VHM announced its Q4 2022 results with net revenue of VND31.2tn (USD1.3bn; +34 YoY%) and NPAT-MI of VND8.9tn (USD378mn; -24% YoY), which were mainly supported by retail handovers of 2,200 low-rise units at Vinhomes Ocean Park 2 – The Empire in the quarter. 

For full-year 2022, VHM’s underlying property sales revenue (including BCC and bulk sales transactions recognized as financial income) was VND81.4tn (USD3.4bn; -14% YoY) while its NPAT-MI was VND28.6tn (USD1.2bn; -26% YoY vs 2021’s high base). Although 2022 PBT was in line with our forecast, NPAT-MI was 7% lower than our forecast. In 2022, VHM delivered over 3,500 presold units at The Empire starting in Q3 2022, which accounted for 43% of VHM’s underlying property sales revenue.