Seedcom Group JSC, owner of The Coffee House chain, reported a loss of VND272 billion ($11.58 million) in 2022, raising its accumulated losses to VND1.17 trillion ($49.82 million).
The company recorded net revenue of VND1.6 trillion ($68.21 million) in 2022, up 60% year-on-year, with retail, fashion and supermarket segments as major driving forces.
Seedcom said that with the expansion of retail stores in 2022, the losses recorded in its consolidated financial statement were inevitable. At the same time, macro market movements have been negative, especially factors like high interest rates, rising rental prices, and increased raw material and logistics costs, strongly affecting the profit margin of the retail sector and Seedcom
Despite facing many unfavorable factors, companies under Seedcom have continued to expand with new stores. Retail companies in the Seedcom ecosystem is also almost 'non-debt-based', reflected in its very low debt ratio.
In 2022, Seedcom successfully bought back VND200 billion ($8.52 million) in bonds before they matured in the context of a difficult capital market situation and high mobilizing interest rates.
Seedcom is a member of the Ficus Asia Investment (Ficus) ecosystem, based in Singapore. It was founded by Dinh Anh Huan, one of five co-founders of the Mobile World Investment Corporation.
Currently, Seedcom is focusing on the technology, retail, service and manufacturing sectors. The company owns famous brands like The Coffee House, Cau Dat Farm, Juno, Hnoss, King Food, Haravan, Scommerce (Fast Delivery + Ahamove) and New Retail CPG, according to its website.