Vinhomes (VHM) Q1 2024 earnings summary

Executive summary

• Q1 revenue was VND 8.211tn and net profit after tax VND 904.239bn; both fell sharply YoY amid lower handovers and the absence of prior-year investment-sale gains.

• Contracted sales reached VND 16.2tn, up 3% YoY, with 2,700 units presold and VND 111.8tn in unbilled bookings.

Financial highlights

• Adjusted total revenue was VND 8.605tn, down 80% YoY; reported net revenue was VND 8.211tn, down 72%.

• Gross profit was VND 1.774tn, down 73% YoY, with a 21.6% margin; adjusted gross profit including BCC projects was VND 2.020tn.

• Operating profit was VND 1.451tn and profit before tax VND 1.416tn, down 91% YoY; net profit attributable to parent shareholders was VND 884.697bn, down 93%.

• Finance income was VND 1.956tn versus VND 11.294tn YoY; prior-year finance income included VND 8.550tn in investment-sale gains.

Outlook and guidance

• FY2024 targets are revenue of VND 120tn and profit after tax of VND 35tn.

• Deliveries from Ocean Park 3, Sky Park, Golden Avenue and Royal Island, together with bulk-sale recognition, are expected to contribute to FY2024 earnings.

• Mega-project and social-housing launches, subject to market conditions, and revenue from bookings, new retail and bulk sales, leasing, property management and contractor services are expected to support the outlook.