VIC announced its Q4 2022 results with revenue of VND41.2tn (USD1.7bn; +18% YoY) and NPAT-MI of VND1.6tn (USD66mn) vs a net loss of VND5.7tn (USD242mn) in Q4 2021 mainly supported by (1) the retail handover at Vinhomes Ocean Park 2 – The Empire, (2) improved operational performance of the leasing and hospitality segments and (3) no large one-off expenses as in Q4 2021. 

For full-year 2022, VIC’s underlying EBIT (including property BCC and bulk sales recognized as financial income) decreased 72% YoY to VND1.7tn (USD74mn), which was mainly due to a YoY surge of EBIT losses for the industrial segment and partially offset by a significant improvement in the retail leasing, hospitality, healthcare and education segments as well as The Empire deliveries. VIC posted 2022 NPAT of VND1.98tn (USD84mn) and NPAT-MI of VND8.4tn (USD354mn) vs a net loss of VND2.5tn (USD107mn) in 2021. The NPAT and NPAT-MI results fulfilled 91% and 76% of our respective forecasts.