FPT (FPT) Q2 2024 earnings summary

Executive summary

• Consolidated revenue for H1 2024 reached VND 29,338 billion, up 21.4% year-over-year; profit after tax was VND 4,443 billion, up 21.2% year-over-year.

• PAT attributable to parent company shareholders rose 22.3% to VND 3,672 billion; EPS increased 21.7% to VND 2,514.

• Growth was driven by robust performance in Global IT Services, strong expansion in education, and continued telecom momentum, especially in Japan and APAC.

• Technology sector accounted for 62% of group revenue and 47% of pre-tax profit in H1 2024.

• Maintains 20% growth trajectory, closely tracking annual guidance.

Financial highlights

• Net revenue for H1 2024: VND 29,338 billion (+21.4% YoY); profit before tax: VND 5,198 billion (+19.8% YoY); profit after tax: VND 4,443 billion (+21.2% YoY).

• PAT to parent company shareholders: VND 3,672 billion (+22.3% YoY); EPS: VND 2,514 (+21.7% YoY).

• Gross profit for H1 2024: VND 5,651 billion; gross margin: 19.3%.

• Total assets at 30/6/2024: VND 65,322 billion; equity: VND 32,784 billion.

• Cash and cash equivalents at 30/6/2024: VND 6,836 billion, down from VND 8,279 billion at year-end 2023.

Segment performance

• Global IT Services H1 revenue: VND 14,573 billion (+29.8% YoY), pre-tax profit: VND 2,294 billion (+25.1% YoY); driven by Japan (+35.2%) and APAC (+31.9%) markets, with digital transformation revenue up 37%.

• Domestic IT Services H1 revenue: VND 3,504 billion (+17.8% YoY), pre-tax profit: VND 157 billion (-7.8% YoY); "Made-by-FPT" products revenue up 47.5%.

• Telecom Services H1 revenue: VND 7,966 billion (+7.3% YoY), pre-tax profit: VND 1,697 billion (+15.1% YoY).

• Education H1 revenue: VND 3,425 billion (+24% YoY); new education complexes in Thanh Hoa and Hue expand national footprint.

• Online Advertising H1 revenue: VND 278 billion (+7.6% YoY), pre-tax profit: VND 62 billion (+57.7% YoY).