Vincom Retail JSC (stock code: VRE) has just announced its business results for the first quarter of 2024. Accordingly, consolidated net revenue in Q1/2024 reached VND 2,255 billion, up 16% year-on-year thanks to the continued handover of commercial real estate properties, mainly in Quang Tri and stable operation of shopping malls (“Malls”).
Specifically, Mall segment reported revenue of VND 1,928 billion, equal to the same period in 2023. Real estate handover recorded revenue of VND 277 billion, a sharp increase compared to the same period in 2023. With this result, Vincom Retail recorded VND 1,083 billion in after-tax profit, a 6% growth year-on-year.
In 2024, Vincom Retail will also maintain its pioneering position in the market, with the expected opening of six new Malls, including two Vincom Mega Malls and four Vincom Plazas. This will increase the total number of Malls to 89 in 48/63 provinces and cities across the country. The company will also continue to enhance the operational efficiency of existing Malls.
Vincom Retail has set a 2024 plan with net revenue of around VND 9,500 billion and after-tax profit of around VND 4,420 billion.
According to the plan submitted to shareholders, Vincom Retail will retain all retained after-tax profit to serve business operations. In the coming years, the company also plans to pay off debts and develop a project network with an area of over 800,000 m2, requiring more than VND 10,000 billion. The company’s management expressed hope that the long-term investment would benefit shareholders.
