Vingroup reports soaring revenue in third quarter

19:27 | 02/11/2020

A soar in vehicle and mobile phone sales, along with real estate, helped the revenue of Vingroup to increase by 14 per cent on-year.

vingroup reports soaring revenue in third quarter
Vingroup has reported strong performance across its operations

Vingroup has published its consolidated financial statement for the third quarter of this year. Accordingly, its consolidated net revenue reached VND35.9 trillion ($1.56 billion), up 14 per cent on-year. The main revenue comes from the sale of apartments at three big real estate projects of Vinhomes. In addition, the revenue from retail was up 51 per cent against the same period last year.

Its pre-tax profit was VND3.61 trillion ($156.96 million), while the after-tax profit was VND1.44 trillion ($62.6 million), signifying increases of 42 and 102 per cent on-year.

Revenue from the real estate sector in the third quarter climbed to VND25.95 trilliion ($1.13 billion), a whopping 70 per cent higher than the figure last year.

However, revenue from renting real estate and related services in the third quarter reached VND1.78 trillion ($77.4 million), down 15 per cent on-year.

In general, earnings from manufacturing activities reached VND4.76 trillion ($206.96 million), up 125 per cent against the same period of last year.

In the third quarter, Vinhomes reported a record in apartment sales at Vinhomes Grand Park in Ho Chi Minh City with 2,400 apartments sold.

VinFast sold 3,600 automobiles in September only – its best monthly performance so far. In the same month, the manufacturer officially debuted its VinFast President SUV – a limited model designed exclusively available for the Vietnamese market only. 100 of the 500 vehicles were sold within the first month.

In term of mobile phones, VinSmart kept its third position among the best selling mobile phone brands in Vietnam. Especially, more than 14,000 Live 4 models were sold within 10 days of the launch.

Kim Oanh

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