FPT sees strong growth in first quarter
FPT sees strong growth in first quarter
FPT recorded revenue of VND14.09 trillion ($587.08 million), and profit before tax of $105.41 million in the first quarter of 2024, up by 20.6 per cent and 19.5 per cent, respectively over the same period last year, on the back of good performance overseas and at home.
The technology sector, including Domestic IT Services and Global IT Services, continues to play a key role, contributing 60 per cent of revenue and 45 per cent of pre-tax profit at FPT Corporation, equivalent to $129.96 million, up 23.8 per cent on-year, and $47.91 million, up 27.5 per cent on-year, respectively.
Continuing the robust growth from 2023, Global IT Services reached nearly $29 1.66 million, up by 28.8 per cent, profit before tax reached $46.25 million, up by 25.5 per cent over the same period last year.
Revenue grew in all markets, especially in Japan (up by 44.2 per cent on-year) despite Japanese currency depreciation, thanks to the rising demand for digital transformation in this market.
Notably, leveraging its new position as a billion-dollar global IT services provider, FPT continue to secure a multitude of large contracts from overseas market, clinching 15 large deals with scale of $5 million each in just three months of 2024, mainly in Japan and the Asia Pacific
Digital transformation revenue reached VND2.95 trillion, an increase of 36 per cent over the same period, affirming the ability to provide effective and comprehensive digital transformation services of the company.
Thanks to endeavours to enhance collaboration with governmental entities and advance Cloud Computing and AI for local enterprise, the Domestic IT Services segment maintained revenue growth of 4.6 per cent on-year, reaching $61.25 million.
The high applicability of the made-by-FPT ecosystem brought in $20.75 million in revenue, growing 89.3 per cent over the same period last year, continuing to be one of the group's key growth drivers.
Telecommunication and Education continued to achieve sustainable growth. Specifically, Telecommunications services segment grew by 5.1 per cent over the same period last year, reaching $161.66 million; and profit before tax increased by 11.4 per cent, reaching $33.54 million.
Solidifying nationwide presence, FPT's Education maintained steady revenue growth of 31 per cent compared to the same period last year, reaching $73.75 million.
FPT’s business highlights in the first quarter included its first M&A deal in Japan; the establishment of a software joint venture with Konica Minolta; expansion of its presence with a new office in Dalian, China; the appointment of a prominent technology group leader as CEO of FPT France; FPT’s core leasing system for Vietnam's first financial leasing company; and the topping-out stage of the FPT Education Complex Thanh Hoa after only three months of construction.
