Viettel Global reports profit of VNĐ1.2 trillion in Q2 2024

Mozambican customers register for telecommunication services at a branch of Movitel (a joint venture between Viettel from Việt Nam and SPI from Mozambique) in Matola Province. — VNA/VNS Photo

HÀ NỘI — Viettel Global (UPCoM: VGI) reported a net profit of over VNĐ1.2 trillion (US$47.5 million) for the second quarter of 2024, with net revenue increasing by 27 per cent.

This marks the tenth consecutive quarter of growth compared to the same period in 2023 and is the highest quarterly revenue ever recorded by the corporation.

The figures were derived from Viettel Global’s consolidated financial report for Q2 2024. Specifically, revenue from sales and service provision reached nearly VNĐ8.7 trillion, a 27 per cent increase compared to Q2 2023 and nearly five times the global telecommunications growth rate of six per cent (according to GSMA).

In the second quarter, all nine markets exhibited high growth, with Lumitel in Burundi increasing by 32 per cent, Unitel in Laos by 30 per cent, Movitel in Mozambique by 23 per cent, Mytel in Myanmar by 21 per cent, Natcom in Haiti by 18 per cent and Telemor in East Timor by 15 per cent.

The electronic wallet companies also showed impressive growth, with M_mola (Mozambique) increasing by 136 per cent, U-money (Laos) by 53 per cent, Halopesa (Tanzania) by 35 per cent and Lumicash (Burundi) by 25 per cent.

In May 2024, Movitel (Viettel in Mozambique) rose to the number one market share position, marking the seventh market where Viettel Global holds the leading position. In 2024, the corporation aims to maintain a double-digit growth rate, with traditional telecommunications growing by over 10 per cent and non-telecommunications services growing between 20 and 30 per cent.

Viettel Global is pursuing a strategy of expanding its business both in depth and breadth. In depth, to ensure sustainable and effective development, Viettel Global maintains its number one position and continues to expand new services in markets such as data centres, cloud services, electronic wallets and digital services for governments and citizens. In breadth, at the invitation of various countries, Viettel Global continues to survey new markets to seek investment and business opportunities. — VNS