FPT Retail profit more than doubles in Q3 as deposits surge

FPT Digital Retail JSC (HoSE: FRT), a subsidiary of Vietnam’s FPT Corporation, reported strong Q3 results, with net revenue rising 26.3% year-on-year to VND13,110 billion ($497.9 million) and post-tax profit up 61% to VND266 billion ($10.1 million).

For the first nine months of the year, revenue reached VND36,170 billion ($1.37 billion), up 26%, while net profit jumped 2.3 times from a year earlier to VND636 billion ($24.15 million), according to the company's Q3 consolidated financial statements.

The company said both its FPT Long Chau pharmacy chain and FPT Shop electronics stores contributed to the gains.

FPT Long Chau generated VND24,800 billion ($941.89 million) in revenue, up 38%, accounting for 69% of the company’s total. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 72% to VND1,193 billion ($45.31 million).

Over the past nine months, Long Chau opened 374 new pharmacies and 77 vaccination centers, bringing its total to 2,317 stores and 203 centers, surpassing its full-year expansion target.

Average monthly revenue per store remained stable at about VND1.2 billion ($45,580), underscoring efficient operations despite rapid network growth.

FPT Shop brought in VND11,550 billion ($438.66 million) in revenue, up 6% year-on-year, while EBITDA surged 2.7 times to VND181 billion ($6.87 million).

In Q3 alone, sales rose 11%, driven by recovery in consumer electronics, service and laptop segments, especially gaming and AI laptops during the back-to-school season.

Higher pre-orders for Apple’s iPhone 17 also boosted results. Average monthly revenue per store rose 14% from a year earlier to VND2.4 billion ($91,150), nearly 30% higher than in Q2.

FPT Retail’s term deposits surged to VND5,188 billion ($197.04 million) as of end-September, up sharply from VND986 billion ($37.45 million) at the start of the year. These deposits carry maturities of three to 12 months and interest rates between 5.55% and 6.6% per year.

Cash and cash equivalents stood at VND1,162 billion ($44.13 million), bringing total cash and deposits to VND6,350 billion ($241.17 million), more than double the beginning of the year.

Total assets reached VND19,702 billion ($748.27 million), up more than VND3,800 billion from end-2024.

Borrowings remained stable at VND8,919 billion ($338.74 million), while payables to suppliers increased by VND1,742 billion, short-term provisions rose by VND2,140 billion, and shareholders’ equity grew by VND1,500 billion ($56.97 million).