Vinhomes JSC (stock code: VHM) has just released its consolidated financial report for the first quarter of 2024. Accordingly, the consolidated net revenue reached VND 8,605 billion. The company’s consolidated profit after tax reached VND 904 billion.
During the period, the handover of Vinhomes Ocean Park 1 – 2 – 3 and Vinhomes Grand Park continued to contribute to the company’s business results. However, revenue and profit in the first quarter were lower than the same period in 2023 due to the fact that the revenue and profit for the products under construction have not been recorded yet and are expected to be completed and recognized in subsequent quarters in accordance with accounting standards.
VHM said that in the coming time, with key projects such as Vinhomes Ocean Park 3, Vinhomes Royal Island, Vinhomes Golden Avenue being completed and handed over to customers and completed some procedures for large-lot sales transactions, as well as the launch of new projects in the market after completing the procedures according to regulations, Vinhomes expects positive business results in the following quarters. Notably, with the unrecorded sales reaching VND 112,000 billion at the end of the first quarter of 2024, the company is confident that it will achieve the business plan approved at the recent General Meeting of Shareholders.
As of March 31, 2024, Vinhomes continued to maintain a large financial platform with total assets and equity reaching VND 464,485 billion and VND 196,216 billion, respectively, up 4.5% and 7.4% compared to the end of 2023.
At the end of March, Vinhomes officially launched the Royal Island City project – Vinhomes Royal Island with a scale of 877 ha located on Vu Yen island, Hai Phong, creating a strong boost to the real estate market in the North in particular and the country in general. The project has been well received by the market with nearly 2,000 customers placing orders just within a month of its launch.
Also in March, The Canopy apartment tower in the Vinhomes Smart City project – a product of cooperation between Vinhomes and a foreign partner – achieved an absolute absorption rate when the first fund was launched, becoming a焦点 on the real estate market in the west of the capital.
In addition, in January 2024, Vinhomes officially commenced the construction of two key social housing projects in Trang Cat ward, Hai An district, Hai Phong and Cam Ranh, Khanh Hoa. Besides, at Vinhomes Grand Park, the first and largest Life-Design Vincom Mega Mall shopping center in the South and the VinWonders theme park will also be opened this summer, bringing a vibrant living space full of utilities.
