Viettel Global, one of Vietnam's biggest overseas investors, reported a record-high quarterly revenue of VND5,437 billion ($237 million) in Q1, up 17% year-on-year.
Profit after tax reached $61 million, more than tripling year-on-year, according to Viettel’s consolidated financial report. Viettel Global is a subsidiary of military-run telco Viettel.
Its gross profit surged 37% to $113 million, with a profit margin of over 48%, much higher than in previous quarters.
The positive financial results were attributed to a stable exchange rate and a significant reduction in management expenditures from $52.9 million to $24.4 million, a corporate executive said.
The African region remained a significant driver of Viettel Global's growth, with revenue growing 33% from $76.5 million to $102 million. The other two key regions, Southeast Asia and Latin America, both grew more than 10%.
As of late Q1, Viettel Global, listed on the Unlisted Public Company Market (UPCoM: VGI), recorded consolidated assets of $2.27 billion and equity of $1.3 billion.
The firm’s revenue reached $837 million in 2021, up 2% from 2020, the highest annual revenue to date. However, profit after tax was down 20% to $15 million.
New products, such as e-wallets, e-lotteries, and e-commerce, are expected to become new driving forces for Viettel Global's growth in the years ahead.
Viettel Global was established in 2006 with a vision of turning Viettel into a strong telecom group on international stage. It is now operating nine telecom companies in nine countries across Africa and Asia, with 13 million customers.