Chứng khoán

Key Points

• MWG's consolidated net revenue in Q1 2025 reached 36.135 tỷ đồng, a nearly 15% increase year-over-year.
• After-tax profit surged by over 71% to 1.548 tỷ đồng.
• TGDĐ and ĐMX chains grew 14%, with strong ICT sector performance.
• BHX chain saw a 20% revenue increase to over 11 nghìn tỷ đồng.
• An Khang and Avakids chains showed significant improvements, with Avakids achieving profitability.
• Increased employee costs reflect growth in staff numbers.
• Strategic implementation and operational efficiency contributed significantly to the positive results.

Detailed Summary

• Công ty Cổ phần Đầu tư Thế giới Di động (MWG) announced its **consolidated Q1 2025 financial report**.
• **Net revenue** reached **36.135 tỷ đồng**, representing a **nearly 15% increase** compared to 31.486 tỷ đồng in Q1 2024.
• **Profit after tax** was **1.548 tỷ đồng**, a **more than 71% rise** from 903 tỷ đồng in the same period last year.
• Financial income increased significantly to 693 tỷ đồng, while financial expenses decreased by 36 tỷ đồng to 339 tỷ đồng.
• Selling expenses were reduced by 418 tỷ đồng, but general and administrative expenses increased from 868 tỷ to 1.214 tỷ đồng.
• Cost of sales by element rose by over 4.000 tỷ đồng, including a nearly 400 tỷ đồng increase in employee costs, reaching 2.651 tỷ đồng.
• As of Jan 31, 2025, the company had **64.217 employees**, an increase of 1.085, with average employee cost around 13,8 triệu đồng/person/month for the quarter.
• The **TGDĐ and ĐMX chains** contributed over **24.2 nghìn tỷ đồng in revenue**, up **14% YoY**, with online sales accounting for 6%. Average revenue per existing store grew over 15%. The **ICT group experienced strong growth (>20%)**.
• The **Bách Hóa Xanh (BHX) chain** generated over **11 nghìn tỷ đồng in revenue**, a **20% increase YoY**. Average revenue for stable stores was 2,1 tỷ đồng/store, and 232 new stores were opened averaging 1,2 – 1,5 tỷ đồng/store.
• The **An Khang chain** recorded **515 tỷ đồng in revenue**, showing significant improvement and is on track to break even.
• The **Avakids chain** had **313 tỷ đồng in revenue**, with average monthly retail revenue per store increasing by about 10% and online contributing over 50%. The chain **achieved profit at the company level** in Q1 2025.
• The **Erablue chain** achieved nearly **700 tỷ đồng in revenue** from 95 stores.
• MWG attributed these results to a **clear strategy, effective implementation**, seeking growth opportunities, offering accessible solutions like installment plans, motivating staff, implementing a new service culture, and fostering strong partner relationships.

Conclusions

• MWG demonstrated robust financial performance in Q1 2025, with strong double-digit growth in both revenue and profit, exceeding market recovery pace in key segments.
• Performance across major chains was positive, with BHX and TGDĐ/ĐMX being primary revenue drivers and smaller chains like Avakids and An Khang showing improving profitability and nearing break-even.
• The results highlight the effectiveness of MWG's strategic focus on optimizing operations, enhancing customer experience, and expanding market share across diverse retail segments.