Thai electronics giant reports profit.

Casper Vietnam achieved a net profit after tax of over VND 33.27 billion and a return on equity (ROE) of 5.9% in its consolidated financial report for 2023.

According to the consolidated financial report published at the end of March, as of the end of 2023, Casper Vietnam's equity reached over VND 567.5 billion - an increase of VND 36 billion (equivalent to 6.77%) compared to VND 531.5 billion in 2022. Liabilities decreased to VND 2,276 billion, compared to VND 3,253 billion in the same period of 2022. Correspondingly, the DAR (debt-to-equity ratio) also decreased to 4.01 from 6.12 the previous year. Bond debt decreased significantly from VND 295 billion at the end of 2022 to VND 100 billion at the end of 2023.

The company's total assets reached VND 2,845 billion. Equity increased proportionally with profits in 2023. Last year's loss of VND 470 billion turned into a profit of VND 33.4 billion. The ROE (return on equity) increased from negative 87.9% in 2022 to 5.9%. ROE demonstrates the company's ability to use its equity effectively to generate profits, reflecting its competitiveness in the industry.

According to the parent company's separate report, this year's after-tax profit reached VND 66.9 billion, a significant increase compared to the loss of VND 253.8 billion in the same period last year. The ROE ratio was 11.2%, an improvement compared to the negative figure of 47.61% in 2022.

According to the company, it improved operational efficiency through cost optimization measures. The strategy of offering reasonably priced products that meet the needs of a wide range of users, along with high durability and superior service, helped the company attract more customers. This led to increased production and sales, and a reduction in average inventory. As a result, business performance improved significantly despite the challenging economic environment.

According to a 2023 retail market report by an international market research firm, Casper was the only brand to experience double-digit positive growth (23%) amidst a challenging market with negative or stagnant growth.

Over the past year, Casper has seen significant growth. In May 2023, the company held 21.6% of the air conditioner market share. By July 2023, it had for the first time achieved 23% market share, leading the domestic residential air conditioner industry. This was the company's largest growth in a year, surpassing established brands in the market for three consecutive months (May, June, and July 2023). During these three peak months, the company delivered 350,000 air conditioners to the market. For the entire year, the company ranked second in sales volume. At times, sales reached approximately 20,000 air conditioners per day.

The production line inside the Casper factory. Photo: Phuong Nguyen

According to company leaders, Casper Vietnam delivers more than one million air conditioners, TVs, washer-dryers, and refrigerators to consumers each year. In the TV category, the company holds a top 5 position; its front-loading washing machines have risen to the top 6 in market share after more than two years since their launch; and its side-by-side refrigerators have reached the top 4 in the market. Casper is among the top 115 largest private enterprises in Vietnam in 2022, according to VNR 500.

A brand representative added that, for eight years since its establishment, the company has continuously strived to research and understand the market, creating a range of products that meet market needs. The company pursues a QSP (Quality - Service - Price) strategy, encompassing enduring quality, superior service, and competitive pricing, creating opportunities for a comfortable life for all Vietnamese consumers.

"We are also the only brand with a warranty policy for Inverter compressors of up to 12 years, the longest on the market today," said the company's leader. The Thai brand focuses on core features that serve the practical needs of users, emphasizing energy saving and durability, and readily eliminating unnecessary features.

Casper Vietnam has achieved numerous prestigious certifications, boasts a service network covering all 63 provinces and cities with 150 warranty centers, and offers pricing policies suitable for the majority of domestic users. Casper Vietnam's information network is currently implemented in a multi-directional manner, connecting distributors, dealers, technicians, and consumers through a technology platform.

Consumers learn about Casper air conditioners. Photo: Phuong Nguyen

A key aspect of Casper Vietnam's operations is the widespread adoption of high-end products, a vision realized over many years. Each product launched incorporates advanced technology at an accessible price. For air conditioners, users can purchase energy-saving Inverter models for as little as 6 million VND. In other product categories, such as washing machines, steam washing, a technology typically found in high-end products, is introduced by Casper even in its basic product lines. The company integrates soft-freezing technology into its refrigerators, and its mid-range TVs feature OLED image technology. Casper states that all its products meet global quality standards.

To enhance user convenience, the company has added a feature for registering and checking product warranties online via its website. The company utilizes eCasper software, which supports checking product information, activating warranties, and accurately tracking the number of products reaching consumers to balance supply to distributors and dealers, thereby facilitating the smooth flow of goods.

According to company representatives, this year the company continues its plan to popularize inverter air conditioners at competitive prices. The development of the air conditioner industry has become a model for the company to further expand its market share in TVs, refrigerators, and washing machines.

Minh Tu

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