13,149 cars pawned at F88, revealing the income of employees of the largest pawn shop chain in the country

f88 - Ảnh 1. — F88 is about to be listed on UPCOM - Photo: LE TRUNG

The State Securities Commission recently issued an official dispatch confirming that F88 Investment Joint Stock Company (F88) has met the conditions of being a public company according to the provisions of the Securities Law.

Accordingly, F88 shares will be registered for trading on the UpCOM floor in the near future.

Regarding business performance, F88's audited financial report for 2024 recorded a fairly prosperous year for the company compared to 2023 - the time before listing.

Specifically, the revenue of the largest pawn shop chain in the country last year reached 2,280 billion VND, an increase of 9.5% compared to the previous year.

The majority of the above figure comes from fees collected from mortgage lending and related activities with nearly VND1,959 billion, accounting for nearly 86%. Next, about VND318 billion comes from insurance agency service revenue, the rest from other services.

Due to a sharp decrease in cost of goods sold and services compared to the previous year (-29%), F88's gross profit reached 626 billion VND, a dramatic change from a loss of 241 billion VND last year.

In addition, F88's financial resources in 2024 also recorded an increase of nearly 57%, reaching 447 billion VND. Not to mention, the other profits of this pawn shop chain are quite large, reaching 604 billion VND, nearly double the previous year.

Thanks to that, although F88's sales and business management costs last year both tended to increase, its after-tax profit still reached 351 billion VND. In 2023, F88 reported a large loss of 545 billion VND.

According to the financial statement, F88 spent more than VND991 billion on employee salaries and bonuses, nearly 16% higher than in 2023.

“Feeding” the apparatus is also the most “expensive” item in the business cost structure of this pawn shop chain. This figure is estimated to account for about 43% of revenue, corresponding to every 10 dong of revenue, F88 spends more than 4 dong on personnel.

At the end of 2024, the company had 4,030 employees, down more than 100 after a year. It is estimated that the average income of each F88 employee is about 20.5 million VND/month.

In addition, with the characteristic of a company owning a large pawn shop system, the provision cost for bad debts is also very large in the cost structure.

170,960 motorbikes and 13,149 cars are mortgaged at F88

According to the report, the provision cost "eats" 919 billion VND, but still a sharp decrease compared to 1,550 billion VND in 2023. According to F88's statistics as of December 31, 2024, this company has 170,960 motorbikes and 13,149 cars as collateral.

On the balance sheet, F88 recorded total assets of VND 5,036 billion at the end of 2024, an increase of more than VND 1,080 billion compared to 2023.

Of which, short-term receivables amounted to VND3,346 billion, up 11%. On the other hand, F88's payable debt was VND1,859 billion, mainly short-term loans of VND1,456 billion.

In the first quarter of 2025, the company reported that it had disbursed VND3,284 billion, an increase of 25% over the same period. Revenue in the first quarter and pre-tax profit increased by 21.5% and 204.1% respectively over the same period last year.

BINH KHANH

Source: https://tuoitre.vn/13-149-o-to-cam-co-o-f88-he-lo-thu-nhap-nhan-vien-chuoi-cam-do-lon-nhat-nuoc-20250510195540188.htm