Mobile World reports $140 mln profit in 9 months

The Mobile World Investment Corporation recorded after-tax profits of VND3,483 billion ($140 million) in the first nine months of the year, up 4% year-on-year, fulfilling 55% of the year's plan.

The company (MWG) earned revenues of VND102,816 billion ($4.14 billion) in the period, up 18%. Of this, the mobile segment (including Topzone outlets) contributed VND27 trillion ($1.09 billion), followed by electronics (Dien May Xanh) at VND54 trillion ($2.17 billion).

These two key segments accounted for 79% of the group’s revenues, up 27% compared to the same period last year.

The department store segment (Bach Hoa Xanh) posted revenues of VND20 trillion ($805.2 million), equivalent to 19.4% of the total and down 12%. Its average revenue per store was VND1.36 billion ($54,700) in September.

The group expects Bach Hoa Xanh's revenue to reach VND1.5-1.6 billion per store during the peak shopping season in December.

MWG chairman Nguyen Duc Tai had earlier said that the chain would become profitable in the fourth quarter of this year.

By September 30, 2022, MWG had The Gioi Di Dong 1,116 stores, including 71 TopZone stores; 2,246 Dien May Xanh stores; 259 An Khang pharmacies; and 1,727 Bach Hoa Xanh stores.

On the Ho Chi Minh Stock Exchange, the MWG shares price hit VND66,500 ($2.84) per unit at the closing session on August 22.