Vinhomes (VHM) Q4 2023 earnings summary

Executive summary

• FY2023 reported revenue was VND 103.3tn, while adjusted revenue reached VND 121.4tn; net profit after tax was VND 33.3tn, exceeding guidance of VND 100tn revenue and VND 30tn profit.

• FY2023 contracted sales totaled VND 87.0tn; Q4 sales rose 88% QoQ to VND 30.3tn, and year-end unbilled bookings stood at VND 99.7tn.

• On-schedule Ocean Park 2 and 3 deliveries supported FY2023 revenue; unbilled bookings and planned 2024 launches underpin the presales outlook.

Financial highlights

• FY2023 reported revenue was VND 103.3tn, up 66% YoY; adjusted revenue including BCC and bulk-sale transactions was VND 121.4tn, up 49% YoY.

• FY gross profit was VND 35.6tn versus VND 30.7tn; adjusted gross profit was VND 48.9tn. Operating profit was VND 44.3tn, while net profit after tax was VND 33.3tn, up 14% YoY.

• Q4 revenue was VND 8.70tn versus VND 31.19tn; gross profit was VND 0.88tn versus VND 15.51tn, and net profit after tax was VND 0.89tn versus VND 9.11tn.

• FY finance income increased to VND 20.36tn from VND 16.69tn; Q4 included a VND 2.83tn gain on sales of investments in subsidiaries holding real estate project interests.

• Q4 other finance income rose to VND 4.7tn from VND 0.8tn, reflecting higher-value bulk-sale transactions recognized as finance income.

Outlook and guidance

• The VND 99.7tn unbilled-bookings balance at Dec 2023 was described as a foundation for future earnings.

• Presales are expected to rebound in 2024, supported by upcoming mega-project launches, improving sentiment and an in-house sales team.

• Vietnam’s 2024 GDP growth target is 6%–6.5%; lower interest rates, improved credit access and infrastructure investment were cited as supportive conditions.

• Happy Home social-housing launches in Hai Phong, Quang Tri and Cam Ranh are expected in 2024, subject to market conditions.