The Hanoitimes - In 2018, Vingroup is expected to set its revenue target of VND120 trillion (US$5.25 billion) and after-tax profit of VND8.5 trillion (US$372 million), up 34.3% and 50.3%, respectively year on year.
By the end of 2017, Vingroup posted revenue of VND89.35 trillion (US$3.9 billion), representing 55% increase compared to 2016, according to the group's document in prepared for its annual general meeting on May 31.
The property developer's consolidated profit in 2017 reached VND26.5 trillion (US$1.16 billion), increasing 52% over the last year's period.
Vingroup set profit target of US$372 million in 2018.
Specifically, the group's pre-tax profit in 2017 accounted for VND9.1 trillion (US$398 million), up 35% year on year, while its after-tax profit of VND5.65 trillion (US$247 million), up 27% compared to the same period of last year.
VinGroup`s net profit before tax in the first quarter reached VND2.5 trillion (US$109.6 million), resulting its after-tax profit at VND1 trillion (US$43.85 million), up 103.7% and 70.1% year on year, respectively.
Consequently, the group's consolidated revenue in the first quarter is posted at VND29.1 trillion (US$1.27 billion), increasing 84.4% compared to the same period of last year, said its latest quarterly consolidated financial statement.
Revenue from transfer of properties in the first quarter of VinGroup at VND20.3 trillion (US$890.1 million), up VND9.8 trillion (US$429.7 million), or increasing 94.1% compared to the first quarter of 2017, mainly from large scale projects such as Vinhomes Golden River, Vinhomes Central Park and Vinhomes Green Bay.
Meanwhile, the Group's revenue from retail services reached VND4.1 trillion (US$179.7 million), up VND1.76 trillion (US$77.1 million) or equivalent to 74.6% compared to the same period of last year.
Revenue from hotels, amusement parks and related services was estimated at VND1.88 trillion (US$82.4 million), increasing 53.7% year on year, and revenue from leasing properties for retail, educational and healthcare purposes at high growth rate from 22.1% to 68.2%.
As at March 31, VinGroup's total assets worth VND223.8 trillion (US$9.8 billion), with equity of VND59.2 trillion (US$2.6 billion), increasing 4.7% and 12.7% compared to the end of 2017, respectively.
In the first quarter, VinFast, a subsidiary of VinGroup has signed contracts with leading companies in automobile industries such as Pininfarina, BMW, Magna Steyr, AVL, Durr AG, Schuler AG and Eisenmann, with an aim to launch the first car in the end of 2019.
Concurrently, VinFast also established a Training Center for Mechatronics and Mechanical Engineering, which is scheduled to be operational since this August. Graduates will get the opportunity to work at VinFast's automobile and electric motorcycle plants, as well as nearly 50,000 German companies around the world.
In March, VinGroup officially entered the field of higher education by establishing VinUni University, signing strategic cooperation agreement with two of the top 20 leading universities in the world, namely US-based Cornell and Pennsylvania.