Vinhomes (VHM) Q1 2025 earnings summary

Executive summary

• Q1 net revenue rose 91% YoY to VND 15,697,917 million; profit after tax was VND 2,652,034 million, up 193%.

• Profit attributable to parent shareholders increased 204% to VND 2,688,954 million, from VND 884,697 million in Q1 2024.

• Contracted sales reached VND 35tn, up 116% YoY; unbilled sales were VND 120tn at March-end.

• Operating cash flow turned positive at VND 635,564 million, versus cash used of VND 4,573,682 million in Q1 2024.

Financial highlights

• Inventory-property sales revenue was VND 7,199,928 million, up 76% YoY; other revenue was VND 4,856,981 million versus VND 642,419 million.

• Gross profit was VND 5,157,929 million, up 191%; gross margin expanded to 32.9% from 21.6%.

• Operating profit was VND 3,835,055 million, up 164%; profit before tax was VND 3,839,479 million, up 171%.

• Adjusted for BCC projects and bulk-sale gains, revenue was VND 19.3tn and gross profit VND 7.2tn; adjusted revenue rose 124% YoY.

• Finance income was VND 4,640,393 million and finance expenses VND 3,859,512 million, including VND 3,641,519 million in interest and bond issuance expenses.

Outlook and guidance

• FY2025 adjusted revenue and PAT targets are VND 180tn and VND 42tn, approved at the AGM.

• Unbilled sales of VND 120tn at Q1-end support earnings visibility; presales are expected from new launches and existing projects via retail and bulk channels.

• Wonder City, Royal Island, Ocean Park 2-3, Golden Avenue and potential new launches are identified as key contributors to 2025 presales and earnings.