Property and retail giant Vingroup saw sharp increases in its earnings for 2016, according to the company’s post-audit combined financial report. Vingroup said in its financial statement yesterday that combined net revenue rose nearly 70 per cent year on year to VND57.6 trillion (US$2.52 billion) for 2016, and post-tax profit jumped 134 per cent to VND3.5 trillion from 2015’s number.
The sharp increases in the group’s earnings result from rising revenues across all of its brands such as Vinhomes, Vincom Retail and retail store chain Vinmart and Vinmart+.
Among those segments, property business sales value was nearly VND37.3 trillion, a yearly increase of 76 per cent; sales in hospitality, tourism and entertainment activities hit VND4.25 trillion, an increase of 49 per cent from 2015; and sales growth from other segments varied from 25 per cent to 115 per cent compared to the previous year’s figures.
At the end of last year, Vingroup recorded total assets of VND180.45 trillion and total equity of VND45.26 trillion.
In 2016, Vingroup introduced more than 30 real estate projects across the country, with major sites located in Ha Noi, HCM City and Hai Phong.
The property and retail giant also launched the property brand VinCity, which targets middle-income customers. The new property project will be implemented in seven big cities and provinces, including Ha Noi, HCM City, Hai Phong and Nha Trang.
In 2016, Vingroup also expanded its market coverage with 32 shopping centres, 6,000 hotel rooms and 1,000 retail stores across the country.
In September 2016, Vingroup announced it had transformed Vinmec and Vinschool units into social companies, and committed profits from the two businesses to socio-development projects.