Vinhomes Announced Business And Financial Results For The First Half Of 2019
30 July, 2019
Hanoi, July 29, 2019, Vinhomes Joint Stock Company (ticker “VHM”) released its unaudited consolidated financial statements of the six-month period ended 30 June 2019 prepared in accordance with Vietnamese Accounting Standards (VAS).
In the six-month period ended 30 June 2019, consolidated net revenue and profit after tax attributable to shareholders of the parent were VND 26.770 trillion and VND 9.783 trillion respectively.
Revenue from sale of inventory properties in this period was VND 24.963 trillion, accounting for 93% of total revenue. Projects under business cooperation contracts with Vingroup and its subsidiaries, including Vinhomes The Harmony, Vinhomes Imperia, Vinhomes Dragon Bay, Vinhomes Star City Thanh Hoa and Vinhomes Skylake, reported total revenue of VND 7.999 trillion. Besides, revenue from leasing investment properties and revenue from rendering real estate management services was VND 1.197 trillion. In this period, consolidated profit before tax was VND 13.416 trillion, approximately 35% higher than the same period in 2018.
Contracted sale including pre-sales under new sale and purchase agreements and non-cancelable deposits (including projects under cooperation development agreements with Vingroup and its subsidiaries) were VND 30.873 trillion during the first half of 2019, an increase of 93% over the same period of last year.
As at June 30, 2019, Vinhomes had total consolidated assets of VND 138.695 trillion, and total equity of VND 58.910 trillion, an increase of VND 19.006 trillion and VND 10.765 trillion respectively compared to the balances as at the end of 2018.
In 2Q2019, Vinhomes JSC successfully rebranded the three VinCity projects into Vinhomes-branded mega projects with a variety of product offerings and comprehensive amenities. Each Vinhomes mega city consists of three distinct product lines that cater to customers from mid to high-end, including: Sapphire, Ruby and Diamond.
Vinhomes Ocean Park (previously VinCity Ocean Park) is a 420-ha Lake city, a mixed-use mega project that features Vietnam’s largest man-made lakes, including a 6.1ha salt-water lake. In 2Q2019, Vinhomes Ocean Park’s 24.5ha central reservoir was unveiled with the “Lagoon Festival” events, attracting nearly 50,000 future residents and customers.
Vinhomes Smart City (previously VinCity Sportia) in Hanoi is the largest smart city in Vietnam – a pioneering step of Vinhomes in particular and Vingroup in general. Vinhomes will apply advanced technology in project management and services in four main areas: Smart Security, Smart Operation, Smart Community and Smart Homes (commercial product available on demand), creating a new living standard for elite residents in the new commercial center of Hanoi.
Vinhomes also successfully introduced the Vinhomes Grand Park project to the market in June 2019. This is a smart green city in which there will be a mega 36ha grand park consisting of 15 smaller themed parks. At the same time, smart technology will also be applied in the project in the aforementioned four key areas. The project was an immediate success and recorded 100% absorption rate for over 10,000 units within only 17 days after soft launch, a rare achievement in the real estate market in South Vietnam.
Last but not least, Vinhomes continues to make progress in various projects in Hanoi, Ho Chi Minh City and other major cities and provinces, contributing to the modernization of Vietnam. In subsequent quarters in 2019, the Company aims to make progress and launch more projects into a supportive market backdrop, especially in the last months of the year.