Top 20 most profitable businesses in Q4 2023:
According to our statistics, Vietcombank (VCB) is the most profitable entity in Q4 2023. The bank’s total operating income for the period reached nearly VND 15,959 billion, a decrease of 14.5% compared to Q4 2022. On the other hand, total operating costs increased by 26.3%, resulting in a net profit from business operations of only VND 10,207 billion, a decrease of 27.6% compared to the same period.
However, thanks to a near VND 1,487 billion provision reversal, Vietcombank recorded a pre-tax profit of VND 11,693 billion at the end of Q4 2023, a slight decrease of 5.9% compared to the same period last year.
In the top 20 most profitable businesses in Q4 2023, banks “dominate” the rankings. In addition to Vietcombank, there are 10 more banks on the list including BIDV (BID), Vietinbank (CTG), MB (MBB), Techcombank (TCB), ACB (ACB), HDBank (HDB), LPBank (LPB), Sacombank (STB), VPBank (VPB), and VIB (VIB). In fact, the 5 positions immediately after Vietcombank are all occupied by banks.
Among them, LPBank is a surprising name. Specifically, the bank announced its 2023 business results with a profit of VND 7,039 billion, a 24% growth compared to the previous year, completing 117% of the profit plan. In Q4 2023, LPBank made a profit of VND 3,352 billion, four times higher than the same period.
However, not only banks but also other companies appear on the list. Among them, there are recurring names such as PV Gas (Gas), Vinamilk (VNM), Binh Son Refining and Petrochemicals Company Limited (BSR), and FPT Corporation (FPT). Additionally, we have the return of “steel king” Hoap Phat Group Joint Stock Company (HPG) when the company reported a thousand billion profit after facing difficulties in late 2022 and early 2023 due to industry context.
The most surprising appearance in the top 20 most profitable businesses on the stock exchange is two real estate enterprises. However, it is not Vinhomes – a frequent name but rather Becamex IDC Corporation (BCM) and Novaland Group Corporation (NVL).
For Becamex IDC, the company recorded net revenue of VND 5,059 billion in Q4 2023, 5.7 times higher than the same period thanks to an extraordinary gain from real estate business activities. Excluding expenses, Becamex IDC reported a net profit of VND 2,050 billion in Q4 2023, 36 times higher than the same period of the previous year.
As for Novaland, in the last quarter of 2023, the company recorded an extraordinary financial revenue of VND 1,825 billion, more than twice the same period last year. Novaland’s financial expenses also decreased sharply by 62.7% to VND 250.5 billion. Selling expenses decreased while enterprise management expenses increased. Additionally, the company recorded other profits of VND 572 billion. This could be penalty amounts received from partners for contract violations.
As a result, Novaland reported a post-tax profit attributable to parent company of VND 1,646 billion, 12 times higher than Q4 2023. EPS increased from VND 70 to VND 844. This is the first time in 8 quarters that the company has returned to a thousand billion profit.
The most profitable businesses in 2023:
Although not appearing in the top rankings of the most profitable businesses in Q4 2023, Vinhomes (VHM) is still the profit leader in 2023. The company’s total net revenue for the year reached VND 103,300 billion, a 66% increase compared to 2022. This is also the company’s record revenue for the past year.
Vinhomes’ consolidated pre-tax profit in 2023 exceeded the annual plan, reaching VND 43,244 billion, a 14% increase compared to the previous year. Specifically, in Q4 2023, the company made a profit of VND 1,323 billion, a decrease of 89% compared to Q4 2022.
In the following positions, banks continue to dominate the majority. Among companies, there are no surprises in the list.
