Announcement of 1Q2024 Business Results

PRESS RELEASE

VINHOMES ANNOUNCED 1Q2024 REVENUE OF VND 8,211 BILLION

Hanoi, 26 April 2024, Vinhomes Joint Stock Company (ticker “VHM”) released its unaudited consolidated financial statements for the first quarter of 2024 in accordance with Vietnamese Accounting Standards (VAS). Accordingly, Vinhomes maintains stable business results, well prepared to embrace a new growth cycle amidst a real estate market that exhibits positive signals.  

Vinhomes achieved a total consolidated net revenue of VND 8.2 trillion in 1Q2024. Accordingly, total adjusted consolidated net revenue (including revenue from Vinhomes businesses and business cooperation contracts (BCC)) reached VND 8.6 trillion. The consolidated profit after tax was VND 904 billion. During the quarter, deliveries at Vinhomes Ocean Park 1 – 2 – 3 and Vinhomes Grand Park continues to be main earnings contributors. However, lower 1Q2024 earnings were primarily due to timing of revenue recognition of sold units under construction, which are expected to, completed and recognize in subsequent quarters according to accounting standards. Looking ahead, the completion and handover of multiple projects such as Vinhomes Ocean Park 3, Vinhomes Royal Island, Vinhomes Golden Avenue; the completion of bulk sales transactions as well as the launches of new projects after fulfilling regulatory requirements, Vinhomes anticipates positive business performance in the subsequent quarters. Notably,   with total unbilled bookings of VND 112 trillion at the end of 1Q2024, Vinhomes is confident in achieving the approved business targets established in the recent Annual General Shareholders’ Meeting.

Vinhomes continued to maintain a robust financial position, reporting total assets and owners' equity of VND 464 trillion and VND 196 trillion as of March 31, 2024. These figures represented a 4.5% and 7.4% increase compared to the financials as of December 31, 2023.

In late March, Vinhomes officially introduced the Vinhomes Royal Island, spanning 877 hectares on Vu Yen Island, Hai Phong, significantly boosted the real market in the northern region and the country as a whole. The project boasts an array of upscale amenities and services, including Royal Horse Riding Academy – the first-of-its kind presence in Vietnam, VinWonder Wave Park – a premier family amusement park featuring a unique Safari, a luxurious yatch marina – covering nearly 10 hectares, 36-hole golf corse of 160 hectares – Top class in Southeast Asia, and exclusive beachfront villas. Since its launch, the project has garnered strong interest from the market, with nearly 2,000 reservations made in less than a month. 

In March, the Canopy condominium block – a part of Vinhomes Smart City, which Vinhomes collaborated with an international partner, achieved absolute absorption rate immediately upon the launch of first batch, becoming a focal point in the real estate market in the West of Hanoi.

Beyond impressive sales achievements, Vinhomes has also been a pioneer in enhancing service quality and investing in amenities to bring additional value to customers and residents. At the beginning of January 2024, a series of Lunar New Year events, such as “Xuân tươi mới – Tết tân thời” celebrations, took place at the Center Point – Vinhomes Ocean Park 2 shopping and service complex. The 3-kilometer-long festival called “Chợ vui hơn Tết – Phố đông hơn Hội” in Ocean City attracted millions of visitors and residents. In Vinhomes Golden Avenue Mong Cai, Vinhomes welcomed 1.000 customers to visit and experience the New York parks. Meanwhile, Ocean City hosted a variety of exciting events, including a week-long summer festival from 20 April to 27 April, and the opening of the K-Town precinct within Grand World. These festivities are expected to draw hundreds of thousands of residents and nationwide visitors during the Liberation Holiday. Notably, the Grand World complex attracts nearly 100,000 visitors per day during weekends and holds the Vietnamese record for being the most popular destination for entertainment and shopping during the Lunar New Year.

With the ambition of creating modern urban areas, enhancing the quality of life, and changing perceptions of social housing, Vinhomes officially commenced two key social housing projects in Trang Cat (Hai Phong) and Cam Ranh (Khanh Hoa) in January 2024. Additionally, at Vinhomes Grand Park, the Vincom Mega Mall shopping center, following the Life–Design model, will inaugurate this summer, providing a vibrant living environment filled with amenities.

Moreover, Vinhomes collaborates with Vinmec to offer an exclusive “Healthcare at Home” service for residents. Simultaneously, the Company is enhancing the comprehensive system of sports and entertainment facilities, including tennis courts, golf practice areas, and a Go-kart track at Vinhomes Ocean Park 2, contributing to sustainable living in these urban areas.

In March, the Vietnamese Real Estate e-magazine (Reatimes) and the Vietnam Real Estate Research Institute (VIRES) honored Vinhomes as one of the top 10 real estate developers in Vietnam for 2023. Ocean City was recognized as one of the top 5 urban and residential projects with the highest quality in 2023, while Vinhomes Golden Avenue was awarded in the top 10 projects with the most potential in 2024.