Thai electronics firm Casper records H1 profit of $1.44 mln in Vietnam

Casper Vietnam Group JSC, an electronics maker from Thailand, reported a consolidated after-tax profit of VND34.9 billion ($1.44 million) in the first half of 2023, while it made a loss of VND25.4 billion ($1.05 million) in the same period last year.

The company's equity increased 6% from the beginning of the year to VND564.2 billion ($23.25 million).

As of June 30, Casper Vietnam’s total consolidated assets reached over VND2.87 trillion ($118.3 million), of which liabilities hit VND2.3 trillion, down over 20% from the beginning of the year. Outstanding bond debt was VND300 billion ($12.36 million).

Casper Vietnam was established in April 2021, with a charter capital of VND119.76 billion ($4.94 million). Founding shareholders included CHG Holding Vietnam JSC (16%), Nguyen Viet Chung (32.73%), Nguyen Viet Chien (19.97%), Nguyen Minh Phuong (20.34%), Nguyen Truong Thanh (10.62%) and Nguyen Trong Duoc (0.3%).

Its charter capital was raised to VND140.9 billion ($5.8 million) in May 2021 and VND162 billion ($6.68 million) in July the same year.

As of January 18, 2023, foreign shareholders held a total 24.715% of the firm’s charter capital, including Hanoi Investments Holdings Limited (13.043%), Vietnam Growth Investment Fund L.P (7.324%), and Menang Investments Pte. Ltd. (4.348%).

Casper Vietnam is the sole distributor of electronics products under the Casper Thailand brand in the Vietnamese market.

According to market research company GfK, in May 2023, Casper Vietnam for the first time held 21.6% of the air conditioner market share, the highest, surpassing many Japanese giants such as Panasonic and Daikin.

This company also provides many other products such as air purifiers, refrigerators, TVs, washing machines, and dryers.

Casper Vietnam said that in 2021, it earned VND2.2 trillion ($90.67 million) in revenue from the TV segment.

Leading Taiwan-based electronics manufacturers, in their efforts to diversify supply chains, have constantly found Vietnam as a destination to open new factories or expand production.

Among those having established a second supply chain in the Southeast Asian country is tech giant Foxconn, the world’s largest contract electronics manufacturer. Joining the heavyweight is a long list of other Taiwan-based producers like Compal, Quanta, Wistron, and Pegatron.

Vietnam is already the largest production hub outside China for Taiwan-based electronics makers. Foxconn, Compal, and Wistron have started mass production and shipments. It is expected that once Quanta, another giant, begins mass production in the market, electronics production in Vietnam will further increase.