In the first quarter (Q1) of 2023, FPT recorded net revenue of VND 14,093 billion and pre-tax profit of VND 2,534 billion, up 21% and 19% year-on-year, respectively. Net profit rose by 20% to VND 1,798 billion, with earnings per share (EPS) of VND 1,416 per share.
| FPT’s net profit reaches historical high |
The company said its Q1 growth was primarily driven by the technology segment (including domestic IT services and international IT services) which contributed 60% to revenue and 45% to pre-tax profit, equivalent to VND 8,472 billion and VND 1,155 billion, up 24% and 28% year-on-year, respectively.
In this, the international IT services segment generated VND 6,999 billion in revenue and VND 1,115 billion in pre-tax profit, up 28% and 26% year-on-year, respectively. This was driven by sustained high growth in key markets including Japan (+44.2%) due to strong IT spending, particularly for digital transformation.
In 2024, FPT targets revenue of VND 61,850 billion (approx. USD 2.5 billion) and pre-tax profit of VND 10,875 billion, both up 18% year-on-year. As of Q1 end, the Vietnamese tech giant completed 23% of its annual revenue and profit targets approved by its General Meeting of Shareholders.
On the balance sheet, as of March 31, 2024, FPT‘s total assets exceeded VND 62 trillion, an increase of over VND 1.7 trillion from年初. Cash and cash equivalents, including bank deposits, accounted for nearly 40% of total assets, reaching over VND 24.5 trillion, up by VND 188 billion.
On the other side of the balance sheet, total liabilities were close to VND 30.3 trillion, a slight decrease of VND 52 billion from年初. Total short-term and long-term financial borrowings amounted to over VND 16.5 trillion, up by about VND 2.5 trillion. Of this, nearly VND 12 trillion was borrowed in Vietnamese Dong (VND), over VND 9 trillion in Japanese Yen (JPY), and more than VND 129 billion in USD…
