Telecom giant VNPT posts $280 mln profit this year

By Trang Nguyen
Fri, December 23, 2022 | 9:38 am GMT+7

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.

VNPT's headquarters in Dong Da district, Hanoi. Photo courtesy of the corporation.

VNPT's headquarters in Dong Da district, Hanoi. Photo courtesy of the corporation.

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.

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