Telecom giant VNPT posts $280 mln profit this year

The state-owned telecom group VNPT has reported an after-tax profit of VND6,629 billion ($280 million) in 2022, exceeding its annual target by 4.6%.

The telco's total revenue reached VND55,209 billion ($2.34 billion), up 2% year-on-year, and fullfilled 97.5% of the year's revenue goal.

The corporation's contribution to the state budget reached VND5,228 billion ($221.17 million), exceeding the plan by 3.5%. Its pre-tax profit on equity reached 9.35%.

VNPT's broadband service revenue maintained a growth rate of 6% in 2022. Pay TV services recorded revenue growth of over 20% for the third consecutive year.

Revenue from digital services rose compared to 2021, including digital infrastructure services (up 57%), digital education (up 74%), and business administration (up 68%).

The corporation said that in 2022, 5G services had been expanded to commercial trials by VNPT in many provinces and cities. International internet connection capacity rose by 20%, while IT infrastructure capacity was significantly upgraded and expanded compared to 2021.

In addition, the group's infrastructure capacity to provide data center services climbed up by 15%. SmartCloud cloud computing infrastructure with automatic scalability, self-service and pay-on-demand increased by more than 5 times compared to 2021.

In 2021, VNPT reported after-tax profit of VND5,055 billion ($213.52 million), down 11.6% year-on-year.

Revenue reached VND51,275 billion ($2.16 billion), up 2.5% year-on-year, according to VNPT’s consolidated annual report audited by EY Vietnam.

Notably, the total value of cash and short-term deposits amounted to $2.16 billion at the end of 2021, up 12.4% from the start of the year. The group contributed $233.2 million to the state budget, exceeding 2% of its target.