In the third quarter of 2022, total consolidated net revenue reached VND 17.8 trillion, thanks to the start of delivery of over 1,300 low-rise units at Vinhomes Ocean Park 2 – The Empire project after 5 months of construction, a new record for speed of development in the real estate market. Total pro-forma consolidated net revenue, including pro-forma revenue from bulk sales transactions and business co-operation contracts (BCCs), of which gains were recognized under the finance income, was VND 30.7 trillion, an increase of 35% year-on-year. Consolidated profit before tax was VND 18.9 trillion and consolidated profit after tax and minority interest was VND 14.5 trillion, representing an increase of 37% and 30%, respectively compared to the same period last year. Earnings per share (EPS) in the third quarter of 2022 was VND 3.329.
As of September 30, 2022, Vinhomes had total consolidated assets of VND 342 trillion, an increase of 48% in compared with the figure as of 31 December 2022, in which cash and cash equivalents increased by 3.2 times to reach over 14,7 trillion, thanks to the successful launch of new projects. Robust cash flow facilitates the accelerated construction and development speed at large-scale projects while reducing reliance on debt requirements. As a result, the net debt over equity ratio was 13%. Owners’ equity was VND 140 trillion as of September 30, 2022, representing an increase of 7% compared with the figure as of 31 December 2021.
In the third quarter of 2022, Vinhomes organized a series of well-attended promotional events to prepare for the launch of new projects, notably Vinhomes Ocean Park 3 – The Crown, which is the final phase of the 1,200-hectare “Ocean District” – Vinhomes Ocean Park. On October 10, 2022, the first 1,000 units in The Crown subdivision were launched, and recorded 800 deposits just after 3 days. Vinhomes Ocean Park 3 – The Crown has a total site area of nearly 300 hectares that includes public amenities such as a 12.3-hectare Paradise Bay, Tropical Lagoon salt lake and Olympic-sized swimming pools, in addition to several class-leading facilities inherited from the previous two phases. Thanks to the success of this latest launch, Vinhomes generated cumulative contracted sales of VND 110 trillion after the first nine months of 2022, equivalent to 92% of the full year target.
Vinhomes Ocean Park 3 – The Crown is the first project launched under a new investment product offered by VMI Real Estate Investment and Management Company for investors with limited upfront capital to jointly invest in Vinhomes’ properties with a guaranteed return. This initiative is expected to generate liquidity for Vinhomes products as well as diversifying investment channels for customers.
Thanks to significant unbilled sales and the smooth delivery of the first 1,300 low-rise units mostly in the “Cha La” subdivision of Vinhomes Ocean Park 2 – The Empire by the end of September 2022, Vinhomes is confident that it will continue to be able to deliver units in this project on schedule, securing meaningful revenues and profitability in the fourth quarter of 2022 and into 2023. The Company also announced the establishment of two construction subsidiary companies in October of 2022 to ensure construction quality and timeline, especially in upcoming township projects.
Last but not least, Vinhomes was honored with the recognition of having the fastest growing brand value among the Top 10 leading enterprises participating in a poll held by Brand Finance, with a brand value worth USD 2.38 billion.
