Unlocking Profits: FPT’s August Success Story with Overseas IT Services

FPT Corporation has announced its impressive financial results for the first eight months of 2024, with a revenue of VND 39,664 billion and a pre-tax profit of VND 7,077 billion, marking a respective increase of 20.8% and nearly 20% compared to the same period last year. The after-tax profit attributable to the parent company (net profit) rose by nearly 23% to VND 5,007 billion, corresponding to an EPS of VND 3,428 per share.

Breaking down the figures, FPT’s pre-tax profit for August 2024 stood at VND 1,002 billion. Notably, the net profit for the month of August reached VND 722 billion, representing an increase of over 22% year-on-year.

For the full year of 2024, FPT has set ambitious business targets, aiming for a revenue of VND 61,850 billion (~USD 2.5 billion) and a pre-tax profit of VND 10,875 billion, reflecting an approximate 18% increase compared to the company’s performance in 2023. With the results achieved in the first eight months, the group has accomplished 64% of its revenue plan and 65% of its profit target.

The IT Services for Overseas Markets segment continued its remarkable growth trajectory, generating a revenue of VND 19,934 billion, equivalent to a 30.4% increase. This growth was driven by all four markets, with the Japanese and APAC markets maintaining their high growth rates, increasing by 34.4% (equivalent to a 37.2% growth rate in Japanese Yen) and 36.9%, respectively. The order backlog in overseas markets reached VND 22,774 billion, a 19% increase, while the pre-tax profit rose by nearly 27% to VND 3,182 billion.

Notably, during the eight-month period, FPT secured 29 large projects with a value of over USD 5 million each, underscoring the rising global demand for technology investments and FPT’s capabilities in technology provisioning.

Recently, FPT inaugurated its first office in Stockholm, Sweden, to cater to the growing demand for digital transformation and high-quality IT human resources in critical sectors such as healthcare, automotive, banking and finance, and green transition in Sweden and the wider Nordic region. The office’s strategic location enables FPT to engage and connect with prominent global enterprises in fields like automotive, energy, and manufacturing, while also enhancing its capacity to provide services and consulting to large corporations across the Nordic and European regions.

Domestic IT Services recorded a revenue of VND 4,591 billion, reflecting a 10.6% growth, propelled by technology investment demands from the banking and financial sectors.

Telecommunications Services maintained its strong growth momentum, with a revenue of VND 11,228 billion in the first eight months, marking a nearly 9% increase, and a pre-tax profit of VND 2,378 billion, a 16% rise compared to the same period last year.

In the Education, Investment, and Other Services segment, revenue grew by 28% to VND 3,911 billion in the eight-month period, while the pre-tax profit reached VND 1,330 billion.