Vinpearl JSC has recently disclosed its financial targets for the first half of 2024, reporting a remarkable after-tax profit of 2,579 billion VND, a 3.8x surge compared to the same period last year.
According to Vingroup’s information, Vinpearl’s business performance thrived in the second quarter of 2024, with a total of nearly 452,000 room nights sold, marking a 25% increase year-over-year. Additionally, VinWonders and Vinpearl Golf witnessed impressive growth in the same quarter, with revenue increases of 52% and 17%, respectively, compared to the previous year.
As of June 30, Vinpearl’s equity stood at 31,513 billion VND, with a debt-to-equity ratio of 1.15, translating to approximately 36,200 billion VND in debt. Of this, over 11,000 billion VND is attributed to bond debt.
Consequently, Vinpearl’s asset size amounts to roughly 67,750 billion VND (approximately 2.7 billion USD), surpassing that of Vincom Retail, a Vingroup-linked company, which stands at over 52,000 billion VND.
In late August 2024, Vinpearl issued 750 international bonds with a par value of 200,000 USD each, totaling a value of 150 million USD. These bonds have a five-year maturity, set to mature on August 20, 2029.
Back in November 2023, Vingroup announced the spin-off of Vinpearl JSC and the establishment of a new subsidiary, named Vietnam Gemstone Trading and Investment JSC, with a chartered capital of 20,420.1 billion VND, over 99.96% owned by Vingroup.
Alongside the restructuring of Vinpearl, its Board of Directors also approved plans for the company’s IPO in 2024.
Vinpearl is a leading Vietnamese brand in tourism and hospitality, encompassing a range of five-star and international-standard hotels and beach villas. Brand Finance, a world-renowned brand valuation organization, ranked Vinpearl among the Top 50 most valuable enterprises in Vietnam in 2023 and among the Top 3 brands with the highest brand strength index in the country.
Starting with the Vinpearl Resort Nha Trang, the brand has expanded over 20 years to encompass 30 hotels and resorts, offering over 15,900 hotel rooms and villa units across 17 renowned Vietnamese tourist destinations, including Phu Quoc, Nha Trang, Danang, Hoi An, and Ha Long.
The Stock Market Plunge Continues
The efforts of the Vingroup ‘family’ to prop up their stock prices failed to keep the VN-Index in the black. Large-cap stocks and influential sectors such as banking, securities, construction, and materials all witnessed a collective downturn.
The Generous Tycoons: Vietnam’s Billionaires on a Zero-Dollar Salary
Despite being ranked by Forbes as Vietnam’s richest billionaire, Vingroup Chairman, Pham Nhat Vuong, draws no salary from the conglomerate.
