The Mobile World Investment Corporation (MWG) has ended 2023 without meeting its business plan. Specifically, the Group recorded a 11% decrease in net revenue compared to 2022, reaching VND 118,280 billion, while after-tax profit decreased to only VND 168 billion – a 96% decrease from the VND 4,102 billion in 2022. Thegioididong and Dien May Xanh chains still contribute 70.6% of revenue to MWG, about VND 83,530 billion. In which, online revenue reached VND 16,000 billion.
In 2023, Thegioididong sparked a price war in the electronics and refrigeration retail sector. However, sharing at the investor meeting, Mr. Doan Van Hiem – CEO of Thegioididong and Dien May Xanh chains said the company does not have a leading strategy for price competition in 2024.
“We have completed this mission in 2023. We feel that the market has begun to understand the price message we have conveyed. At the same time, the market has also cooled off a lot, no longer tense about prices. This helps us maintain profitability in 2024”, Mr. Hiem commented.
The CEO added that currently, MWG’s mobile market share fluctuates around 50%, depending on each brand. Some brands have accounted for 60-70% market share. As for home appliances, for installed goods with high value, Mr. Hiem estimated that MWG achieved 50% market share, depending on each group, each brand. In which, the home appliances group still has a lot of potential, opportunities to focus on increasing revenue and improving gross profit.
MWG’s business performance (Source: MWG)
