The profit picture of real estate businesses in the first quarter of 2025 is showing a clear differentiation with many bright colors.
Based on the financial report for the first quarter of 2025, Vinhomes Joint Stock Company (code VHM) continues to lead in the group of listed enterprises on the stock exchange operating in the real estate sector, with revenue of nearly VND 15,700 billion.
After deducting expenses, this "big guy" has net profit after tax of more than VND 2,650 billion, up 193% over the same period last year.
Meanwhile, Vingroup Corporation (VIC) also achieved impressive results with revenue exceeding VND84,050 billion, up 287% over the same period last year. Profit after tax is over VND 2,240 billion (up 68%).
In the real estate segment, both Kinh Bac Urban Development Corporation (KBC) and Nam Long Investment Joint Stock Company (NLG) also recorded quite positive results in the first quarter of this year.
KBC achieved revenue of VND1,500 billion, up 25% over the same period. Profit after tax reached VND300 billion, thanks to industrial park and urban area projects in Bac Ninh and Hai Duong.
Nam Long harvested about 1,200 billion VND in revenue and 120 billion VND in profit after tax in the first quarter of the year. Another "big guy" Dat Xanh (DXG) also recorded a revenue of about VND1,500 billion and a profit after tax of VND300 billion, a significant increase.
There are many businesses with increased after-tax profits including: Saigon VRG Investment (SIP), Saigon 3 Group Development Investment (SGI), Dat Phuong, Long Hau, Khang Dien, Sonadezi Chau Duc, Viglacera...
However, not all "big guys" recorded good profits. In the first quarter of 2025, Novaland Group (NVL) achieved net revenue of nearly VND 1,780 billion, a 2.5-fold increase over the same period last year.
Due to financial costs, high business management costs, and other losses, the business finally recorded a net loss after tax of VND 476 billion. Although the "storm" has not completely subsided, compared to the previous period, the situation in this real estate enterprise has improved somewhat.
Many other real estate businesses also suffered losses in the first quarter of the year. However, according to the general assessment of experts, the business results of listed real estate enterprises have recovered more than in 2024.
Thanks to that, in the context of the stock market recovering after the shock in tariffs, most industry groups increased points, most notably the Real Estate group with the focus on Vingroup: VIC, VHM, VRE all made a strong breakthrough.
Along with that, stocks of residential real estate enterprises and industrial park groups also continued the positive trend.
Experts assess that the emergence of real estate stocks as a new leading group comes from 3 factors.
First, there is a positive monetary policy and legal issues are gradually being resolved.
Second, that is, this group is not too negatively affected by the trade war.
And finally, the valuation of some stocks has returned to attractive territory.
In terms of trend, the short-term and long-term trends of the real estate group have had a more positive outlook, especially the long-term trend showing that the growth cycle of the real estate group may soon repeat as in 2021.
Experts from Yuanta Securities Company expressed their view that 2025 is the year of many factors supporting the real estate group, especially the residential real estate group with a series of newly amended laws and more motivation from Resolution 68.
However, for industrial park real estate, it may be a difficult year when turning around a complex commercial picture, so the FDI wave may temporarily slow down, but there may also be hoi tanks with the expectation of tax cooling and a long-term trend that is still a downward trend of the industrial park real estate group in 2025.
