Vincom Retail celebrates 17 per cent in pre-tax profit

79 commerce centres of Vincom Retail produced a 17 per cent increase in pre-tax profit in 2019

Vincom Retail JSC (HoSE: VRE) has just announced its fourth-quarter financial statement with a decrease in revenue, despite growing profit against the past year.

Specifically, VRE’s net revenue reduced by 8.5 per cent to VND2.784 trillion ($121 million), including VND1.951 trillion ($84.83 million) in revenue from property leasing, up 30.9 per cent on-year, and VND785 billion ($34.13 million) from property trading. As a result, VRE reported VND1.111 trillion ($48.3 million) of pre-tax profit, up 23 per cent on-year.

In this quarter, Vincom Retail launched nine commercial centres across the northern, central, and southern areas of the country, including six Vincom Plazas in Cao Lanh, Di An (Binh Duong province), Cam Pha (Quang Ninh), Soc Trang, Kon Tum, Bac Kan, and three Vincom+ units in Phu Tho town (Phu Tho province), Ninh Hoa town (Khanh Hoa), and Thai Hoa (Nghe An).

For the full year, Vincom Retail recorded VND9.259 trillion ($402.57 million) in revenue and VND3.578 trillion ($155.57 million) in pre-tax profit, up 1.5 and 17 per cent on-year, respectively. The company gained VND2.849 trillion ($123.87 million) in gross after-tax profit, up 18 per cent on-year, and exceeded the goal set forth by 5 per cent.

As of the end of December 2019, Vincom Retail operated 79 commercial centres across 43 cities and provinces with the retail area of 1.6 million square metres. The total assets of the company were estimated at VND35.822 trillion ($1.56 billion), down 7.4 per cent compared to the beginning of the year due to a VND1 trillion ($43.48 million) drop in balance of deposits. The financial loan balance was also maintained at VND2.8 trillion ($121.74 million), capturing around 8 per cent of the total assets.

VRE also reaped VND5.589 trillion ($243 million) in undistributed after-tax profit, as well as 56.5 million treasury shares, which were bought in mid-December for VND1.954 trillion ($84.96 million).