Vietnam conglomerate Vingroup's Jan-Sep net profit increases 11.2%
During the January – September period, Vingroup`s pre-tax profit soared over 72% year-on-year to VND8.82 trillion (US$378.1 million).
Vingroup - Vietnam's largest privately-run conglomerate - said it earned a net profit of VND3.29 trillion (US$141.03 million) in the first nine months of 2018, up 11.2% year-on-year, according to the group's quarterly consolidated financial statement.
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Meanwhile, Vingroup's revenue from sale of inventory properties during the period stood at VND57.02 trillion (US$2.44 billion), up VND18.94 trillion (US$811.98 million) or 49.8% year-on-year, mainly from large scale projects such as Vinhomes Golden River, Vinhomes Central Park, Vinhomes The Harmony and Vinhomes Green Bay.
Revenue in consumer retail (i.e. sale of goods in supermarkets and retail outlets) reached VND12.89 trillion (US$552.61 million) in the first nine months of 2018, up 40.9% year-on-year or VND3.74 trillion (US$160.31 million), while the figure from rendering hotel, amusement, park and related services was VND6.04 trillion (US$258.89 million), up 43.1% year-on-year.
Additionally, revenue from rendering hospital and related services to education and related services maintained healthy growth year-on-year with growth rates ranging from 28% to 54%.
As of September 30, Vingroup had total assets of VND268.23 trillion (US$11.49 billion), owner’s equity of VND98.11 trillion (US$4.2 billion), increased by 25.5% and 86.7% as compared balances at year-end 2017, respectively.
In early October, VinFast, the automobile subsidiary of Vingroup, made a debut with the unveiling of two SUV and sedan models at the 2018 Paris Motorshow.
During the month, VinFast successfully closed a US$950 million syndicated loan facility guaranteed by the German export credit agency Eurler Hermes to purchase machinery and equipment.
VinFast is expected to launch its electric motorcycles in the fourth quarter of 2018, and cars in the second half of 2019, stated Vingroup.
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