Vingroup Joint Stock Company (VIC) Q4 2023 earnings summary

Executive summary

• FY2023 net revenue was VND 161,634,280 million, up 59% YoY, and net profit after tax was VND 2,051,061 million; operating loss was VND 4,543,600 million.

• Q4 net revenue fell 34% YoY and operating loss reached VND 11,388,010 million; year-end assets were VND 669,617,073 million and operating cash flow was negative VND 8,415,820 million.

Financial highlights

• Q4 net revenue was VND 27,427,772 million versus VND 41,437,969 million YoY; cost of sales of VND 30,246,755 million resulted in a gross loss of VND 2,818,983 million.

• Q4 operating loss was VND 11,388,010 million versus operating profit of VND 4,504,094 million YoY; net profit after tax was VND 494,669 million, while net loss attributable to parent equity holders was VND 158,766 million.

• FY2023 gross profit was VND 24,006,026 million; finance expenses were VND 22,517,575 million, including VND 17,410,044 million of interest expense and bond issuance costs.

• Pro forma audited VAS figures showed FY2023 EBITDA up 7.3% and profit before tax up 7.9% YoY; presentation adjustments apply.

Segment performance

• FY2023 external revenue included VND 94,319,625 million from inventory properties, VND 28,419,229 million from manufacturing, VND 9,125,313 million from leasing and VND 8,962,246 million from hospitality.

• VinFast delivered 34,855 EVs in FY2023 and 13,513 in Q4, up 35% QoQ; year-end infrastructure included 800,000 charging points and 123 showrooms.

• Vinhomes FY2023 adjusted revenue was VND 121.4 trillion, gross profit was VND 48.9 trillion, and unbilled bookings totaled VND 99.7 trillion.

• Vincom Retail leasing revenue was VND 7.8 trillion, up 14% YoY; leasing NOI was VND 5.7 trillion, up 18%, with 84.8% average occupancy and 346 shophouses handed over.

• Hospitality and entertainment revenue was VND 8.2 trillion, up 38% YoY; room nights sold rose 50% and Q4 hospitality revenue increased 83% YoY.