Mr. Nguyen Duc Tai - Chairman and two other CEOs of Mobile World received salaries of less than 4 million VND in the last three months of 2023, when profits were the lowest in a decade.
The recently released financial report of Mobile World Investment Corporation (MWG) revealed the income of the members of the Board of Directors in 2023. Accordingly, in the last quarter of last year, Chairman of the Board of Directors Nguyen Duc Tai, General Director Tran Huy Thanh Tung and Mr. Doan Van Hieu Em - CEO of two retail chains Mobile World and Dien May Xanh - received the same salary of less than 4 million VND for three months.
Previously, all three key employees of Mobile World did not receive salaries in the third quarter.
The total income of MWG Chairman in 2023 is 230 million VND, or more than 19 million per month. This figure decreased by nearly 90% compared to 2022 - when Mr. Tai received an income of nearly 2 billion VND.
Mr. Tran Huy Thanh Tung and Doan Van Hieu Em received an average salary of about 13.7 million and 48.7 million per month, a decrease of 70-86% compared to last year. In the MWG Board of Directors, only Mr. Robert Willett had the same income as in 2022. The remaining members had a 50-88% reduction in income.
In 2023, Mr. Nguyen Duc Tai's retail "empire" recorded revenue of nearly VND 118,300 billion, down 11% compared to the same period in 2022. Profit after tax decreased more sharply, reaching nearly VND 168 billion, equal to 4% compared to 2022, the lowest in 10 years.
MWG's business results declined due to the poor performance of Mobile World and Dien May Xanh - the two "backbone" electronics and mobile phone retail chains of this enterprise.
Revenue from these two chains reached more than VND28,000 billion and VND55,000 billion respectively, down about 20% compared to 2022. The management board said that with the characteristics of high-value and long-term use products, the products sold in these two chains were heavily affected by weak demand and thrifty consumer psychology.
On the positive side, Bach Hoa Xanh - a retail chain of food and essential consumer goods - broke even in December. The chain's revenue increased by 17% in 2023, reaching VND31,600 billion.
According to MWG, fresh food helps attract customers and is a competitive advantage for the company in the context of many other business segments falling sharply. These items grew 35-40% compared to the same period. In addition, the group of essential consumer goods also increased 5-10% thanks to many promotional programs.
However, considering the whole year of 2023, this food and consumer goods retail chain still lost more than 1,200 billion VND, but decreased by 59% compared to 2022. Bach Hoa Xanh's accumulated loss after 8 years is about 8,606 billion VND.
Minh Son
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