Mai Vien Real Estate has seen a significant increase in profit after tax last year, reaching over 213 billion VND. In a report sent to bondholders, the company reported a 65% increase in equity, reaching nearly 543 billion VND, while liabilities slightly increased by 0.9% to almost 814 billion VND. This helped reduce the debt-to-capital ratio to about 1.5 times, which is considered low compared to the industry average.
Cantavil Premier shopping center, located in Ho Chi Minh City, has been operating for 10 years and has attracted well-known tenants such as Big C and Xiaomi. The director and legal representative of Mai Vien Real Estate is Ms. Nguyen Thao Phuong, who also holds the same position at Fusion Suites Saigon Hotel Joint Stock Company. The company issued bonds worth 600 billion VND, with an interest rate of 11.5% per year, and spent 69 billion VND on interest payments last year.
The large profits reflect a positive trend in the shopping center segment as rental prices in major cities like Hanoi and Ho Chi Minh City have been on the rise. Real estate service companies are optimistic about the retail market due to increasing demand from foreign brands and limited supply in inner-city shopping centers. Mai Vien Real Estate’s profit after tax growth for two consecutive years with last year’s profit more than 14 times higher than the previous year, on average they earn about 580 million VND per day.
