Vingroup's pretax profit topped $1 billion for the first time in the third quarter, with real estate generating most revenue at Vietnam's largest listed company, VnExpress reported, citing the company's financial report.
Profit before tax reached nearly VND29.94 trillion ($1.1 billion), about 7.4 times its year-earlier level. Revenue rose to VND150.58 trillion, close to four times the prior-year total. Real estate generated nearly VND98.5 trillion, more than 65% of revenue.
Vingroup's cash and bank deposits totaled nearly VND107 trillion at September's end. The company also raised about $2.3 billion through bond and preferred-share sales, as well as syndicated loans from international investors, VnExpress reported.
VNDirect Securities expects real estate to account for at least half of Vingroup's revenue and profit over the next five years, VnExpress reported. Over a longer period, the group's electric vehicle, infrastructure and energy businesses could together make up 30% to 40% of revenue, according to the brokerage's estimate.
