Viettel Global achieved record revenue in 2021

April 01, 2022 | 16:48
Viettel Global, part of military-run telecom giant Viettel, has established a new record in its revenue in 2021 despite the turbulences of the year.

The company (ticker VGI in UpCom) has just announced its consolidated business results for 2021 audited by Deloitte Vietnam, one of the ‘Big Four’ in Vietnam’s finance and accounting field.

Accordingly, VGI's consolidated revenue in the past year reached $836.6 million, an increase of $12.17 million compared to 2020, marking the highest revenue level in the company’s development journey.

Viettel Global achieved record revenue in 2021
Viettel Global's consolidated revenue during 2010-2021 period; Unit: Trillion VND

Despite just a modest growth of nearly 2 per cent compared to the previous year, the result remains positive as VGI recorded a decrease of $69.5 million in revenue following a new regulation of the Ministry of Finance (MoF) on recording revenue from telecommunications services.

VGI's consolidated revenue in the past year reached $836.6 million, an increase of $12.17 million compared to 2020, marking the highest revenue level in the company’s development journey.

Accordingly, revenue from selling prepaid telecommunications cards must be determined based on the actual volume used by customers in the period.

The proceeds from card sales that remained unused by customers, which amounted to the missing $69.5 million in 2021, must thus not be reflected in revenues during the period, but will be shifted into unrealised revenue according to MoF’s new policy. This reduced revenue would be accounted for in 2022.

In terms of revenue structure, the company's business in Africa witnessed an impressive growth of 28 per cent from $287.2 million to $367.5 million. Southeast Asia and Latin America posted $369.7 million and $99.3 million, respectively.

Viettel Global achieved record revenue in 2021
Viettel Global's region-based revenue structure in 2020 and 2021; Unit: Billion VND

After deducting expenses, VGI counted $38.2 million in pre-tax profits and $15.08 million in post-tax profits. Compared to the report drawn before the audit, although the profit before tax shed by $4.9 million, VGI’s post-tax profit rose sharply by $24.6 million.

By the end of 2021, VGI had total consolidated assets reaching $2.29 billion and equity amounting to $1.24 billion. On the stock exchange, VGI shares are currently hovering around $1.5 a piece, up nearly 10 per cent compared to the beginning of the year – equivalent to a market capitalisation of more than $4.69 billion.

On January 12, Nguyen Thi Hai Ly was appointed chairwoman of Viettel Global's board of directors to supersede Tao Duc Thang who was recently appointed to hold the position of the chairman and general director of Viettel Group.

By Anh Duc

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