VINCOM RETAIL ANNOUNCED 2Q2024 FINANCIAL PERFORMANCE WITH REVENUE INCREASED BY 14%, LAUNCHING 4 SHOPPING MALLS IN JUNE

Hanoi, on July 22, 2024, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for 2Q2024 according to Vietnamese Accounting Standards (VAS).

Total consolidated net revenue in 2Q2024 was VND 2,479 billion, an increase of 14% YoY. Revenue from the leasing of investment properties and rendering of related services remained the key driver, contributing VND 1,940 billion to total revenue in 2Q2024, followed by revenue from deliveries of inventories properties (i.e. shophouses) which was VND 467 billion. Consolidated net profit after tax (NPAT) in 2Q2023 was VND 1,021 billion. Total consolidated net revenue in 1H2024 was VND 4,733 billion, NPAT was VND 2,104 billion, an increase of 15% and 4% year over year, respectively.

In the second quarter of 2024, Vincom Retail reaffirmed its pioneering position in the retail real estate market, opening four shopping malls in June including three new shopping malls namely Vincom Mega Mall Grand Park which was soft launched, newly opened Vincom Plaza Dien Bien Phu and Vincom Plaza Ha Giang and reopened Vincom Plaza 3 thang 2 in Ho Chi Minh City after renovating the mall with occupancy rates of 85% – 92% at launch, bringing total number of shopping malls to 86 shopping malls in 46/63 cities and provinces of Vietnam, and adding to a total of more than 1.81 million square meters of gross floor area (GFA) across the whole system.

Additionally, to welcome the summer of 2024 and the vibrant atmosphere of major global sporting events, Vincom Retail has launched the Vincom Sportia Summer campaign, featuring a series of creative activities and unprecedented promotions. This includes opportunities to win trips to Europe to watch the Euro final and thousands of other valuable prizes. Vincom Sportia Summer in particular and many other marketing programds as a whole within the quarter has attracted a solid number of participants and footfalls.

In June, Vincom Retail was honored in the Top 50 Listed Companies in Vietnam by Forbes Vietnam, assessed based on revenue, profits, growth and market capitalization. Concurrently, on June 28^th, Vincom Retail was also honored in the Pioneer Green Leadership category at the Asia Responsible Enterprise Awards 2024 (AREA) thanks to the company’s continued efforts in promoting green consumption lifestyle and initiatives in environmental protection pioneered by Vincom Retail and echoed by tenants’ actions including using solar power in shopping malls, sorting waste at source.

In the second half of the year, Vincom Retail will continue to implement marketing programs notably during the Full Moon Festival and year-end festive season, promoting new consumer trends, introducing to customers interesting shopping experiences and help tenants boost sales. In terms of operations, the company will further improve the operational efficiency of existing shopping malls, while continuing to launch new shopping malls to increase market coverage.