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Sunday, June 16, 2024

MWG sets ambitious profit target in 2024

The Saigon Times

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HCMC – Mobile World Investment Corporation, whose MWG shares are traded on the Hochiminh Stock Exchange, aims for VND2.4 trillion in profit this year.

The target has recently been approved by the Board of Directors and will be presented at the forthcoming annual general meeting of shareholders.

The company has set a revenue target of VND125 trillion in 2024, up 5% over the previous year.

Although this year’s profit target is higher than the level in 2023, it is far lower than the average yearly figure in the 2020-2022 period. In these three years, MWG’s net profit reached VND3.9 trillion to VND4.9 trillion per year, according to the VnExpress news site.

The retail giant made nearly VND118.3 trillion in revenue in 2023 thanks to its numerous promotion programs in the second half of the year. However, its after-tax profit plunged 96% year-on-year to a mere VND168 billion, the lowest in 10 years.

Closing the trading session today, February 5, MWG moved sideways at VND47,400 per share, with more than 7.5 million shares transacted.

On the HCMC exchange, the VN-Index added 13.51 points, or 1.15%, against the previous session at 1,186.06 points, with 270 winners and 212 losers.

More than 874.8 million shares worth nearly VND19.2 trillion were traded, down 4% in volume and value compared to the previous session. Block deals contributed VND2.2 trillion to the overall value, with 104.9 million shares traded.

With six stocks declining and 21 others advancing, the VN30 group gained 22.6 points.

Lender CTG rose to the ceiling price of VND33,900 per share, followed by several banking stocks with strong gains ranging from 2% to 6%, including ACB, MBB, VIB, BID and SHB.

On the Hanoi stock market, the HNX-Index slid 0.28 points, or 0.12%, at 230.28 points with 70 advancers and 81 decliners. There were more than 69.44 million shares worth VND1.34 trillion changing hands on the market.

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