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Monday, June 17, 2024

FPT Retail achieves 71% of 2024 profit goals

The Saigon Times

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HCMC – FPT Digital Retail JSC (FPT Retail) has already attained 71% of its 2024 profit target, with net income reaching VND89 billion in the first quarter of 2024. This figure marks a 43-fold increase over the same period last year.

Its revenue in this period totaled VND9.04 trillion, rising 17% year-on-year. A significant contributor to this success was FPT Long Chau Pharma JSC, a subsidiary of FPT Retail, which accounted for over VND5.5 trillion in revenue, accounting for 61% of the company’s total revenue. This impressive performance reflects a robust growth rate of 68% compared to the first three months of 2023.

Strategic product restructuring initiatives within its retailing chain, particularly at FPT Shop, resulted in a 3% increase in gross profit. Additionally, easier access to low-interest funds facilitated a 50% reduction in financial costs, further bolstering the company’s profitability.

Looking ahead to the full year 2024, FPT Retail sets ambitious targets, aiming to achieve VND37.3 trillion in revenue and VND125 billion in net profit.

The company’s extensive nationwide network comprises 2,381 stores, with FPT Long Chau having 1,587 drugstores in early 2024.

Closing the trading session today, April 26, the firm’s FRT shares soared 5.23% to VND161,000, with a matching volume of nearly 2.1 million shares.

The Hochiminh Stock Exchange closed mixed today, with 209 stocks rising and 227 others falling. The VN-Index rose by 4.55 points, or 0.38%, to reach 1,209.52 points.

Trading volume and value improved by 9% over the previous session, with more than 620.88 million shares worth nearly VND15 trillion changing hands. Put-through deals totaled 45.85 million shares valued at around VND1.5 trillion.

Despite an even distribution of 13 gainers and 13 losers, the VN30-Index increased 6.78 points, or 0.55%, to 1,240.50 points.

VIC became a driving force, jumping by 5.8%, the highest among the 30-largest cap stocks, to VND44,450. With 2.7 million shares traded, it added over 2.4 points to the main index and boosted the broader market sentiment.

SHB was the most actively traded stock on the southern exchange, with 33 million shares changing hands.

The Hanoi Stock Exchange closed with 72 advancers and 91 decliners, with 60.37 million shares worth VND1.2 trillion traded. The HNX-Index dipped 0.75 points, or 0.33%, to 226.82 points.

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