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MWG targets $3.8bn in 2018 revenue

Released at: 12:52, 22/12/2017

MWG targets $3.8bn in 2018 revenue

Photo from cafebiz.vn

Business plans for 2018 to be put before AGM in March.

by Do Huong

The Mobile World Investment JSC (MWG) announced the company’s business plan for 2018, with total revenue and after-tax profit targeted to reach VND86.4 trillion ($3.8 billion) and more than VND2.6 trillion ($114.5 million), respectively, making the company one of the largest in Vietnam.

Revenue would increase 36.5 per cent and after-tax profit 18.3 per cent compared to 2017. The revenue goal of $3.8 billion for 2018 is a step towards its $10 billion target by 2020.

“We have reason to believe we will achieve the targets next year,” said CEO Tran Kinh Doanh. “First of all, the position of thegioididong.com will be strengthened, as the mobile phone market continues to grow well. Our Dien may Xanh chains will continue to expand with M&A activities, contributing significantly to total revenue from next year. We aim to open 1,500 stores in Ho Chi Minh City to late 2018.”

The revenue and profit targets for 2018 will be officially presented to the annual general meeting scheduled for March.

The company last year targeted 2017 revenue of VND63.3 trillion ($2.83 billion), which many analysts doubted was achievable. It reached 80 per cent of the target in the first ten months, with revenue of VND53.3 trillion ($2.34 billion).

MWG is also is in the process of completing the acquisition of the Phuc An Khang pharmaceutical chain. Phuc An Khang was established in May 2006 and has 14 pharmacies in Ho Chi Minh City. MWG plans to expand into pharmaceutical retail, targeting about 50 or 60 pharmacies next year, according to a report from HSC.

MWG also bought shares in electronics retailer the Tran Anh Company (TAG), taking over its IT and accounting systems and sending key personnel to operate the retailer. MWG will leave the brand name Tran Anh unchanged for the first couple of years.

Total investment in M&As by MWG in 2017 reached VND2.5 trillion ($110 million).

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