Outside An Khang pharmacy in District 6, Ho Chi Minh City - Photo: AN KHANG
An Khang Pharma is a subsidiary of Mobile World Investment Corporation (HoSE: MWG). According to the consolidated financial report for the first quarter of 2025, Mobile World recorded a loss of more than VND31 billion from An Khang Pharma in the first three months of this year, bringing the total loss to more than VND1,000 billion from 2020 to the end of the first quarter of 2025.
There used to be 500 An Khang pharmacy stores.
Specifically, the loss of this enterprise has increased steadily over the years, from 6.4 billion VND in 2020 to more than 306 billion VND in 2022. In the last three years, this enterprise has lost more than 300 billion VND each year.
The predecessor of An Khang pharmacy is Phuc An Khang, established in 2006. Mobile World bought this system in late 2017, when it wanted to expand its business sector besides the traditional retail of phones and electronics.
An Khang then experienced a period of hot growth in 2021-2022, when the number of stores tripled, to 500 locations by the end of 2022.
However, in 2023, this pharmaceutical retail chain slowed down, opening only 27 more stores. By the end of last year, the number of An Khang pharmacies dropped sharply, down to 326 locations when it had to close ineffective points of sale.
In terms of revenue, this pharmacy chain recorded more than VND1,500 billion in 2022 and increased to nearly VND2,300 billion at the end of last year.
In the first three months of this year, An Khang brought in 515 billion VND in revenue and is aiming to reach the break-even point.
"We have found the formula to break even and make a profit this year. Expansion will be done when the time is right," said Doan Van Hieu Em, a member of Mobile World's board of directors, at the 2025 annual general meeting of shareholders in late April.
He said the average revenue of each An Khang pharmacy reached over 500 million VND, with some stores recording revenue from 700 million to over 1 billion VND per month.
Also at the meeting, shareholders expressed their concerns about why An Khang has not yet implemented vaccination services like its competitors in the industry. In response to this issue, Mr. Nguyen Duc Tai, Chairman of the Board of Directors, said that An Khang will not develop the vaccination sector, but will prioritize focusing on selling medicine.
Continue to dissolve 4 companies
Not only An Khang, some investments in other industries of Mobile World are also being re-evaluated for effectiveness, through ceasing operations.
In 2018, the group completed two M&A projects with the Tran Anh electronics chain and the An Khang pharmacy chain. However, up to now, Tran Anh Digital World Joint Stock Company is on the list of four companies that Mobile World is in the process of dissolving.
The remaining three names include MWG Cambodia (electronics sales), Toan Tin Logistics Joint Stock Company (warehousing) and 4K Farm Joint Stock Company (agricultural product growing and processing).
Among these, Toan Tin and 4K Farm were expected by the management to not only become effective business segments but also solve existing problems in the industry.
Specifically, Toan Tin operates in the logistics sector, providing warehousing and freight services for the group's retail chains. When establishing this company, Mobile World Chairman Nguyen Duc Tai once commented that logistics activities in Vietnam were extremely inefficient, "no one has done it properly yet".
With 4K Farm, the company develops a safe vegetable growing model using technology according to the "4 no" standard: no pesticides, no growth stimulants, no preservatives and no genetically modified varieties. The project's goal is to cooperate with farmers and guarantee output.
Mr. Tai once called this his "dream", with the hope that when Bach Hoa Xanh (food retail chain - PV) was big enough, the group could return to influence farmers, helping them access safe, correct and sustainable farming methods. However, these dreams remain unfulfilled to this day.
On May 13, the board of directors of Mobile World approved the policy of issuing conditional stock options at its subsidiary, Bach Hoa Xanh Technology and Investment Joint Stock Company, for key management staff.
Regarding senior personnel, Mr. Nguyen Duc Tai will continue to hold the position of chairman for the 2025-2028 term, while Mr. Dao The Vinh, general director of Golden Gate, has resigned from his position as a member of the audit committee.
Source: https://tuoitre.vn/chuoi-nha-thuoc-an-khang-lo-hon-1-000-ti-dong-trong-hon-5-nam-qua-20250514170405773.htm
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