PRESS RELEASE: VINCOM RETAIL ANNOUNCED BUSINESS AND FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2021
On 27 April 2021, Vincom Retail Joint Stock Company (Vincom Retail, ticker “VRE”) released its unaudited consolidated financial statements of the first quarter of 2021 (1Q2021) prepared in accordance with Vietnamese Accounting Standards (VAS).
In the first quarter, Vincom Retail reported good business results with positive developments thanks to the recovery of the retail property market.
In particular, total consolidated net revenue in 1Q2021 was VND 2.226 trillion, an increase of 32% year-on-year. Revenue from leasing activities and rendering of related services was VND 1.712 trillion, an increase of 18.2% year-on-year. Revenue from sale of inventory properties was VND 452 billion, an increase of 124.9% year-on-year, and mostly came from the delivery of three major shop-house projects namely My Tho, Bac Lieu and Uong Bi. Profit after tax reached VND 781 billion, an increase of 58.7% year-on-year.
In the first quarter of 2021, the retail industry witnessed a gradual rebound in both consumer purchasing power and scale of networks of retail brands thanks to the successful containment of Covid-19. Many domestic and international brands have expanded in Vincom retail malls such as H&M, Haidilao Hot Pot, Pandora, etc., affirming the recovery momentum of the retail market and the attractiveness of our Vincom platform.
In addition, Vincom Retail organized a variety of promotional campaigns to enhance customer experience and stimulate consumption. For example, Vincom Retail organized two major events namely the Lunar New Year 2021 and Vietnamese Women’s Day celebrations with exciting events and beautiful decorations throughout our mall network, thus attracting over 36.8 million customers in the first quarter. Other promotional programs and gift vouchers implemented throughout the quarter also drew the attention from a large number of customers.
As at the end of March 2021, Vincom Retail had 80 retail malls under operation in 43 cities and provinces throughout the country, with approximately 1.7 million sqm of total retail GFA. The Company continues to solidify its leading position as the largest retail developer, owner and operator in Vietnam. Landmark 81 located in Ho Chi Minh City, was honored in the Top 5 Best Office and Retail Development of 2020 by Vietnam National Real Estate Association.
In the first month of second quarter, Vincom Retail launched Phu Quoc United Center Complex and the Grand World “24-by-7 City of Festivals”, the only retail-cum-hospitality mega project in Vietnam, to welcome an unprecedented number of visitors just in time for a major holiday season in Vietnam.