FPT Retail reports $21 mln pre-tax profit in 2024, shares hit record highs

Vietnamese retail major FPT Retail posted a pre-tax profit of VND527 billion ($21 million) in 2024, more than four times higher than the year's target and close to the record set in 2021.

2021, with VND554 billion or $22 million in pre-tax profit, was a standout year due to the strong demand for phones and laptops amid the Covid-19 pandemic, as people relied on these devices for remote work and education.

FPT Retail (HoSE: FRT) reported a revenue of VND40,104 billion ($1.6 billion) in the year, up 26% year-on-year and exceeding the target by 8%. Of this, revenue from online business hit VND7,165 billion, up 23%.

The FPT Long Chau pharmacy chain saw a 59% revenue increase compared to 2023, reaching VND25,320 billion ($1 billion) and accounting for 63% of FPT Retail’s total revenue.

Despite ongoing expansion, the average monthly revenue per pharmacy remained steady at around VND1.2 billion ($47,846).

The FPT Shop chain contributed VND15,126 billion ($603.110) in revenue. Thanks to a comprehensive restructuring strategy, the chain showed improved results quarter by quarter.

In Q4 alone, the average monthly revenue per store hit VND2.2 billion ($87,719) - the highest of the year - and the chain marked its second consecutive profitable quarter.

By the end of 2024, FPT Retail had expanded its store network to 2,703 locations nationwide. Of these, the FPT Long Chau chain grew by 446 pharmacies, bringing its total to 1,943 stores.

The company’s FPT Long Chau vaccination center system also saw significant growth, expanding to 126 centers in 54 provinces and cities, up from just 10 centers at the start of 2024. Based on a pharmacy model, the vaccination centers offer customers access to high-quality, reliable medical services.

On December 13, FPT Long Chau and the Center for Research and Application of Population Data and Citizen Identification (RAR Center), under the Ministry of Public Security, announced the launch of an electronic authentication service for FPT Long Chau pharmacies through the VNeID app. Starting January 1, customers can safely and conveniently purchase medications online through the VNeID platform.

After a trial period converting traditional FPT Shop stores to the FPT Shop Dien May model with new features, the network of FPT Shop Dien May stores has grown to 54 locations nationwide.

FPT Shop has also diversified its offerings, and after just one year, FPT SIM has gained nearly 400,000 subscribers. The chain has also successfully increased sales in new product categories, notably the Garmin Brand Store system, a leading destination for customers seeking sports smartwatches.

With strong business performance in 2024, shares of FPT Retail surged continuously in the year, breaking records and reaching the VND200,000 ($7.97) per share territory, nearly four times higher than that recorded two years ago.