According to the consolidated financial report of the first quarter of 2024 of Mobile World Group Joint Stock Company (code MWG), Chairman of the Board of Directors Nguyen Duc Tai, member of the Board of Directors Doan Van Hieu Em, member of the Board of Directors and General Director Tran Huy Thanh Tung all received a salary of 0 VND in the first 3 months of the year. The number is surprising as MWG has just had a sudden profit in the first quarter of the year.
Source: MWG’s consolidated financial statements for the first quarter of 2023
In the first quarter, MWG recorded a net revenue of VND 31,486 billion, an increase of more than 16% compared to the same period last year, completing 25% of the full-year revenue plan. Net profit increased by 43 times compared to the same period in 2023 to more than 900 billion VND, the highest in 6 quarters since the third quarter of 2022 and completing 38% of the set full-year target.
The previous year 2023, according to the assessment of MWG’s leaders, was the most fierce in history. This retailer recorded a net revenue of over VND 118,000 billion, equivalent to 89% of the revenue in 2022 and only achieved 88% of the plan. Profit after tax reached 168 billion VND, down 96% compared to the same period, failing to meet the set target.
At the 2024 Annual General Meeting of Shareholders, Chairman Nguyen Duc Tai expressed his gratitude and apology to shareholders for an ineffective year of investment in MWG. “MWG’s stock did not bring efficiency to investors in 2023, but many investors still held shares and believed in the future. This is valuable to the corporation. We will strive to improve business efficiency in 2024 and expect this efficiency to reflect in the enterprise value and investment performance of shareholders,” said MWG’s Chairman.
In 2024, MWG’s leadership believes that consumer shopping demand will generally remain the same or even decrease compared to 2023 for some non-essential items. However, with a healthy financial foundation and a lean “body” after restructuring, MWG’s Chairman said that the enterprise is ready to cope with market fluctuations, with the resources and determination to realize the revenue target of VND 125,000 billion and after-tax profit of VND 2,400 billion in 2024. After the first quarter of the year, MWG has completed more than 25% of the revenue plan and nearly 38% of the full-year profit target.
