VINCOM RETAIL ANNOUNCED BUSINESS AND FINANCIAL PERFORMANCE RESULTS FOR THE FIRST QUARTER OF 2023
Hanoi, April 22, 2023, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for the first quarter of 2023 (“1Q2023”) following Vietnamese Accounting Standards (VAS).
In 1Q2023, Vincom Retail recorded outstanding recovery and profitability.
Total consolidated net revenue in 1Q2023 was VND 1,943 billion, increased by 42% YoY. Revenue from the leasing of investment properties and rendering of related services was VND 1,913 billion, an increase of 54% YoY. Consolidated profit after tax (PAT) in 1Q2023 was VND 1,024 billion, increase of 171% YoY and 23% QoQ.
In 1Q2023, Vincom Retail organized a series of events in Vincom Retail’s malls network across the country to celebrate the Lunar New Year, Valentine’s Day and International Women’s Day. In the bustling atmosphere of Valentine’s Day 2023, Vincom offers an “all-in-one” destination for couples to enjoy a romantic dating space with many exciting culinary and entertainment experiences. Vincom Retail also organized a series of Love Day activities to celebrate International Women’s Day, bringing a sweet, romantic dating space and exclusive gifts for women coming to the malls. Also on this occasion of March 8, Vincom brought in a challenge “Emotional frames” via a real-time interactive technology experience on LED screens in Vincom Mega Mall Smart City and Vincom Mega Mall Ocean Park. Understanding women’s habit of capturing moments in beauty, Vincom offered female customers the opportunity to print out the photos, and receive sweet handwritten wishes and keep happy memories with exclusive Memory Keeper gift box.
Overall in 2023, despite the uncertainties in the global market outlook, Vietnam’s GDP growth is expected to be among the highest in the region. In 2023, Vincom will strengthen its pioneering position by launching two new retail malls, Vincom Mega Mall Grand Park in HCMC and Vincom Plaza Ha Giang, increasing its mall count to 85 covering 45 of Vietnam’s 63 provinces and cities by the end of the year. This year, Vincom Retail will focus on upgrading the positioning and performance of our existing malls by helping strategic tenants to expand their coverage in high-potential cities and provinces, as well as expanding the portfolio of new tenants, focusing on popular regional brands to set up their first stores in Vietnam. Optimization and digital initiatives in operation and management will be deployed to further enhance the profitability of Vincom Retail, among the best operating efficiency in Vietnam and in the region./.