First-half revenue has soared 31 per cent to VND6.2 billion (US$270,000) for Vietnamese mobile device retailer FPT Retail.
Its profit before tax hit VND141 billion, up 44 per cent year on year.
Compounded annual growth rates of revenue and profit before tax are expected to be exceed 25 and 35 per cent a year during the 2016-2019 period, the company says.
FPT Retail has 438 stores throughout Vietnam, with daily average sales of VND35 billion, while online sales for the six months to the end of June reached VND1154 billion.
Euromonitor data shows that with sales averaging $15.712 a square metre, FPT Shop outranks other retailers in Vietnam.
FPT Group transferred 30 per cent of its ownership (6 million shares) in FPT Retail to Dragon Capital and VinaCapital last week as part of a divestment plan.
“Vietnamese people have shown a huge appetite for mobile phones and accessories,” says VinaCapital chief investment officer Andy Ho, who is also MD of VinaCapital Vietnam Opportunity Fund, an investment group. “This transaction enables us to make a meaningful investment in a premier, unlisted company.”
FPT is also a strategic partner in distributing and providing warranties for China’s Vivo smartphones in Vietnam.