Vingroup Joint Stock Company (VIC) Q3 2024 earnings summary

Executive summary

• 9M2024 fundamentals remain robust, with Vietnam's GDP growth at 4.4% and inflation at 3.2%, supporting high confidence in achieving FY2024 growth targets.

• Net revenue for Q3 2024 rose 31% YoY to VND 62,850 billion, driven by strong sales of inventory properties and manufacturing activities.

• Net profit after tax attributable to equity holders reached VND 5,295 billion in Q3 2024, reversing a loss in Q3 2023.

• VinFast led Vietnam's car market in September 2024, delivering 44,260 EVs in 9M2024 (+108% YoY).

• Vinhomes achieved contracted sales of VND 89.6 trillion (+58% YoY) and launched the Global Gate project.

Financial highlights

• 9M2024 revenue: VND 126.9 trillion; profit after tax: VND 4.1 trillion.

• Q3 2024 net profit after tax: VND 2,015 billion; gross profit for Q3 2024: VND 13,074 billion (+11% YoY).

• Gross profit margin for property sales was 46.9%; industrials at -73.0%; hospitality & entertainment at 41.6%.

• Finance income in Q3 2024 surged 554% YoY, mainly from gains on disposal of investments and subsidiaries.

• Basic EPS for Q3 2024: VND 2,610, up from VND 599 in Q3 2023.

Outlook and guidance

• Management maintains high confidence in meeting FY2024 growth targets, supported by strong macroeconomic fundamentals and record FDI disbursement.

• Private consumption and credit growth are expected to continue recovering, with GDP growth forecasted at 6.0-6.5% for 2024.