Mobile World Investment (MWG) Q1 2022 earnings summary

Executive summary

• Q1 2022 net revenue reached VND36,467bn, up 18% YoY; net profit after tax was VND1,445bn, up 8% YoY.

• TGDD and DMX growth was supported by same-store sales and new stores; BHX showed sequential recovery, while sales remained below its pre-outbreak comparison on several store-level measures.

Financial highlights

• Revenue achieved 26% of the VND140,000bn 2022 target; net profit after tax achieved 23% of the VND6,350bn target.

• April net revenue was VND11.4tn, up 19% YoY; 4M2022 revenue was VND47.9tn, up 18% YoY.

Outlook and guidance

• 2022 targets remained VND140,000bn in net revenue and VND6,350bn in net profit after tax; Q1 completion stood at 26% and 23%, respectively.

• April online revenue reached VND1.5tn, up 178% YoY; 4M2022 online revenue was VND7.5tn, up 145% YoY.