According to FPT Telecom’s 2023 audited financial statements (FOX stock code, UpCom), the company recorded VND 630 billion in non-recoverable debts, an increase of VND 142 billion compared to the beginning of the year. However, the recoverable value is only about VND 7.8 billion, accounting for 12%. In which, FPT Telecom recorded VND 63 billion in difficult-to-collect debts with Sâm Ngọc Linh Kon Tum Joint Stock Company and has made a full provision for it.
FPT Telecom did not provide specific details about this debt with Sâm Ngọc Linh Kon Tum Joint Stock Company. These two companies are known for their common activity in the national championship football tournament (V-League 1). FPT Telecom is the company that owns the copyright of V-League 1 from 2023-2027. Sâm Ngọc Linh Kon Tum, on the other hand, with the Night Wolf energy drink brand, is the main sponsor of this tournament for 3 consecutive years from 2022-2024.
According to research, Sâm Ngọc Linh Kon Tum was established in March 2006 with a charter capital of VND 20 billion, and its shareholder structure includes: Mr. Lê Đức Thảo (25%), Mr. Trần Văn Hảo (25%), and Mr. Trần Hoàn (50%). Besides being the largest shareholder, Mr. Trần Hoàn (born in 1975) is also the Chairman of the Board of Directors/Company’s legal representative.
In January 2018, the company was approved by Kon Tum Provincial People’s Committee to invest in the project “Investment and management, protection and development of forests, combined with protection and development of medicinal plants (Sâm Ngọc Linh) under the forest canopy in Tu Mơ Rông district.”
This project has a land use area of 4,966.4 hectares, with a total investment capital of VND 4,933.4 billion. In which, Sâm Ngọc Linh Kon Tum contributes VND 1,480 billion, accounting for 30% of the total investment capital. The company contributes capital in cash, with a capital contribution progress from 2018-2027.
The ambition of Sâm Ngọc Linh Kon Tum is demonstrated in the “huge” capital increase in June 2021 to VND 5,162.3 billion. Along with that, the long-term assets of the company at the end of 2021 were also recorded to increase 4.6 times compared to the beginning of the year, reaching VND 5,130.4 billion.
As for FPT Telecom, the accumulated revenue for the whole year 2023 reached VND 15,806 billion and after-tax profit reached VND 2,428 billion, increasing by 7% and 8% respectively compared to the previous year. This is a record profit level for the company, extending the profit growth streak for 6 consecutive years.
In 2023, the company set a revenue target of VND 16,730 billion and a pre-tax profit of VND 3,230 billion. Thus, with a pre-tax profit of VND 3,036 billion, FPT Telecom achieved 94% of the profit target and 95% of the revenue plan for the year.
