VINCOM RETAIL ANNOUNCED REVENUE IN THE FIRST QUARTER OF 2024 REACHED VND 2,255 BILLION, AN INCREASE OF NEARLY 16% YEAR ON YEAR, EXPECTED TO OPEN 6 NEW SHOPPING MALLS IN 2024

Hanoi, on April 26, 2024, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for 1Q2024 according to Vietnamese Accounting Standards (VAS).

Total consolidated net revenue in 1Q2024 reached VND 2,255 billion, up 16% year on year thanks to continued on-schedule handovers of shophouses mainly at Quang Tri projects while leasing of investment properties remained resilient. Specifically, leasing of investment properties revenue recorded at VND 1,928 billion, equivalent to that in the same period in 2023. Revenue from deliveries of inventory properties (i.e. shophouses) was VND 277 billion in the quarter, a sharp increase compared to the same period in 2023. Accordingly, Vincom Retail recorded VND 1,083 billion in consolidated profit after tax in the first quarter, growing at 6% year over year.

In 1Q2024, Vincom Retail organized events including Lunar New Year celebration, International Women’s Day March 8, and especially “The Green Vincom ” campaign along with seminars and fairs honoring local Vietnamese sustainable produce across Vincom shopping mall system. During the quarter, Vincom also continued to promote the cooperation  with tenants to establish recycling stations, embracing customers’ green and sustainable consumption trends.

In 2024, Vincom Retail will maintain its pioneering position in the market, planning to open six new shopping malls, including two Vincom Mega Malls and four Vincom Plaza shopping malls, bringing the total number of shopping malls to 89 in 48/63 provinces and cities across the country, while continuing to improve the operational efficiency of existing shopping malls.