Total revenue of MWG group in the first two months of the year reached over 21.6 trillion VND, up 14% compared to the same period last year and achieving 17% of the revenue target of 125 trillion VND set for 2024.
In terms of structure, The Gioi Di Dong chain, including Topzone (TGDĐ) and Dien May Xanh (ĐMX), contributed 21.2% and 47.7%, totaling 14.9 trillion VND, in which online revenue accounted for 17%. Meanwhile, Bach Hoa Xanh (BHX) chain contributed 28.2%, equivalent to over 6 trillion VND.
 Source: MWG
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At the end of February 2024, MWG operated a total of 5,607 stores, including 1,077 TGDĐ stores, 2,189 ĐMX stores, 1,698 BHX stores, 526 An Khang pharmacies, 64 Ava Kids stores, and 53 Erablue stores.
The store system has been more stable with the number of stores not changing much compared to the end of 2023, with the Erablue chain seeing the strongest growth with 15 new stores. However, compared to the same period last year, the number of stores decreased sharply by 166, mainly in the TGDĐ chain with 112 stores and ĐMX with 98 stores.
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MWG store system
Source: Compiled by the writer
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Business in phones and electronic appliances increased slightly despite fewer selling points.
After 2 months, the total revenue of both TGDĐ and ĐMX chains reached 14.9 trillion VND, up 3% compared to the same period, of which online revenue reached 2.5 trillion VND, up 9%. The slight increase marks the company’s effort to maintain revenue in the context of operating with fewer than 210 selling points compared to the end of February 2023.
According to MWG, the main growth driver comes from the electronics industry, especially air conditioners, refrigerators, and appliances. Other sectors recorded equivalent or slight decrease in revenue compared to the same period.
MWG also said it will continue to review all operational activities in the first quarter of 2024 to improve the absolute profit of the chain. “After 5 months of intense restructuring since the fourth quarter of 2023, operational efficiency indicators are showing positive changes,” MWG shared.
* MWG does not aim to lead the price war in 2024.
Bach Hoa Xanh chain saw strong revenue growth.
The BHX chain brought in over 6 trillion VND in revenue in the first two months of the year, up 47% compared to the same period. Average revenue per store per month is approximately 1.8 billion VND, even though the company did not operate for a full month in February due to the Lunar New Year holiday.
“The revenue growth momentum comes from both the fresh food and FMCGs sectors. In particular, fresh food increased by over 70% and FMCGs increased by about 40% compared to the first two months of 2023. This year, the company has planned early to prepare sources of goods and warehouse systems, ensuring continuous, complete, and diverse operating activities as well as more stable prices for customers,” explained MWG.
MWG also said that operating efficiency has improved compared to the same period, thanks to good cost control efforts after restructuring.
* MWG Chairman: The growth in the next 5 years of the Group lies in Bach Hoa Xanh.
* MWG aims for recovery in 2024, with a maximum of 100 billion for the treasury stock plan.
In the stock market, the improved business situation is partly reflected in the stock performance of MWG. Since the beginning of 2024, MWG’s stock price has increased by nearly 15% to 49,100 VND/share as of the close of March 22nd, with an average trading volume of over 10.3 million shares per day.
| MWG stock performance from the beginning of 2024 until now |
Huy Khai
