Press Release: Vincom Retail Announced Business And Financial Results For The Fourth Quarter And Full Year 2018
Vincom Retail had a record year of new openings and further enhanced its position as the dominant retail developer, owner and operator in Vietnam.
On 30 January 2019, Vincom Retail Joint Stock Company (ticker “VRE”) released its consolidated financial statements of the fourth quarter of 2018 (4Q2018) prepared in accordance with Vietnamese Accounting Standards (VAS).
In the fourth quarter of 2018, total consolidated revenue reached VND 2.969 trillion, an increase of95% year-on-year. Revenue from leasing and rendering related services was VND 1 .462 trillion, an increase of 19% year-on-year. Revenue from sale of inventory properties was VND 1.440 trillion, an increase of 5.5 times over the same period last year, due to the delivery of apartments in the Suoi Hoa (Bac Ninh) project in 4Q2018. The company achieved profit before tax of VND 903 billion, VND 221 billion, or 32% higher than the same period in 2017, due to the increase in both revenue from leasing and revenue from sale of inventory properties.
For the full year of 2018, total consolidated revenue reached VND 9.052 trillion, an increase of 64% year-on-year. Revenue from leasing and rendering related services was VND 5.506 trillion, an increase of 24% year-on year. Revenue from sale of inventory properties was VND 3.433 trillion, an increase of 3.6 times compared to last year, due to the delivery of 2 major residential projects – Vinpearl Condotel Riverfront Da Nang and Suoi Hoa (Bac Ninh).
Consolidated profit before tax for the year was VND 3.053 trillion, an increase of 41% year-onyear. As at 31 December 2018, Vincom Retail’s total assets were VND 38.104 trillion and shareholders’ equity was VND 28.511 trillion.
In the fourth quarter of 2018, Vincom Retail also launched five shopping malls in Hanoi, Hai Phong, Tay Ninh, Quang Ngai and Ca Mau simultaneously on Christmas Eve, including 2 major projects, namely Vincom Center Metropolis (Hanoi) and Vincom Plaza Imperia Hai Phong. Each new mall is positioned and designed differently from the others, as Vincom continues to deliver exciting retail, lifestyle and culinary experiences from well-known domestic and international brands to millions of consumers nationwide.
With 20 shopping malls opened in 2018, Vincom Retail had a record number of new openings in a single year in its 14 years’ history. At the end of 2018, Vincom Retail had 66 retail malls under operation in 38 cities and provinces throughout the country, with a total of nearly 1.5 million sqm of retail GFA, and 160 million footfall, an increase of 37% over 2017.