Viettel Global (Upcom: VGI) just announced its consolidated financial results for the first quarter of 2022 — one of its best quarters ever.
Accordingly, Viettel Global’s consolidated revenue for the first quarter of the year reached VND5,437 billion, an increase of more than VND800 billion, up 17% over the same period.
Notably, Viettel Global’s gross profit rose 37% to VND2,601 billion, for a gross profit margin of nearly 48%, much higher than in recent quarters.
The exchange rate has remained stable and administrative expenses have fallen significantly from 1,217 billion to 560 billion, which has helped improve Viettel Global’s financial situation.
These factors helped Viettel Global post a record pre-tax profit of VND1,643 billion, up nearly VND1,750 billion over the same period. Profit after tax attributable to parent company shareholders reached 1.189 billion, up from 1.85 trillion.
After last year’s momentum, Viettel Global’s growth engine still comes from the African region, as the region’s sales rose 33% from dong 1,757 billion to dong 2,345 billion. The remaining two regions, Southeast Asia and Latin America, also grew at double-digit rates (10%).
In addition, positive changes from affiliated companies have a strong impact on the overall picture. The total sales of the affiliated companies increased by 16% in the same period.
At the end of the first quarter of 2022, Viettel Global had total consolidated assets of VND 52,101 billion and shareholders’ equity of approximately VND 30,000 billion.