FPT present in Malaysia's special economic zone; Vingroup announces profit; Bamboo Airways' ambition
Vingroup announced a profit after tax of more than 2 trillion VND in the first half of the year; Bamboo Airways has the ambition to end losses from 2025; Hoa Binh Construction reported peak profits; FPT opened an office in Malaysia's special economic zone; Loc Troi Group dismissed its general director.
FPT opens office in Malaysia's special economic zone
FPT has just cut the ribbon to inaugurate its second office in Kuala Lumpur, aiming to strengthen the company's presence regionally and globally, thereby expanding access to major customers.
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| FPT's new office is located in Malaysia's special economic zone and high-tech business park. |
FPT's new office is located on the 9th Floor of the Grade A building Menara Hapseng 3, Jalan P Ramlee, Kuala Lumpur, Malaysia's special economic zone and high-tech business district.
The company expects the new office to make an important contribution to improving production and consulting capacity to meet the growing demand for new technology, especially AI technology - technology that is being integrated into all products and solutions of the Made by FPT Ecosystem, while expanding cooperation opportunities with customers in the fields of energy, finance - banking - insurance (BFSI), healthcare and manufacturing in the region and globally.
FPT established a software company in Malaysia in 2008, with less than 10 employees, in a “export or die” campaign. The company’s initial office was located at the customer’s headquarters.
That same year, FPT opened a series of overseas companies in the US, Europe, and Australia markets.
Currently, FPT has 1,250 employees participating in implementing projects for the Malaysian market, and is expected to add 300-500 experts to this market in the near future.
In the next 5 years, FPT also aims to open a Global Manufacturing Center in Sarawak and Kuching (East Malaysia) to serve customers in neighboring areas and from Brunei, thereby enhancing the company's IT service provision capacity globally.
In the first 6 months of 2024, FPT achieved VND 29,338 billion in revenue and VND 5,198 billion in pre-tax profit, up 21.4% and 19.8% respectively over the same period.
In 2024, FPT plans to achieve record high business results with revenue of VND 61,850 billion (about USD 2.5 billion) and pre-tax profit of VND 10,875 billion, both up about 18% compared to the results achieved in 2023. With the results achieved after the first half of the year, the group has achieved 47% of the revenue plan and 48% of the profit target.
Vingroup announced after-tax profit of more than 2 trillion in the first half of the year
Vingroup Corporation announced its business results for the first half of 2024 with net revenue reaching VND 65,043 billion and profit after tax of VND 2,019 billion. Total consolidated net revenue in the first half of 2024 reached VND 65,043 billion, recording positive changes from the fields of residential real estate, industry, tourism - resort and entertainment. Consolidated profit after tax reached VND 2,019 billion.
As of June 30, 2024, Vingroup's total assets reached VND 722,259 billion, an increase of more than 8% compared to the beginning of the year.
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| As of June 30, 2024, Vingroup's total assets reached VND 722,259 billion, an increase of more than 8% compared to the beginning of the year. |
With the technology-industry pillar, VinFast delivered 21,747 electric cars in the first half of 2024, marking an impressive growth of 92% over the same period in 2023. In the second quarter of 2024 alone, VinFast delivered 12,058 cars, an increase of 24% over the first quarter and 26% over the same period.
In the Philippines, VinFast has opened its first three dealerships to offer the VF 5, VF 7, and VF 9 models to local consumers.
In the coming time, VinFast will focus on optimizing cost and resource management, improving operational and business efficiency. Accordingly, the Company has adjusted its vehicle delivery target to about 80,000 vehicles in 2024, an increase of 2.3 times compared to 2023, and the factory in North Carolina is expected to go into production in 2028.
In the trade and service sector, in the first half of 2024, Vinhomes continued the upturn in the real estate market with sales of VND 51.5 trillion and unrecorded sales of VND 118.7 trillion.
In the resort tourism sector, in parallel with the recovery of the tourism industry, Vinpearl's business activities also continued to make their mark with many improvements with the total number of room nights sold in the second quarter of 2024 reaching nearly 452 thousand rooms, an increase of 25% over the same period. Revenue of VinWonders and Vinpearl Golf in the second quarter of 2024 also grew by 52% and 17% respectively.
In the education sector, in the second quarter, Vinschool had 5 more facilities achieving CIS accreditation, bringing the total number of CIS accredited facilities to 15, affirming its outstanding educational quality.
Looking forward to the last 6 months of 2024, with macroeconomic indicators continuing to recover under the Government's drastic management and the world economy starting to show positive signs, Vingroup expects positive business results in all key business areas.
Bamboo Airways aims to end losses by 2025
At the annual general meeting of shareholders held on July 17, Bamboo Airways CEO Luong Hoai Nam made an ambitious statement: "2024 will be the last year the company will operate at a loss."
In 2023, Bamboo Airways recorded a 14% increase in net revenue, reaching nearly VND12,400 billion, but still had a gross loss of VND3,600 billion in the context of the aviation industry not being optimistic. However, the airline still recorded a positive profit after tax of VND236 billion. According to a representative from Bamboo Airways, the profit mainly came from the reversal of provisions of VND4,100 billion and other income from debt cancellation of VND1,272 billion.
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| In 2024, Bamboo Airways is expected to achieve revenue of more than VND 4,850 billion and may have a loss after tax of more than VND 1,380 billion. |
Notably, total liabilities will decrease by about VND2,000 billion in 2023 and the company will be debt-free from aircraft leasing loans. This is also the period when Bamboo Airways drastically implemented cost-cutting measures, from reducing thousands of employees, dissolving many indirect departments to optimizing work processes.
In 2024, Bamboo Airways is expected to achieve revenue of more than VND4,850 billion and may have a loss after tax of more than VND1,380 billion. However, if considering operating activities (excluding financial factors and restructuring costs), the loss will decrease to about VND500 billion.
CEO Luong Hoai Nam said that in the coming time, the leadership of Bamboo Airways will act according to the strategy of "doing what is good for business results, and thinking very carefully about what is disadvantageous. Basically, we will not do anything that increases losses, unless it serves strategic goals".
This is the basis for the ambition that “2024 will be the last year the company operates at a loss. The company will break even from 2025 and move towards profitability in the following years”.
Notably, Mr. Nam also shared his intention to list shares on the stock exchange within the next 3 years.
Hoa Binh Construction reports peak profit
Hoa Binh Construction recorded more than VND684 billion in after-tax profit, the highest ever, but mainly due to the reversal of expenses and other income.
According to the recent consolidated financial report, Hoa Binh Construction Group Joint Stock Company had a profit after tax of about 684.4 billion VND. This level is a significant improvement compared to the profit deficit of more than 268 billion VND in the second quarter of 2023. This is also the quarter with the highest profit of HBC since the information was announced in 2006.
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| Hoa Binh Construction Group Joint Stock Company has a profit after tax of about 684.4 billion VND. |
Profits set a record but revenue this period decreased by nearly 5% to about 2,160 billion VND. Cost of goods sold remained high, causing Hoa Binh's gross profit to be only nearly 100 billion, a decrease of nearly 4 times compared to the same period.
The company's huge profit was mainly due to the reversal of nearly VND293 billion in bad debt provisions. In addition, HBC also recorded extraordinary income from the liquidation and sale of fixed assets worth nearly VND503 billion.
Hoa Binh Construction has been profitable for three consecutive quarters. However, the company still has nearly VND2,500 billion in accumulated losses as of the end of June.
In the first 6 months of the year, the Company had nearly 3,811 billion VND in revenue and nearly 741 billion VND in profit. Revenue increased by 10% over the same period and completed 35% of the year's target. Hoa Binh Construction improved its profit very well compared to the loss of 713 billion in the same period and exceeded the plan set for 2024 by 1.7 times.
This semi-annual profit is higher than all the full-year profits in the company's history, except for 2017.
Mr. Le Viet Hai, Chairman of the Board of Directors of Hoa Binh Construction, once declared that the company had overcome the dire situation, “hanging by a thread”. In the coming time, the company will follow the principle: increase revenue, reduce expenses.
Loc Troi Group dismisses general director
Loc Troi Group Joint Stock Company has dismissed Mr. Nguyen Duy Thuan from the position of General Director since July 15. Mr. Huynh Van Thon, Chairman of the Board of Directors, will temporarily run the company's operations until a new CEO is appointed.
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| As of March 31, Loc Troi's total assets reached nearly 12,000 billion VND. |
Mr. Nguyen Duy Thuan joined Loc Troi in June 2019. Before being dismissed, he had been CEO of Loc Troi Group for more than 4 years. Mr. Thuan's dismissal took place in the context of the Group's losses. In the first three months of the year, Loc Troi had a net revenue of more than VND 3,800 billion, but after deducting expenses, the company reported a net loss of over VND 96 billion. This loss increased by VND 15 billion compared to the same period in 2023.
At the annual general meeting of shareholders in April, Loc Troi and shareholders agreed to elect members of the board of directors and the board of supervisors for the new term 2024-2029. The new board of directors includes 5 members: Mr. Huynh Van Thon, Johan Sven Richard Boden, Mandrawa Winston Leo, Mr. Vo Tri Thanh and Ms. Vu Hong Trang. The board of supervisors includes Ms. Nguyen Thi Thuy, Mr. Tieu Phuoc Thanh and Mr. Uday Krishna.
As of March 31, Loc Troi's total assets reached nearly VND12,000 billion, up 4% compared to the beginning of the year. Of which, cash and cash equivalents decreased by 78% to more than VND105 billion, inventories increased by 43%, reaching more than VND2,800 billion.
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