Q1 Revenue for Vincom Retail (VRE) Experiences Growth
In the first quarter, VRE’s net revenue reached nearly VND 2,255 billion, representing a 16% increase year-over-year. This growth was primarily driven by the timely handover of commercial townhouses in the Quang Tri project and the stable performance of its shopping mall business.
Specifically, shopping mall operations generated VND 1,928 billion in revenue, equivalent to the same period in 2023. Real estate handover activities contributed VND 277 billion in revenue, compared to only VND 2.8 billion in the same period last year.
As a result, Vincom Retail recorded VND 1,083 billion in consolidated profit after tax in Q1, a 6% increase year-over-year.
For 2024, VRE has set a target of approximately VND 9,500 billion in net revenue and VND 4,420 billion in after-tax profit. After the first quarter, the company has achieved 24% of its revenue target and 25% of its after-tax profit target.
| Business Results for Q1 2024 for VRE |
|---|
 Source: VietstockFinance
|
As of March 31, 2024, VRE’s total assets stood at VND 49,016 billion, showing a slight 3% increase compared to the beginning of the year. Inventory decreased by 20% to VND 510 billion.
Throughout 2024, Vincom Retail plans to open six new shopping malls, including two Vincom Mega Malls and four Vincom Plazas. This will expand its portfolio to 89 shopping malls across 48 out of 63 provinces and cities nationwide, while simultaneously continuing efforts to enhance the operational efficiency of its existing malls.
