PRESS RELEASE: VINCOM RETAIL ANNOUNCES BUSINESS AND FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2021
On July 28, 2021, Vincom Retail Joint Stock Company (Vincom Retail, ticket “VRE”) released its unaudited consolidated financial statements for the second quarter of 2021 (2Q2021) in accordance with Vietnamese Accounting Standards (VAS).
In the second quarter of 2021, despite the outbreak of the COVID-19 pandemic, Vincom Retail still reports slight growth in business results compared to the same period last year .
Specifically, total consolidated net revenue in 2Q2021 was VND 1.510 trillion, equaling 92.7% that of the same period in 2020; revenue from leasing and rendering related services was VND 1.370 trillion, equaling 104.8% that of the same period in 2020; revenue from sale of inventory properties was VND 96 billion, equaling 32.4% that of the same period in 2020.
In the second quarter, Vincom Retail disbursed VND 350 billion to support tenants affected by the 4th wave of Covid-19. At the end of the second quarter, the Company’s consolidated profit after tax was VND 388 billion, up 12.9% over the same period last year.
Vincom Retail quickly rolled out initiatives to facilitate delivery of goods by F&B tenants, including: setting up a designated 30-minutes-free parking location for shippers; ensuring all drivers comply with the 5K measure (Abbreviation for: “Mask,” “Disinfection,” “Keeping safe distance,” “No gathering,” and “health declaration”) when accessing the shopping malls and pick-up area; maintain safe and conveient shopping environment for shoppers and tenants.
Before the outbreak of the 4th Covid-19, Vincom Retail organized several marketing campaigns to boost tenants’ sales. Specifically, the Company launched the Pride Festival campaign during the holidays of the Hung Kings’ Anniversary (April 21) and the Southern Liberation (April 30 – May 1). During the campaign, Vincom issued tens of thousands of Vincom vouchers and Vincom gift sets, helping to attract signifnantly more shoppers to the malls.
Furthermore, the opening event of a 3,000m2 Decathlon – sports wears store at Vincom Mega Mall Thao Dien (HCMC) in April was the highlight of the retail market in the second quarter, a testament of the attraction of Vincom shopping mall, especially for international brands.
As of June 30, 2021, Vincom Retail had 80 shopping malls under operation in 43 cities and provinces throughout the country, with approximately 1.7 million m2 of total retail GFA. Vincom Retail continues to solidify its leading position as the largest retail developer, owner, and operator in Vietnam.
In the third quarter of 2021, Vincom Retail will continue to adapt to the Covid-19 epidemic: ensuring that its operations comply with safety measures required by local authorities; smartly deploy campaigns and initiatives while closely monitoring Covid-19 developments. Vincom Retail will also continue to promote the leasing of Vincom Mega Mall Smart City (Hanoi), Vincom Plaza Bac Lieu, and Vincom Plaza My Tho.