Business is booming in the first quarter of 2024, foreign funds bought more shares of Mobile World Investment Corporation (code MWG - HoSE floor) to increase ownership to 7.46% of charter capital.
On May 3, Dragon Capital group bought an additional 7,998,000 MWG shares, increasing ownership from 6.91% to 7.46% of Mobile World's charter capital.
Of which, Vietnam Enterprise Investments Limited fund bought 3,305,000 shares; Norges Bank fund bought 1.7 million shares; Wareham Group Limited fund bought 1,193,000 shares; DC Developing Markets Strategies Public Limited Company fund bought 1 million shares; Saigon Investments Limited fund bought 500,000 shares; Samsung Vietnam Securities Master Investment Trust (Equity) fund bought 200,000 shares; and KB Vietnam Focus Balanced Fund bought 100,000 MWG shares.
On the contrary, from March 14 to March 22, Ms. Nguyen Thi Thu Tam, sister of Mr. Nguyen Duc Tai, Chairman of the Board of Directors of the Company, sold 200,000 MWG shares, reducing her ownership from 529,554 shares (0.036% of charter capital) to 329,554 shares (0.023% of charter capital).
And from February 27 to March 26, Mr. Robert Alan Willett, a non-executive member of the Board of Directors of Mobile World, sold 1.1 million MWG shares, reducing his ownership from 0.548% to 0.473% of charter capital.
Complete 37.6% of profit plan after Q1/2024
In terms of business activities, in the first quarter of 2024, Mobile World recorded revenue of VND 31,486.5 billion, an increase of 16.2% over the same period, and after-tax profit of VND 902.97 billion, an increase of 41.4 times over the same period. In particular, gross profit margin improved from 19.2% to 21.3%.
It is known that in the normal period from the first quarter of 2021 to the third quarter of 2022, Mobile World's quarterly profit ranges from VND 906.8 billion to VND 1,562 billion/quarter.
During the period, Mobile World's gross profit increased by 28.7% over the same period, equivalent to an increase of VND 1,498.1 billion, to VND 6,712.6 billion; financial revenue increased by 63%, equivalent to an increase of VND 226.2 billion, to VND 585.3 billion; financial expenses increased by 26.8%, equivalent to an increase of VND 79.4 billion, to VND 375.2 billion; sales and business management expenses increased by 11.4%, equivalent to an increase of VND 580.4 billion, to VND 5,689.8 billion, and other activities fluctuated insignificantly.
Thus, in the first quarter of 2024, although financial costs, sales and administrative expenses increased, the increase in gross profit and the increase in financial revenue helped Mobile World's profits increase sharply.
It is known that in 2024, Mobile World plans to have revenue of 125,000 billion VND, an increase of 6% over the same period, and expected after-tax profit of 2,400 billion VND, an increase of 13.29 times compared to the actual performance in 2023.
Thus, ending the first quarter of 2024 with a recorded profit of VND 902.97 billion, Mobile World has completed 37.6% of the yearly plan.
Continue to reduce 4,853 more employees in the first quarter of 2024
Notably, as of March 31, 2024, Mobile World recorded 60,561 employees, a decrease of 4,853 employees compared to the beginning of the year (at the beginning of the year, there were 65,414 employees).
In fact, the peak number of employees of Mobile World was 80,231 on September 30, 2022, but by December 31, 2023, there were only 65,414 employees, a decrease of 14,817 employees.
Thus, from September 30, 2022 to March 31, 2024, Mobile World has reduced its workforce by 24.5%, equivalent to a reduction of 19,670 people.
Bach Hoa Xanh chain still loses money after selling capital to Chinese company
Regarding chain operations, Bach Hoa Xanh Trading JSC, the unit managing the Bach Hoa Xanh chain, continued to incur an additional loss of VND 105.4 billion in the first quarter of 2024, bringing the total accumulated loss to VND 8,756.9 billion.
Notably, earlier in early April 2024, after Mobile World announced that it had completed the offering of 5% of its capital at Bach Hoa Xanh Investment and Technology JSC, the owner of the Bach Hoa Xanh chain (the initial plan was to offer 20% of the total issued shares), CDH Investments - an asset management company from China, also announced information through Green Bee 2 Private Limited to complete the investment in purchasing a minority stake in Bach Hoa Xanh Investment and Technology JSC.
After the deal, Mobile World will still be the controlling shareholder of Bach Hoa Xanh Investment and Technology JSC, alongside the participation of CDH Investments and the Company's management board.
According to the research, CDH Investments was co-founded by Chairman Wu Shangzhi in 2002 as one of China's earliest private equity firms, famous for trading in traditional industries such as consumption and manufacturing in its early years.
CDH Investments currently manages assets worth more than $27 billion and is a major investor in the world's largest pork supplier WH Group and leading home appliance manufacturer Midea Group.
Furthermore, according to historical data, CDH Investments once invested in Mobile World and divested nearly 10 years ago to realize profits.
It is known that according to the original plan in 2022, Mobile World plans to offer up to 20% of shares in Bach Hoa Xanh Chain.
Thus, the actual capital sale transaction at Bach Hoa Xanh chain is lower than the original plan. The reason given by the Company is that due to positive business results and cash flow developments in 2023, there is no need to mobilize capital up to 20% higher than the original plan.
Returning to business operations by unit in the first quarter of 2024, MWG (Cambodia) Co., Ltd continued to lose VND 0.3 billion in the first quarter of 2024, bringing the total accumulated loss to VND 702.9 billion; An Khang Pharma Pharmaceutical Joint Stock Company (owner of the An Khang pharmacy chain) lost VND 69.8 billion in the first quarter of 2024, bringing the total accumulated loss to VND 731.3 billion.
Source: https://baodautu.vn/dragon-capital-mua-them-gan-8-trieu-co-phieu-the-gioi-di-dong-d214704.html
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