Viettel Post intends first class five-year results.

Viettel Post intends first class five-year results.

Military-run Viettel Post Joint Stock Corporation is envisioning a fruitful harvest over the next five years.

At its 2014-2019 shareholder meeting last week, it set a $190.5 million average revenue by 2019, requiring annual growth of 20-23 per cent. Within the same period it aimed at $2.33 million of after-tax profits, up 13-15 per cent per year and announced a dividend payment rate of 15 per cent year.

It also set its sights on the total fixed assets of $28.6 milion, rising 18 per cent per year.

Chairman Duong Van Tinh said that to reach these targets the company would increase its charter capital this year to equal its equity. Some 900,000 shares will be issued at an initial $0.47 per share.

Viettel Post has forecasted revenue hitting $69 million this year, up 30 per cent against last year. Its express delivery and stationary services are its main earners and this means an expected growth of 37 and 50 per cent, respectively.

The same forecast showed pre and after-tax profits of $1.58 and $1.18 million, both up 12.68 per cent on-year and with a return-on-equity ratio of 21.4 per cent. Income per share would increase 12.66 per cent on-year with a dividend payment rate of 15 per cent.

This year Viettel Post is expected to contribute around $2.9 million in taxes, up 12 per cent on-year, to the state budget.

During 2009-2013, revenues totalled nearly 161.9 million, at an average $35.8 million per year. Total post-tax profits stood at $4.14 million, with a return-on-equity ratio of 32.25 per cent and a dividend payment rate of 15 per cent per year.

Despite poor market conditions in 2013, Viettel Post still achieved annual revenues of $54 million, up 24 per cent against 2012. After-tax profit increased 17 per cent while labour productivity rose 29 per cent on-year. It contributed $2.58 million to the state budget, up 18.48 per cent on-year.

The company affirmed its focus on services with high added value and reinforced this with its merger with Viettel Telecom, which is a member of Viettel Group – the parent of Viettel Post, to expand its network to over 85 per cent of communes nawionwide, up 13 per cent against last year. Within 2014 it plans to have 700 transaction points nationwide.

“We will expand co-operation with countries such as Japan, Taiwan, Hong Kong and South Korea,” said Viettel Post’s general director Luong Ngoc Hai.

Early last month the company was listed as one of the 500 fastest-growing enterprises in Vietnam by FAST500, produced by market insider Vietnam Report and Vietnamnet. Viettel Post was the only firm from the small and medium-d firm community in the post and delivery sector to be named.

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