Mobile World Investment (MWG) Q2 2024 earnings summary

Executive summary

• Net revenue for the six months ended 30 June 2024 reached VND 65.6 trillion, up 16% year-over-year, with net profit after tax of VND 2.08 trillion, a significant increase from VND 38.7 billion in the prior year period.

• The Group operates across mobile phones, electronics, and FMCG retail, with continued expansion and restructuring of subsidiaries.

• Interim financials were reviewed by EY, who concluded the statements give a true and fair view in accordance with Vietnamese standards.

Financial highlights

• Net revenue: VND 65.6 trillion, up from VND 56.6 trillion year-over-year.

• Net profit after tax: VND 2.08 trillion, compared to VND 38.7 billion year-over-year.

• Gross profit: VND 14.0 trillion, up from VND 10.7 trillion year-over-year.

• Cash and cash equivalents at period end: VND 5.78 trillion, up from VND 5.37 trillion at year-end 2023.

• Total assets: VND 65.87 trillion, up from VND 60.11 trillion at year-end 2023.

Segment performance

• Mobile phone, laptop, and electronics segment revenue: VND 45.0 trillion; foods and FMCG: VND 19.4 trillion.

• Segment gross margin: VND 8.8 trillion for electronics, VND 4.9 trillion for FMCG.

• Segment profit before tax, financial income, and expense: VND 2.46 trillion.