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MWG's 9M online profit up 99%

Released at: 10:08, 01/11/2016

MWG's 9M online profit up 99%

Photo: Duc Anh

Mobile retailer records impressive first nine months in online sales and overall.

by Do Huong

The Mobile World JSC (MWG) has announced revenue of VND30.7 trillion ($1.37 billion) in the first nine months of this year, up 76 per cent year-on-year and equal to 90 per cent of its annual target.

After-tax profit was VND1.2 trillion ($53.8 million), up 88 per cent year-on-year and equal to 64 per cent of the annual target. Online turnover was VND2.2 trillion ($98.6 million), up 99 per cent year-on-year and equal to 67 per cent of the annual target.

The company opened 419 new stores nationwide in the first nine months, including 338 new thegioididong.com stores and 81 new dienmayxanh.com stores. As at September 30 it had 1,052 stores, including 902 thegioididong.com stores and 150 dienmayxanh.com stores.

It also closed 22 retail stores within the Big C Vietnam supermarket chain, as required by Big C. Mr. Dang Thanh Phong from MWG confirmed with VET that the stores are closing one year after opening. “This is being done under a normal business agreement,” he said. “Our stores in Big C are in the mobile phone business. We planned to change to the electronics business but Big C did not agree.”

Turnover at these stores has been lower than at MWG’s 1,000 other retail stores so the closure will have no effect on its total turnover. The first thegioididong.com store under the model opened at Big C Dong Nai in March 2015.

Six funds belonging to the London-based Genesis Emerging Markets Fund have acquired 4.03 million shares in MWG worth nearly $30 million. They are among 12 foreign investment funds that purchased more than 5 million MWG shares in total from Mekong Capital, CDH Electric Bee, the Vietnam Growth Stock Income Mother Fund, and the CAM Vietnam Mother Fund on October 21.

Established in 1989, Genesis Emerging Markets Fund Ltd (LSE: GSS) is a large Guernsey-incorporated, London-based closed-end investment fund focused predominantly on holdings in the stock markets of emerging economies.

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