VINCOM RETAIL ANNOUNCED BUSINESS AND FINANCIAL PERFORMANCE RESULTS FOR THE THIRD QUARTER OF 2023, LAUNCHING VINCOM PLAZA BAC GIANG AND APPROACHING THE COMPLETION OF SHOPHOUSES HANDOVERS IN DONG HA, QUANG TRI PROJECT

Hanoi, on November 29, 2024, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for 3Q2024 according to Vietnamese Accounting Standards (VAS).

Revenue from the leasing of investment properties and rendering of related services remained stable at VND 1,983 billion compared to the same period last year and increased 2.2% QoQ, driven by the continued improved occupancy rates at existing shopping malls since 2Q2024, and the opening of new malls with high occupancy rates, ranging from 93-98%, solidifying the company’s core business of shopping mall. Regarding the inventory properties delivery, as the shophouse handovers in Dong Ha Quang Tri project are close to completion, which resulted a lower revenue from inventory properties in the quarter. Total consolidated net revenue in 3Q2024 reached VND 2,077 billion, representing a decrease of 38% YoY. Total consolidated net revenue in 9M2024 was VND 6,811 billion, representing 72% of the full year guidance, while after-tax profit of VND was 3,010 billion, equivalent to 68% of the full year guidance. The company has recollected VND 2,350 billion loan to related parties at the end of the period, bring cash and cash equivalent balance to VND 4,885 billion, adequate for the company’s near future’s expansion. Owners’equity increased by VND 3,010 billion to VND 40,837 billion. Total assets increased by VND 5,521 billion to VND 53,175 billion from the beginning of the year to end of September

In 3Q2024, Vincom Retail continued to affirm its leading position in terms of scale and market coverage after officially opened Vincom Plaza Bac Giang, bringing the total number of shopping malls to 87 in 47/63 cities and provinces nationwide, with approximately 1.83 million square meters of gross floor area across the entire network. In 4Q2024, Vincom Retail will open Vincom Plaza Dong Ha Quang Tri of which occupancy rate is expected to be 92% at launch.

Together with scale expansion, Vincom Retail also focused on enhancing the service quality at its existing shopping malls. Specifically, after the successful renovation of Vincom Plaza 3/2 in HCMC which helped increase occupancy rate from 56% to 90%, during the third quarter, the company continued to reposition Vincom Plaza Imperia Hai Phong into a premium mall, offering the local customers a rejuvenated shopping experience through introducing a variety of premium and contemporary brands. Occupancy rate at Vincom Imperia Hai Phong has increased from 56% to 93% by end of September.

Regarding marketing campaigns during the quarter, Vincom Retail’s “Moon Malliday” campaign brought customers a memorable Mid-Autumn experience across all 87 shopping malls. The festive space was decorated vibrantly, along with special cultural activities and attractive promotions, attracting a large number of customers. In addition, in September, the company collaborated with Vingroup to organize the “Sowing the Kindenss Seeds” charity event at Grand World Hanoi to raise funds to support the community affected by Typhoon Yagi. The program has mobilized VND 22.6 billion direct contribution from customers and partners to Kind Heart Foundation’s account to quickly sponsor residents in impacted areas to recover from the natural disaster.