VINCOM RETAIL ANNOUNCED BUSINESS AND FINANCIAL PERFORMANCE RESULTS FOR THE SECOND QUARTER OF 2022
Hanoi, July 28, 2022, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for the second quarter of 2022 (“2Q2022”) in accordance with Vietnamese Accounting Standards (VAS).
In 2Q2022, along with the recovery of the Vietnamese economy and the retail market, Vincom Retail recorded a strong recovery in business activities.
Total consolidated net revenue in 2Q2022 was VND 1.85 trillion, increased by 35.1% QoQ, or 22.5% YoY. Revenue from leasing of investment properties and rendering of related services was VND 1.822 trillion, up by 33.1% YoY. Consolidated profit after tax in 2Q2022 was VND 773 billion, increased by 104.5% QoQ, or 99.5% YoY.
In 2Q2022, Vincom Retail opened 3 new shopping malls with nearly 95,000 sqm of retail gross floor area (GFA), namely Vincom Mega Mall (VMM) Smart City in Vinhomes Smart City (Hanoi), Vincom Plaza Tran Huynh (Bac Lieu) and Vincom Plaza My Tho (Tien Giang). At the end of 2Q2022, Vincom Retail is operating 83 shopping malls in 44 cities and provinces, with total retail GFA of nearly 1.8 million sqm.
Notably, VMM Smart City marked the first milestone of our journey to transform our future malls into the “Life-Design Mall” model. Built with modern and unique design concept, VMM Smart City has brought together a comprehensive and trendy entertainment – shopping – dining offering to families and young generation, attracting nearly 300,000 visitors during the Holiday from April 28 to May 3.
In the same quarter, Vincom Retail organized a variety of marketing activities, such as the Summer of Creation series – creative events for children and parents, or Vincom Red Sale – the largest summer shopping festival with attractive discounts offered by more than 2,500 stores. This marketing campaign attracted millions of visitors and helped boost footfall and spending at our malls.
In the second half of 2022, Vincom Retail will continue to partner with major international and domestic retailers, who are resuming their expansion plan in Vietnam post the pandemic, as well as implement marketing campaigns nationwide to drive sales. /.