Viettel Global’s (VGI) profits reached a record high level in the fourth quarter of 2024
Viettel Global’s (VGI) profits reached a record high level in the fourth quarter of 2024
On February 3, Viettel Global (UPCoM: VGI) announced its consolidated financial statement for the fourth quarter of 2024.
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The report shows that revenue from sales and service provision of Viettel Global reached nearly VND9.64 trillion ($384.4 million) in the fourth quarter of 2024, a 27 per cent increase from a year ago. Its after-tax profit reached VND3.71 trillion ($148 million), the highest level ever recorded by the corporation and nearly,4.3 times higher than the fourth quarter of 2023. Revenue from sales and service provision maintains a growth rate of over 20 per cent for five consecutive quarters and marks the 12th quarter with continuous growth. In 2024, Viettel Global grew 25, per cent nearly 6 times higher than the global telecommunications growth rate of 4.1 per cent (according to Gartner).
In the fourth quarter of 2024, all markets exhibited high growth in revenue from sales and service provision, with Lumitel in Burundi increasing by 80 per cent, Halotel in Tanzania increasing by 32 per cent, Natcom in Haiti increasing by 28 per cent. In the saturated markets of telecommunications and economic difficulties such as Laos, Viettel still retains a 32 per cent growth rate thanks to the business expansion of special services in the field of digital transformation. In the fourth quarter of 2024, Viettel in Laos also officially rolled out 5G service. Viettel Global is on the right path to implementing its digital transformation strategy. The group is pioneering in shaping a digital society for the countries where it invests in. The electronic wallet companies also showed impressive growth in revenue on-year. In the fourth quarter of 2024, Lumicash (Burundi) saw its revenue increase by 70 per cent, eMoney (Cambodia) increased by 56 per cent, Halopesa (Tanzania) increased by 43 per cent, U-money (Laos) increased by 36 per cent, e-Mola (Mozambique) increased by 32 per cent.
2024 was a year full of challenges for Viettel Global but the group still maintained a strong growth momentum. Viettel Global's value has continuously grown, reaching a market capitalisation of over $10 billion. Viettel Global is one of the enterprises with the highest market capitalisation in Vietnam’s stock market.
In 2024, Viettel Mozambique climbed to top spot in terms of mobile subscribers, e-wallet subscribers and mobile revenue. As of present, there are seven markets where Viettel Global holds the leading position.
In the fourth quarter, Viettel Global is honoured to receive 6 more labor medals and certificates of merit from the Vietnamese government and other countries. These achievements are a recognition of the company's tireless efforts in implementing the economic integration policy and promoting the country and its people.
