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Vinhomes (VHM): Promoting potential new projects, profit target of VND35,000 billion in 2024 

 Monday, April 15,2024

AsemconnectVietnam - Vinhomes Joint Stock Company (code VHM - HOSE) has just announced the documents for the 2024 Annual General Meeting of Shareholders, the meeting is scheduled to be held on April 24 at Almaz Convention Center, Hoa Lan Street,. Vinhomes Riverside ecology Urban Area, Phuc Loi ward, Long Bien district, Hanoi.

Accordingly, the Company plans to submit a plan to the Shareholders' Meeting for 2024 with the target of total revenue reaching VND120,000 billion, profit after tax reaching VND35,000 billion, corresponding to growth of 15.8% and 4.3% respectively targets compared to implementation in 2023.
As a result, in 2023, Vinhomes' total consolidated net revenue will reach VND103,557 billion, an increase of 66% compared to 2022. Of which, revenue from real estate transfer activities continues to be the core business, reaching VND89,669 billion, thanks to the on-schedule handover of the major projects Vinhomes Ocean Park 2-3, Vinhomes Ocean Park 1 and Vinhomes Smart City 2.
The Company's pre-tax profit in 2023 will reach VND43,310 billion, an increase of 12% compared to 2022. Profit after tax in 2023 will reach VND33,533 billion, exceeding 12% of the plan.
Regarding the plan to use profit after tax in 2023, according to the draft report to the Congress, accumulated until December 31, 2023, undistributed after-tax profit on Vinhomes' separate financial report is VND69.83 billion, the Company will deduct VND5 billion into the Reserve Fund according to the provisions of the Company's Charter and use the entire remaining profit to invest in the Company's production and business activities.
Promote completion of existing projects and promote implementation of new projects
One of Vinhomes' key directions in 2024 is to promote completion of existing projects and promote the implementation of new projects.
In addition to previously opened projects such as Vinhomes Ocean Park 1 and Smart City (Hanoi), Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3 (Hung Yen), Grand Park (Ho Chi Minh City), Golden Avenue (Mong Cai), Vinhomes focuses strongly on implementing potential new projects that have completed legal procedures to ensure revenue and profits in 2024 as well as gradually building social housing projects, aiming to realize the dream of "settle down" for millions of working people.
In early January 2024, Vinhomes started construction on the Trang Cat - Hai Phong social housing project.
Last March 2024, the Company opened for sale the Vinhomes Royal Island project (Vu Yen, Hai Phong).
Vinhomes said that in 2024, Vietnam's economy in general and the real estate sector in particular are forecast to continue to face many challenges even though there have been certain signs of recovery. In that context, Vinhomes has prepared many flexible solutions and plans to cope with difficulties, overcome challenges, and prove the strong internal strength of a leading investor in Vietnam.
Specifically, the Company will continue to strengthen the distribution channel through the self-trading distribution system in parallel with the existing agent system nationwide.
In addition, the Company also upgraded its online business system, aiming to improve the purchasing experience, make product policies and prices transparent, build trust and maximize benefits for customers.
Vinhomes' online business block is expected to join the other two distribution channels in forming a three-legged stool in real estate retail business, promoting liquidity in the market, creating thousands of jobs as well as Help Vinhomes achieve new sales miracles in the future.
At the same time, to ensure maintenance of revenue and profit growth in 2024, the Company will continue to promote construction and completion of existing projects and actively deploy new projects, especially 5 social housing projects, aiming to realize the dream of "settlement" for millions of workers.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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