On March 17th, the Board of Directors of Vingroup signed an agreement to sell up to 100% of the charter capital in SDI Company – the entity that currently owns over 99% of the charter capital of Sado Trading and Business Corporation, a major shareholder of Vincom Retail. The transaction is expected to be carried out from March 2024 to the third quarter of 2024. After this transaction is completed, SDI Company, Sado Company, and Vincom Retail will no longer be subsidiaries of Vingroup.
Sado Trading and Business Corporation is currently the largest shareholder of Vincom Retail with 943.2 million VRE shares, equivalent to 40.5% of the charter capital and 41.51% of the voting rights of the company.
This enterprise has owned VRE shares since February 2, 2021, after merging with the Limited Liability Company for Business and Urban Development of South Hanoi. Since April 2021, Sado has officially become the largest shareholder of Vincom Retail by receiving another 751 million VRE shares.
Vingroup itself also directly owns 18.37% of the charter capital, equivalent to 18.82% of the voting rights of Vincom Retail.
In terms of business results, in 2023, Vincom Retail recorded net revenue of 9,791 billion VND, post-tax profit of 4,409 billion VND, an increase of 33% and 58.8% respectively compared to the same period last year.
Specifically, the consolidated net revenue in the fourth quarter of 2023 reached 2,343 billion VND, an increase of 9.6% compared to the same period last year, thanks to the recognition of real estate handover revenue and other revenue, while the operation of shopping centers maintained stability. After deducting expenses, Vincom Retail recorded a post-tax profit of 1,067 billion VND, an increase of 28.3% compared to the same period last year.
In 2024, Vincom Retail plans to open 6 more shopping centers with a total retail floor area of approximately 160,000 square meters, maintaining its position as the leading retail real estate developer in Vietnam and the region.
