According to the 2023 Summary Report of the Ministry of Construction, the real estate market in the first half of the year continued the prolonged sluggishness of 2022. However, in the last 6 months of the year, the market showed more positive signals, most clearly in the land and apartment segments with more liquidity.
Indeed, at the end of the last 6 months of 2023, many real estate companies quickly accelerated their profit "finish line" with final revenue exceeding 1,000 billion VND.
Maintaining its leading role in the real estate market, Vinhomes Joint Stock Company (HoSE: VHM) has announced its financial report with a profit after tax of over VND 33,286 billion. 2023 is also the first time this real estate company has reached a revenue threshold of over VND 100,000 billion since its listing on the stock exchange.
Accordingly, the total consolidated net revenue converted (including revenue from Vinhomes' operations, business cooperation contracts (BCC) and real estate transfers recorded in financial revenue) reached VND 121,400 billion, up 49% compared to 2022, largely thanks to the on-schedule handover of 9,800 low-rise real estate units at the two Vinhomes Ocean Park 2 and 3 projects.
In 2023, the company plans to have revenue of 100,000 billion VND and profit after tax of 30,000 billion VND. Thus, after one year of operation, billionaire Pham Nhat Vuong's real estate company has exceeded the previously set annual plan.
Also part of the Vingroup ecosystem, the business operating a chain of shopping malls in billionaire Pham Nhat Vuong's ecosystem also recorded record profits in 2023.
According to the announcement, the total consolidated net revenue in the fourth quarter of 2023 of Vincom Retail JSC (HoSE: VRE) reached VND 2,343 billion, up 9.6% over the same period last year thanks to the recording of real estate handover revenue and other revenue, while the commercial center business maintained stability.
In the fourth quarter of 2023, Vincom Retail completed the handover of 54 commercial townhouses at the Quang Tri project and other projects to customers with revenue of VND 267 billion, up 75.9% over the same period last year and other revenue increased more than 3.6 times over the same period last year.
Accumulated for the whole year of 2023, Vincom Retail's net revenue reached VND 9,791 billion, profit after tax reached VND 4,409 billion, up 33% and 58.8% respectively over the same period, this is the highest revenue and profit ever of Vincom Retail.
In 2023, Vincom Retail set a revenue target of VND10,300 billion and after-tax profit of VND4,680 billion. Thus, the enterprise has completed 95% of the revenue target and 94.2% of the profit target.
Earning a "big" profit from the transfer of the Tan Thanh Binh Duong Urban - Residential Complex project, Hoa Phu Ward, Thu Dau Mot City to Sycamore Company Limited, a member of CapitaLand, Becamex IDC Corporation - Industrial Development and Investment Corporation (HoSE: BCM) closed 2023 with a profit after tax of VND 2,314 billion, up 35% over the same period.
This result mainly comes from business in the fourth quarter of 2023 when during the period, the company's net revenue reached VND 5,170 billion, nearly 6 times higher than the same period last year, the structure of real estate revenue and investment real estate accounted for VND 4,670 billion in the total revenue of the enterprise, 20 times higher than the same period.
After deducting all expenses and taxes, Becamex IDC reported a net profit of VND2,049 billion, 20 times higher than the same period last year. This is also the first time since its listing that the company has had a quarterly profit of over a trillion VND. The profit in the fourth quarter of 2023 alone is higher than the profit for the entire year of fiscal year 2022.
For Kinh Bac Urban Development Corporation - JSC (HoSE: KBC) , although it had to correct its financial report, causing some indicators in the fourth quarter of 2023 to decrease sharply, the cumulative results for the whole year remained unchanged.
Kinh Bac recorded net revenue of VND5,644.6 billion, an increase of nearly 6 times compared to the previous year. The largest contributor to the revenue structure was the land and infrastructure leasing segment with VND5,247 billion. After deducting all expenses and taxes, the company's remaining profit was VND2,218 billion, an increase of nearly 41% compared to the previous year.
Also achieving relatively positive results from industrial park business, IDICO Corporation - JSC (HNX: IDC) recorded revenue in 2023 of VND 7,237 billion, a slight decrease of 3% compared to 2022. Of which, the industrial park infrastructure segment contributed VND 3,297 billion (accounting for 45.5% of total revenue) and the electricity business segment brought in VND 2,924 billion (accounting for 40% of total revenue).
As a result, IDICO Corporation's pre-tax profit in 2023 reached VND 2,056 billion, down 21% compared to 2022; thereby, completing 81% of the profit target for the whole year 2023.
Explaining this result, IDICO Corporation said that the high growth rate was mainly due to industrial park infrastructure leasing contracts meeting the conditions for one-time revenue recognition as prescribed in the fourth quarter of 2023.
In addition, revenue from financial activities in this quarter also increased more than 7 times and expenses incurred were reduced by IDICO Corporation compared to the same period in 2022.
Last on the list of trillion-VND profits is Sunshine Homes Development JSC (UpCOM: SSH) with after-tax profit in 2023 reaching 1,301 billion VND, nearly 4 times higher than the result achieved in 2022, this is also the first year the enterprise achieved a profit of over a trillion VND.
The main reason is due to positive business with high revenue growth but cost of goods sold kept low, helping gross profit grow dramatically compared to the previous fiscal year.
The company did not explain clearly, but considering the inventory list decreased by 51% compared to the beginning of the period, it shows that in the past year, the company has actively handed over real estate products belonging to the company's projects.
Some typical projects with sharply reduced inventory include Sunshine City, Sunshine Garden, Sunshine Capital Tay Thang Long.
The number of real estate businesses with profits of thousands of billions in 2023 is still large.
The above positive signs coming from leading real estate businesses show that a bright future for real estate is approaching.
According to the "Real Estate Market Report 2023 and Forecast 2024" of the Vietnam Real Estate Association (VARS), the fourth quarter of 2023 showed some positive signs, with improvements in transaction supply. The total supply reached 21,774 products, an increase of 6% compared to the third quarter of 2023, of which about 7,000 new products were launched. Large enterprises have "released goods" to prepare for 2024.
The report predicts that 2024 could be the time when the real estate market begins to recover. This could come from macroeconomic stability, with GDP growth expected to be around 7%. Housing demand remains very high, especially in major cities, and government support policies are expected to continue to play an important role in boosting the market .
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