Vingroup recently published its financial report for Q1/2024. According to the report, consolidated net revenue reached 21,739 billion VND, with consolidated net profit after tax reaching 1,335 billion VND.
Based on detailed figures released by Vingroup, revenue from the real estate transfer sector significantly decreased this quarter compared to recent quarters, reaching only 4,761 billion VND. This is due to the fact that revenue and profit recognition for products under construction has yet to occur and is expected to be completed and recognized in subsequent quarters according to accounting standards.
In the upcoming period, key projects such as Vinhomes Ocean Park 3, Vinhomes Royal Island, and Vinhomes Golden Avenue are expected to be completed and handed over to customers, along with the finalization of procedures for several bulk land sale transactions. Additionally, the launch of new projects after completing regulatory procedures is anticipated to contribute to an improvement in business results.
Regarding its core manufacturing sector, Vingroup earned 6,067 billion VND, which is lower than the previous three quarters but 3.4 times higher than Q1/2023. During this period, VinFast delivered a total of 9,689 electric vehicles, marking a 444% increase compared to the same period in 2023. The domestic market continues to account for the majority of sales in Q1.
VinFast aims to deliver 100,000 electric vehicles in 2024, with sales primarily recorded in the second half of the year due to the rapidly expanding retail network, new vehicle models targeting a broader customer base, and entry into new markets.
Revenue from Vingroup’s other sectors remained stable, with only marginal increases or decreases. However, it is worth noting the tourism and resort sector, where revenue has maintained a growth trend for the second consecutive quarter, reaching its highest level since Q3/2019.
Vinpearl’s operations continue to recover, marked by numerous events during the Tet holiday and Valentine’s Day. During this time, Vinpearl opened the Vinpearl Harbour commercial area in Nha Trang, featuring 300 stalls and various entertainment activities and mini-shows, attracting over 25,000 visitors per day during the Tet holiday. The total number of room nights sold in Q1 reached nearly 452,000, an increase of 34% compared to the same period last year. In line with the recovery trend, revenue from VinWonders and Vinpearl Golf also experienced growth of 55% and 28%, respectively, compared to the same period last year.
In terms of contribution, the manufacturing and real estate transfer sectors remain the two main pillars, collectively accounting for half of Vingroup’s revenue. The tourism and resort sector has seen a significant increase in its contribution, now accounting for 11.5%.
Recently, Vingroup held its 2024 Annual General Meeting of Shareholders, approving business targets of approximately 200,000 billion VND in revenue and 4,500 billion VND in after-tax profit.
