Vinhomes (VHM) Q3 2024 earnings summary

Executive summary

• 9M2024 adjusted revenue was VND 90.9tn, ~80% of FY2024 guidance; PAT was VND 20.6tn, ~60% of guidance. Contracted sales reached VND 82.8tn and unbilled sales VND 116.3tn at September-end.

• Q3 revenue was VND 33,323bn versus VND 32,724bn YoY; Q3 net profit was VND 8,980bn. Total assets reached VND 524,684bn and equity VND 215,966bn at 30 September 2024.

Financial highlights

• 9M reported revenue was VND 69.9tn, down 26% YoY; adjusted total revenue was VND 90.9tn, down 16% YoY.

• 9M gross profit was VND 20.2tn, down 42% YoY, with a 29% margin versus 37%; adjusted gross profit was VND 34.3tn, down 24%.

• 9M operating profit was VND 24.9tn, down 43%; PBT was VND 24.6tn, down 41%; PAT was VND 20.6tn, down 36%, and PATMI was VND 19.6tn, down 39%.

• Q3 gross profit was VND 9,751bn versus VND 14,957bn YoY; operating profit was VND 10,957bn versus VND 14,528bn. Q3 PATMI was VND 7,866bn versus VND 10,695bn.

• Handover timing and a high 9M2023 base weighed on inventory-property revenue; BCC profit sharing rose to VND 10.7tn from VND 1.2tn. Q3 finance income rose to VND 5,498bn from VND 1,845bn.

Outlook and guidance

• September-end unbilled sales of VND 116.3tn were described as a strong foundation for future earnings; upcoming launches and sales momentum are expected to support growth.

• 4Q2024 presales were expected to sustain positive momentum following Vinhomes Royal Island sales and the Vinhomes Market launch.

• Expected 4Q earnings contributors include deliveries at Ocean Park 3 and Royal Island, plus potential bulk-sale recognition.

• Vietnam's 2024 GDP growth target was revised to 6.5%–7%; infrastructure investment and implementation guidance for three real-estate laws were cited as medium- and long-term supports.