Vingroup sees rise in earnings for 2016

Hanoi (VNA) - 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 on March 28 that combined net revenue rose nearly 70 percent year on year to 57.6 trillion VND (2.52 billion USD) for 2016, and post-tax profit jumped 134 percent to 3.5 trillion VND 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 37.3 trillion VND, a yearly increase of 76 percent; sales in hospitality, tourism and entertainment activities hit 4.25 trillion VND, a rise of 49 percent from 2015; and sales growth from other segments varied from 25 percent to 115 percent compared to the previous year’s figures.

At the end of last year, Vingroup recorded total assets of 180.45 trillion VND and total equity of 45.26 trillion VND.

In 2016, Vingroup introduced more than 30 real estate projects across the country, with major sites located in Hanoi, 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 Hanoi, 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 social development projects.-VNA