Same-store sales drive Dien May Xanh's (DMX) first-half revenue

Same-store sales drive Dien May Xanh's (DMX) first-half revenue

Dien May Xanh Investment JSC (DMX) reported first-half consolidated revenue of $2.61 billion, up 31 per cent on-year, driven by strong air conditioning seasonal demand and broad-based same-store sales growth across its retail network.

The ICT and consumer electronics retailer said it has achieved 53 per cent of its full-year revenue target of $4.9 billion. Same-store sales increased 32 per cent during the first six months of the year, while the domestic store network remained unchanged with no new openings.

Second-quarter revenue reached $1.32 billion, an increase of 29 per cent on-year. Consumer electronics accounted for 45 per cent of second-quarter revenue, up from 41 per cent in the first quarter, due to hot summer weather supporting air conditioner sales.

Quarterly air conditioner sales rose 71 per cent, while first-half air conditioner sales increased 60 per cent. Sales of home appliances, refrigerators and laptops each grew 35 per cent during the first six months.

In the ICT category, Apple sales (TopZone chain) remain the strongest driver with 50 per cent growth on-year, with other sub-categories also deliver double-digit growth consistently.

Alternative sales channels also contributed to growth. Financed purchases increased 49 per cent on-year and represented 38 per cent of total revenue, compared with 35 per cent in the same period last year. DMX said 96 per cent of its products were eligible for consumer financing.

Gross merchandise value from utility payment and agent banking services reached $2.24 billion across 36 million transactions during H1. Digital channels, including DMX’s Super App and online platforms, generated $283.4 million, accounting for 11 per cent of total revenue. The DMX Technician service business reported revenue of $75.7 million, up 47 per cent from a year earlier.

Outside Vietnam, DMX’s Erablue joint venture in Indonesia recorded revenue growth of 92 per cent, supported by 17 per cent same-store sales growth. The business added 146 stores compared with a year earlier, including 80 since the beginning of January, bringing its network to 261 stores.

The stellar Q1 business results follow the company’s recent initial public offering, which raised more than $532 million at a price of VND80,000 ($3.20) per share. The offering recorded a 93 per cent subscription rate, with domestic and international institutional investors accounting for 90 per cent of subscriptions.

DMX shares are scheduled to begin trading on the Ho Chi Minh City Stock Exchange in August.

VIR