Consolidated Revenue and Profit in Quarter 1/2024
In the first quarter of 2024, Vinhomes’ consolidated net revenue reached VND 8,211 billion, a 72% decrease compared to the same period last year. Consolidated net revenue (including revenue from Vinhomes’ operations and Business Cooperation Contracts (BCC)) amounted to VND 8,605 billion. After deducting expenses, the company’s net profit was VND 885 billion.
Key Business Results for Quarter 1/2024 for VHM
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Business results for Quarter 1/2024 for VHM
Source: VietstockFinance
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The handover of Vinhomes Ocean Park 1 – 2 – 3 and Vinhomes Grand Park continued to contribute significantly to the company’s business results in this period. However, revenue and profit in Quarter 1 were lower than in the same period of 2023. This was due to the non-recognition of revenue and profit for products under construction. As per accounting standards, these will be recognized in subsequent quarters.
In the coming period, with the completion and handover of major projects such as Vinhomes Ocean Park 3, Vinhomes Royal Island, and Vinhomes Golden Avenue, along with the finalization of procedures for bulk land sales and the launch of new projects after completing legal procedures, Vinhomes expects to recognize unrecorded revenue of VND 112 trillion at the end of Quarter 1.
As of March 31, 2024, Vinhomes recorded total assets of approximately VND 464.5 trillion, a 4% increase since the beginning of the year. In particular, construction in progress increased by 11% to nearly VND 67.4 trillion.
On the other hand, total liabilities increased slightly by 2% to over VND 268 trillion. Notably, advance payments from customers increased by 24% to nearly VND 43.6 trillion. Total borrowings also saw an increase of 13%, reaching nearly VND 64 trillion.
Regarding project updates, at the end of March, Vinhomes officially launched the Royal Island City project on a scale of 877 hectares on Vu Yen Island, Hai Phong. Earlier in January, Vinhomes broke ground on two social housing projects in Trang Cat Ward, Hai An District, Hai Phong and Cam Ranh, Khanh Hoa.
Source: Ha Le
