Vingroup Joint Stock Company (VIC) Q4 2024 earnings summary

Executive summary

• FY2024 net revenue reached VND 192.2 trillion, up 19% YoY, with profit after tax at VND 5.3 trillion, a 155% increase YoY.

• Q4 2024 net revenue surged 140% YoY to VND 65,244 billion, with net profit after tax of VND 2,025 billion, reversing a loss in Q4 2023.

• VinFast led Vietnam's EV market, delivering over 87,000 vehicles and ranking #1 in the country.

• Vinhomes achieved adjusted revenue of VND 141.8 trillion (+13% YoY) and contracted sales of VND 103.9 trillion (+19% YoY).

• Vinpearl's hospitality revenue surged 78% YoY to VND 8.5 trillion, with strong recovery in international tourism.

Financial highlights

• FY2024 net revenue: VND 192.2 trillion (+19% YoY); profit after tax: VND 5.3 trillion (+155% YoY).

• Q4 2024 net revenue: VND 65,244 billion (+140% YoY); net profit after tax: VND 1,182 billion (+137% YoY).

• Gross profit increased 20.6% YoY; EBITDA rose 26.5% YoY; profit before tax up 21.5% YoY.

• Segment revenue: Industrials +89.2% YoY, Hospitality & Entertainment +78.5% YoY, Education +15.9% YoY, Property Sales -3.4% YoY.

• Cash and cash equivalents at year-end: VND 42,669 billion, up from VND 27,983 billion.

Outlook and guidance

• 2025 targets robust growth in EV adoption, with expansion in Indonesia, the Philippines, and India; CKD plants to begin production.

• Real estate backlog of VND 94.2 trillion supports future earnings; new mega project launches and bulk sales expected to drive 2025 results.

• Management expects continued growth in real estate and manufacturing, supported by robust demand and ongoing project deliveries.

• Vinpearl aims for double-digit revenue growth, expanding into new international markets and enhancing MICE and medical tourism offerings.

• Social enterprises to expand healthcare and education networks, with VinUni targeting top 100 in QS World University Rankings by 2030.