Press Release: Vincom Retail Announced Business and Financial Result for the second quarter of 2019
On 29 July 2019, Vincom Retail Joint Stock Company (Vincom Retail, ticker “VRE”) released its consolidated financial statements of the second quarter of 2019 (2Q2019) prepared in accordance with Vietnamese Accounting Standards (VAS).
Vincom Retail reported good business results with positive growth momentum compared to the same period last year. Particularly, total consolidated revenue reached VND 1.973 trillion, an increase of 30.8% year-on-year; revenue from leasing and rendering related services was VND 1.659 trillion, an increase of 22.7% year-on-year; and revenue from sale of inventory properties was VND 302 billion, an increase of 93.2% year-on-year. With positive operating performance in the second quarter of 2019, the company achieved profit after tax of VND 640 billion, VND 20 billion, or 3.3% higher than the same period in 2018. As of 30 June 2019, Vincom Retail’s total assets were VND 37.212 trillion and shareholders’ equity was VND 27.307 trillion. In the second quarter of 2019, the company had paid cash dividends for existing shareholders at the ratio of 10.5% per share.
As of 30 June 2019, Vincom Retail had 69 retail malls under operation in 38 cities and provinces throughout the country, with approximately 1.5 million sqm of total retail GFA, maintaining its position as the largest retail developer, owner and operator in Vietnam. In the second quarter of 2019, Vincom launched three new malls, notably Vincom Center Tran Duy Hung – bringing the Vincom Center model to Cau Giay District, Hanoi for the first time and offering customers with a variety of leading fashion, entertainment and cuisine brands. Besides, Landmark 81 SkyView – the highest observation deck in Southeast Asia launched at the end of April 2019 – offers a unique and impressive sight-seeing and dining experience at a height of over 380 metres. As of 30 June 2019, Vincom Retail malls are home to more than 1,000 leading brands, with growing footfall and tenant turn-over. Vincom Retail continues to strengthen its position as a portfolio of attractive retail destinations for domestic and international retailers, by offering a well-recognized brand and premium management service.