Viettel Global eyes record first-quarter profit

April 29, 2022 | 18:28

(0) user say

Viettel Global (VGI) – part of leading military-run telco Viettel Group – just released its 2022 first-quarter consolidated business results bagged as one of the most glorious quarters in the company’s history to date.

Accordingly, the company’s consolidated revenue reached $236.4 million, showing a 17 per cent jump on-year.

Its accrued profit rose 37 per cent to $113 million, with a profit margin approximating 48 per cent, much higher compared to recent quarters.

This buoyant financial picture resulted from a stable exchange rate situation and a remarkable reduction of business management costs which shed from $52.9 million to just $24.3 million.

Viettel Global eyes record first-quarter profit

Viettel Global's business results from 2017's first quarter to 2022's first quarter (Unit: billion VND)

These factors were instrumental for VGI to reach a record pretax profit reaching $71.4 million, up nearly $76 million on-year.

Continuing its growth momentum from the previous year, Africa continued to lead Viettel Global growth, as revenue from this region spiked 33 per cent on-year, growing from $76.4 million to $101.9 million.

Africa continues to lead Viettel Global growth, as revenue from this region spiked 33 per cent on-year, growing from $76.4 million to $101.9 million.

The two remaining regions, Southeast Asia and Latin America, all eyed double-digit growth reaching 10 per cent.

In addition, positive movements at affiliated firms have also contributed to the overall upbeat growth picture, with a total combined revenue of these of 16 per cent on-year.

By the end of the first quarter this year, Viettel Global reported $2.26 billion in total consolidated asset value and about $1.3 billion in equity capital.

By Anh Duc

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional