With the summer just beginning, record-breaking heat has spread across all three regions. The sweltering weather has led to a surge in demand for air conditioners, refrigerators, and other cooling devices.
According to a Facebook post by Mr. Doan Van Hieu Em, a member of the Board of Directors of Mobile World Investment Corporation (MWG), Dien May Xanh (DMX) sold over 40,000 air conditioners and nearly 25,000 air coolers during the last weekend of April (26th, 27th, and 28th).
Air conditioners and refrigerators have consistently been among the best-selling products in the DMX chain (with 2,184 stores as of the end of March). In the first quarter of the year, the家電 industry saw double-digit revenue growth, with air conditioners leading the way with a 50% increase year-over-year, serving as a primary growth driver for MWG.
In 2023, against the backdrop of weakening consumer demand, most家電 and electronics sectors reported negative growth, with air conditioners being the only exception, continuing to grow positively in both volume and revenue. MWG stated that thorough preparation in terms of product range, combined with practical promotional programs and the ability to proactively manage resources in the delivery and installation process, were key factors in DMX’s success in capturing business opportunities during the peak season.
Leveraging its advantage as the家電 and electronics retail chain with the largest market share in Vietnam, since 2020, MWG has simultaneously developed a subsidiary, Tan Tam Installation – Repair – Warranty Service JSC, operating in the field of electrical and water repair and maintenance services and installation of家電 products with 9,000 technical staff covering all 63 provinces and cities.
In addition to serving individual households through appointment scheduling, Tan Tam also partners with major brands and retail chains to maintain and warranty products during their usage.
Regarding its business results in the first quarter of 2024, MWG recorded net revenue of VND 31,486 billion, an increase of over 16% compared to the same period last year. After-tax profit reached over VND 900 billion, 43 times higher than the same period in 2023 and the highest level in six quarters since Q3 2022.
