Vinhomes, a leading real estate developer in Vietnam, has reported a record net profit of over 52 trillion VND (approximately 2.2 billion USD) for the first half of 2023. This figure represents the highest profit ever recorded by the company and is five times greater than the same period last year.

According to Vinhomes' consolidated financial report for the second quarter, the company achieved a consolidated revenue of 116,565 trillion VND in the first half of the year. The total consolidated revenue, including contributions from joint venture contracts and large lot sales recorded in financial income, reached 134,205 trillion VND, marking a staggering 203% increase compared to the same period in 2022.

The consolidated profit after tax surged nearly 380%, reaching 52,092 trillion VND. This figure surpasses last year's peak profit by almost 10 trillion VND. With this performance, Vinhomes has completed over 86% of its annual profit target for 2023.

The company attributes its success to the delivery of homes in projects such as Ocean Park 2, Ocean Park 3, and Green Paradise, which have significantly contributed to its business results during this period. In the second quarter alone, the gross profit increased more than eightfold compared to the previous year, totaling 34,732 trillion VND and pushing the gross profit margin to nearly 66%.

As of June 30, Vinhomes recorded pre-delivery sales of 148,104 trillion VND and total sales of 196,813 trillion VND, reflecting increases of 119% and 42%, respectively, compared to 2022. This growth is primarily driven by new projects launched in the first half of the year, including Saigon Park, Global Gate Ha Long, and Hai Van Bay.

For the first time, the company's total assets surpassed 1 trillion VND, reaching over 1.11 trillion VND, an increase of more than 240 trillion VND compared to the end of the first quarter. Vinhomes' equity is reported to be over 274 trillion VND.

Looking ahead to the second half of the year, Vinhomes plans to continue strengthening its real estate business and investing in infrastructure development to maintain its leading position in the domestic market. Recently, the company has expanded its investments in infrastructure with projects including the Ben Thanh - Can Gio metro, the Hanoi - Quang Ninh high-speed railway, and the Can Gio - Vung Tau coastal road. Additionally, the Vinhomes - VinSpeed consortium is expected to participate as the main EPC contractor for five key urban railway lines in Hanoi.