FPT's profit up by 14 percent in first half
FPT Corporation overcame challenges due to the COVID-19 pandemic in both the global and domestic markets to achieve positive financial results in the first half of the year, especially in core business lines.
HCM CITY, VNS/VNA - FPT Corporation overcame challenges due to the COVID-19 pandemic in both the global and domestic markets to achieve positive financial results in the first half of the year, especially in core business lines.
Its total revenue and profit before tax (PBT) went up by 9 percent and 14 percent over the same period last year to reach 13.6 trillion VND (589.3 million USD) and 2.4 trillion VND (104 million USD), respectively.
Its PBT margin was slightly up at 17.8 percent compared to 17.1 percent in 2019.
Earnings per share reached 2,078 VND, up 14.1 percent year-on-year.
In many of FPT's core foreign markets, governments have implemented social distancing and lockdowns, making it difficult to approach clients. But thanks to its right business strategy, growth in revenue and PBT in its global IT services segment was at 18 percent and 21 percent year-on-year, accounting for 43 percent and 37 percent of its total.
Total value of newly signed contracts increased 16 percent in the first half of the year. In particular, FPT outbid other global competitors to become the strategic partner of a leading automotive company in the US in a 20 million-USD IT project.
In the domestic, the business lines that provide essential needs such as telecom services and education operated well throughout the lockdown period. Telecom services’ revenue and PBT posted 5.2 trillion VND and 833 billion VND, up 12 percent and 22 percent. Of the figure, broadband revenue and PBT increased by 10 percent and 18 percent.
COVID-19 has accelerated the demand for digital technology. In the first six months of 2020, revenue from digital transformation recorded 1.7 trillion VND, up 65 percent, signaling how crucial it has been for businesses to adopt digital technology during the pandemic.
The company also introduced a complete digital solutions portfolio to help enterprises recover and thrive after the pandemic by optimising costs, automatising process, and enhancing innovation and security. - VNA