached nearly 296 thousand in 1Q2023, up 58% YoY. Vinpearl was present at the ITB Berlin 2023 international tourism fair to introduce Vietnam's tourism and the brand's highlight products and services, receiving the attention and interest of many European and international partners. VinWonders and Klook - a booking platform for travel experiences and services have just announced a strategic partnership to promote international tourism to Vietnam from March to May 2023.

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