Casper Vietnam attributed this improvement to a significant growth in its home appliances segment, with revenue and production volume of refrigerators increasing by 181% in the first six months compared to the previous year.
Casper Vietnam’s revenue and production volume of refrigerators have seen a significant increase.
It is worth noting that in 2022, Casper unexpectedly reported a consolidated after-tax loss of 467 billion VND. The company explained that the loss was due to a 58% increase in total sales support expenses, which reached 1,095 billion VND. These expenses were used for price support, agency and channel distribution discounts, ultimately reducing the selling price to consumers.
As of June 30, 2024, Casper’s consolidated equity was nearly 615 billion VND, an increase of almost 9% compared to June 30, 2023. The debt-to-equity ratio was 4.28, indicating that Casper’s debt currently stands at over 2,600 billion VND. The company’s total assets amount to over 3,200 billion VND, while bond debt is at zero.
Casper Vietnam’s financial highlights as of June 30, 2024.
On June 28, 2024, Casper Vietnam repurchased the remaining 100 billion VND of the CPGCH2225001 bond, bringing the bond debt to zero. The CPGCH2225001 bond was issued in 2022 with a total value of 300 billion VND, and in September 2023, Casper Vietnam had already repurchased 200 billion VND of the bond.
Casper is a Thai electronics brand established in 2016, which entered the Vietnamese market in its inaugural year. The company now boasts a distribution and service network of over 10,000 direct and indirect outlets in the country.
Casper’s main products distributed in Vietnam are manufactured and assembled in factories located in two cities in Thailand and are then imported as finished goods.
In addition to its core air conditioner business, Casper launched its television line in 2019 and introduced refrigerators and washing machines in 2021.
In terms of pricing, Casper is often considered a competitor to Hoa Phat Electronics in the Vietnamese market.
Currently, Casper Vietnam is ranked second in market share for air conditioners in Vietnam. During the three peak months of 2023, the company even claimed the top spot in the market. According to the company’s leadership, Casper delivers approximately one million air conditioners, TVs, refrigerators, and washing machines to consumers each year. By the end of 2023, the company ranked among the top 5 in the TV market, reached the 6th position in market share for front-loading washing machines (after more than two years of launching this product line), and secured the 4th spot in the Side by Side refrigerator market.
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