Mobile World 's (MWG) first 3-month revenue decreased by 26%
The business results report for the first 3 months of the year of Mobile World (MWG) recorded revenue of VND26,990 billion, down 26% compared to the same period. Compared to the annual revenue plan of VND135,000 billion, MWG has only completed 20% of the plan.
In the company's revenue structure, 24.6% comes from the Mobile World and Topzone chains, 49.3% comes from the Dien May Xanh chain, and 23.6% comes from the Bach Hoa Xanh chain. Other activities contribute about 2.5% of total revenue.
Mobile World (MWG) first quarter revenue decreased, slower than the yearly plan (Photo TL)
Regarding the business situation of the two chains The Gioi Di Dong and Bach Hoa Xanh in the first 3 months of 2023, revenue decreased by 34% compared to the same period. The Gioi Di Dong chain recorded revenue mainly from ICT products such as laptops, phones... Online revenue recorded a 40% decrease compared to the same period.
For the Bach Hoa Xanh chain, revenue in the first 3 months of the year increased by only 5%, revenue from online channels increased by 19%. Revenue per store reached about 1.3 billion VND. The number of stores in March recorded a decrease of 19 Bach Hoa Xanh stores.
Business plan for the year to halve cash dividends, not pay stock dividends
In 2022, Mobile World encountered some business difficulties when the whole year's revenue only reached 133,404.8 billion VND, an increase of 8.5% compared to 2021. However, profit after tax decreased from 4,901.4 billion VND to only 4,101.7 billion VND, a decrease of about 16.3%.
The poor business situation this year was even more evident when Mobile World had to close all stores in the Bluetronics chain in Cambodia. This chain has been operating since 2017 with the first store located in the capital Phnom Penh under the name BigPhone. In 2019, it changed its name to Bluetronics. To date, all 55 stores have closed, with only 2 stores remaining in the capital Phnom Penh.
With business difficulties, it is not difficult to understand why Mobile World had to halve its cash dividend and not pay stock dividends.
It is worth mentioning that despite the difficulties in 2022, Mobile World still proceeds to issue ESOP shares to reward employees. Last year, Mobile World also issued an additional 19.2 million ESOP shares for the company's key management staff.
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