Viettel Global posts impressive H1 profits
12:09 | 02/08/2022 Print Article
Following the growth momentum of the previous quarter, Viettel Global continued to post strong revenue and profit in the second quarter of the year.
Viettel Global has announced its consolidated business results for the second quarter of the year.
The company's gross profit increased by 39 per cent, from $82.6 million to $114.7 million. These figures represent the company's highest quarterly revenue and gross profit.
Along with its main business, Viettel Global's financial situation also benefitted from favourable exchange rate swings and there was a considerable improvement in the results of its joint ventures and associates against last year's figures.
The provision for receivables in the second quarter increased sharply compared to the same period last year, however, the before-tax profit in the second quarter still climbed from $47.95 million to $65 million – an increase of 35 per cent.
This result was only slightly lower than the peak profit of $70.2 million achieved in the first quarter.
In the first six months of the year, Viettel Global achieved $483.3 million in net revenue from business activities, up 17 per cent compared to $413.5 million in the previous period. Meanwhile, its before-tax profit grew by three and a half times, from $39 million to $135.3 million.
In terms of the markets where Viettel Global invests and consolidates revenue, the Southeast Asian and African regions continued to be the key contributors. Southeast Asia's revenue in the second quarter was $118.15 million, Africa's stood at $106.16 million, and Latin America reached $30.8 million.
By the end of the second quarter of the year, it had total consolidated assets of $2.25 billion and its equity reached approximately $1.32 billion.
In July, the stock of Viettel Global – VGI – posted a strong increase from $1.03 to $1.41, corresponding to a market capitalisation of more than $4.28 billion.