According to the second quarter financial report of the Vietnam Exhibition Fair Center Joint Stock Company (VEFAC), revenue reached 4.8 billion VND, nearly 20 times higher than the same period last year. The majority of this revenue, 4.7 billion VND, came from trade fairs and exhibitions. Due to operating below cost, the company recorded a gross loss of over 10 billion VND.

Financial activities generated nearly 581 billion VND in revenue, almost 4 times the amount in the second quarter of last year. This income for VEFAC stemmed from interest earned on loans and investments. After deducting expenses, the company's after-tax profit was 349 billion VND, a 220% increase compared to the same period last year.

However, the company's profit this quarter decreased by 98% compared to the previous quarter. In the first quarter, VEFAC recorded revenue of 44,650 billion VND thanks to the transfer of a portion of the Vinhomes Global Gate project—an urban area developed by VEFAC. After deducting expenses, the company's after-tax profit reached 14,873 billion VND, its highest ever.

For the first half of the year, the company achieved 44,565 billion VND in revenue and 15,250 billion VND in after-tax profit, 89,130 times and 85 times higher respectively than the same period last year.

At the end of the second quarter, VEFAC's total assets reached 40,136 billion VND, a 65% decrease compared to the beginning of the year. The company's inventory dropped by 83% to nearly 3,796 billion VND.

The most significant decrease was seen in short-term receivables, which fell from 66,836 billion VND to over 17,771 billion VND. In late 2024, the company incurred over 63,000 billion VND in receivables from Vinhomes Joint Stock Company. This amount represents the investment cooperation between VEFAC and Vinhomes in the Vinhomes Global Gate project in 2024. However, by the end of the second quarter, this item was only over 2,268 billion VND.

VEFAC is a subsidiary of Vingroup with an ownership rate of over 85%. The company is also the developer of an urban area located in Dong Anh ward, Hanoi, commercially known as Vinhomes Global Gates. The urban area spans over 261 hectares, with a total investment of nearly 34,880 billion VND. In addition, the company owns the National Exhibition Construction Center, also located in Dong Anh ward.

In March, the Hanoi People's Committee approved VEFAC's transfer of 75 hectares of land for high-rise and low-rise housing, mixed-use construction, and commercial public land within the Vinhomes Global Gate project to Thoi Dai Moi T&T Company. The transfer price for this land was approximately 30,360 billion VND, equivalent to over 87% of the project's total investment.

Trong Hieu