Viettel Global records a record profit of over $973mln in 2022

The total income of Viettel Global (UPCoM: VGI) increased by almost VND4,500 billion ($190 million), or 23.4%, to over VND23,700 billion ($1 billion) in 2022. This is a rise from VND19,200 billion ($815 million) in 2021.

Viettel Global's gross profit grew by about VND4,400 billion ($186 million) to VND11,540 billion ($490 million) as a result of the strong growth in revenue and the relatively modest increase in the cost of goods sold. A record-breaking 48.6% gross profit margin indicates that for every 2 in revenue, Viettel Global makes almost 1 in gross profit.

According to a Viettel Global official addressing the revenue structure by market, the Southeast Asian market climbed by 25.2% to VND10,651 billion ($452 million), the Latin American market increased by 27.9% to VND10,808 billion ($458 million), and the African market increased by VND2,279 billion ($96.5 million).

Financial transactions and affiliate profits at Viettel Global greatly improved over the previous year, assisting in the company's financial revenue reaching VND3,577 billion ($151 million).

Viettel Global had a positive net financial operating profit of about VND1,000 billion ($42 million) after deducting financial expenses. To VND283 billion ($12 million), the profit from associates also climbed by more than VND2,100 billion ($88.9 million).

As an outcome, Viettel Global's pre-tax profit in 2022 increased by more than three times, from VND880 billion ($37 million) to VND3,021 billion ($128 million), despite the rise in the provision for receivables. The yearly earnings of Viettel Global have already surpassed VND3,000 billion ($127 million) for the first time. Profit after taxes was VND1,549 billion ($65 million), while shareholders of the parent company's profit after taxes totaled VND860 billion ($36.5 million).

Value-added tax accounted for the bulk of the taxes and fees Viettel Global and its subsidiaries paid to the budget in 2022, totaling VND2,761 billion, followed by special consumption tax (VND759 billion or $32 million), corporate income tax, and other fees (VND548 billion or $23 million)

By the end of 2022, Viettel Global will have total assets of over VND50,200 billion ($2.1 billion), equity close to VND29,200 billion ($1.2 billion), and a stock market valuation of more than VND70,000 billion ($2.9 billion).