FPT Retail records 5.5 times higher profit in Q1

FPT Retail, owner of FPT Shop and Long Chau Pharmacy, reported a profit after tax of VND169 billion ($7.36 million) in the first quarter of this year, 5.5 times higher year-on-year.

Net revenue reached $339 million, up 67% from Q1/2021. Of this, the Long Chau pharma chain accounted for $94 million or 28%, a 3.7% increase.

Online revenue reached $64.3 million, making for 19% of FPT Retail’s total revenue, 60% higher than the same period last year. Revenue from the laptop segment jumped by 74% year-on-year to $61.3 million.

As of late Q1/2022, FPT Retail has 676 FPT shops and 546 Long Chau pharmacies, up 29 and 146 from the year's start, respectively.

The company expanded its services with 87 newly established laptop centers in the first quarter, bringing the total to 157 across 63 cities and provinces.

FPT Retail has become the largest laptop seller in Vietnam, holding a 35% market share, according to GfK, one of the world’s leading market research companies.

In February this year, FPT Long Chau became the first company to sign a contract to distribute 1 million Covid-19 treatment drugs and started to sell them a week later.

FPT Retail expected revenue and profit to reach $1.18 billion and $31.36 million in 2022, up 20% and 30% from 2021 results, respectively.

The firm’s revenue and profit after tax in 2021 were $980 million and $19.34 million, up 53.4% and 44 times higher than 2020 results.