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Real estate
May 04, 2018 / 16:57

Vinhomes posts revenue over US$439 million in first quarter

Nguyen Tung

In first quarter, Vinhomes posted its revenue at over VND10 trillion (US$439 million), 3 times higher than last year`s same period, said its quarterly financial statement.

The company's after-tax profit stood at VND3.98 trillion (US$174.5 million), 5 times higher year on year.
 
Illustration photo.
Illustration photo.
The luxury villa and serviced apartment development of Vietnam's biggest property developer Vingroup also increased its charter capital from VND2 trillion (US$87.7 million) to VND26.8 trillion (US$1.17 billion), informed Ho Chi Minh Stock Exchange (HoSE). Vingroup currently owns 69.67% of Vinhomes' charter capital. 

By the end of 2017, Vinhomes' total assets worth VND51.3 trillion (US$2.24 billion), which has increased to VND95 trillion (US$4.16 billion) by the end of the first quarter in 2018. 

In April, Vinhomes has registered to list nearly 2.7 billion shares on HoSE.

Founded in 2014, Vinhomes offers serviced apartments and villas to residents in the country's biggest cities. It now owns many brands Vinhomes Royal City (Hanoi); Vinhomes Times City (Hanoi); Vinhomes Riverside (Hanoi); Vinhomes Dong Khoi (Ho Chi Minh City).

Formerly known as Hanoi Southern City Development, Vinhomes has cancelled its registration on the Unlisted Public Market Company (UPCoM) in mid 2017, due to the fact that the company was no longer a public company. In early 2018, Hanoi Southern City Development increased its equity from VND2 trillion (US$87.6 million) to VND28.3 trillion (US$1.2 billion) and renamed to Vinhomes.

The increase in equity was facilitated through the merging of VIC's two subsidiaries, namely Tan Lien Phat Construction Investment and Vinhomes Management. Tan Lien Phat Construction Investment was the project owner of Vinhomes Central Park in Ho Chi Minh and some other projects. 

Vingoup in February said that it is planning a spinoff of its luxury residential arm. Vietnam's biggest property developer recently has picked four foreign banks for the planned initial public offering of Vinhomes including Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley. 

The IPO of Vinhomes would follow last year's listing of Warburg Pincus-backed Vincom Retail, Vietnam's biggest shopping mall operator and also a unit of Vingroup, which raised roughly US$700 million. 

The deal has been honored by the Finance Asia magazine as "the Best Private Equity Deal" in 2017. This is also the first ever equity deal of a Vietnamese enterprise being honored in this category, which has contributed to heightened status of Vietnam in the global equity market.

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