PRESS RELEASE: VINCOM RETAIL ANNOUNCED BUSINESS AND FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2021
Hanoi, October 29, 2021, Vincom Retail Joint Stock Company (Vincom Retail, ticker “VRE”) released its unaudited consolidated financial statements for the third quarter of 2021 (3Q2021) in accordance with Vietnamese Accounting Standards (VAS).
In the third quarter of 2021, the longest social distancing period to date has posed heavy impacts on Vincom Retail business performance.
Total consolidated net revenue in 3Q2021 was VND 787 billion, a decrease of 55% year-on-year. Revenue from leasing activities and rendering of related services was VND 728 billion, a decrease of 55% year-on-year. Revenue from sale of inventory properties was VND 20 billion, a decrease of 81% year-on-year.
In the third quarter of 2021, Vincom Retail continued to support our tenants with a total support package of VND 925 billion mostly in the form of rent waiver. The Company’s consolidated profit after tax in the third quarter of 2021 was VND 24 billion, equivalent to 4.2% of the same period last year.
During the social distancing period, Vincom malls continue to ensure that our operating activities comply with safety measures. Our mall network was a safe and accessible destination for shopping and buying daily necessities at stable prices.
In addition, Vincom Retail is also a trusted retail destination and reputable partner for leading international brands in Vietnam. The opening of Muji’s first flagship store that spanned across a 2,000 square meter area at Vincom Center Metropolis in early July of 2021 was a bright spot for the retail market in the third quarter.
As anti-epidemic measures have become more effective, Vincom shopping malls have resumed operations across the country including major economic centers of Hanoi and Ho Chi Minh City. In the fourth quarter of 2021, Vincom Retail plans to organize a number of major promotional campaigns to stimulate retail activities, including to distribute discount vouchers via VinID, to cooperate with tenants and the Ministry of Industry and Trade to launch a series of promotional programs for Black Friday and the Christmas shopping season.
As of September 30, 2021, Vincom Retail operates 80 shopping malls with 1.7 million square meters of GFA in 43 cities and provinces, and remains the largest retail developer, owner, and operator in Vietnam. In the fourth quarter, Vincom Retail will further enhance its position with the opening of the first floor at Vincom Mega Mall Smart City with a variety of necessity stores.