Taxi major Mai Linh reports first profit in 4 years

Mai Linh Corporation, a leading taxi operator in Vietnam, reported after-tax profit of VND1 billion ($42,600) in 2022, its first profit in four years, thanks to the strong post-pandemic recovery.

In 2021, the company posted a loss of VND271 billion ($11.55 million).

The company recorded net revenue of VND1.65 trillion ($70.17 million), up 55%, according to its consolidated financial statement.

At the end of 2022, the company's total assets had reached VND4.14 trillion ($176.17 million), a slight decrease of 0.4% compared to the beginning of 2022, of which short-term assets hit VND1.84 trillion ($78.5 million), up 14%.

In the company's capital structure, liabilities accounted for an overwhelming proportion of nearly 98% with VND4.04 trillion ($172.23 million).

In a letter to partners at the beginning of this year, Mai Linh chairman Ho Huy said that the most difficult period has been over. However, the company has not written off the accumulated loss of the previous four years of up to VND1.39 trillion ($59.23 million).

"We have just returned to a stable period but have not made a profit as expected," he wrote.

Currently, Mai Linh has its chairman as the largest shareholder with 31.03%, followed by VOF Investment Ltd fund with 13.85%.

Meanwhile, Vinasun Corporation, a traditional taxi giant in Vietnam, made a post-tax profit of VND185.35 billion ($7.9 million) in 2022, versus a loss of VND277.17 billion ($11.8 million) in 2021.

The firm posted net revenue of VND1.09 trillion ($46.44 million), up 124.7% year-on-year, according to its latest financial report.

Vinasun, listed on the Ho Chi Minh Stock Exchange (HoSE) as VNS, held the largest market share in Ho Chi Minh City's taxi sector.