Viettel Post (VTP VN) _Annual meeting 2022 update
- 2021 Revenue reached VND 21,452 billion (+24% YoY), NPAT reached VND 295 billion (-23% YoY). In first half of 2021, company business was operating under normal condition but was disturbing in the second half during Covid-19 outbreak and social isolation imposed. In Q3/2021, revenue was just equal 30-35% of pre-covid, transportation and supply chain were collapsed. Now, most activities and business operation are normalized, however, not yet back to to pre-covid level. Competition Delivery success rate (commercial trading floor 98.3%), others 90% in Q1 2022.
- Fulfilment service started in 2021, focus on Viettel group only.
- Company guidance for 2022: revenue VND 25,000 billion (+19.3%), NPAT VND 623 billion (+68%). VTP target VND 28,500 billion of revenue in 2025, claim 1st position in industry.
- VTP corporate with Sai Gon New Port to operate fulfilment service in Binh Duong province.
- Currently, the industry is very competitive. In last 3 years, many FDI companies have entry to complete with domestic players such as J&T, BEST. Many foreign investors entry the industry by merge or acquire domestic player such as Giao Hang Tiet Kiem. Price competition is intensive, end up with lower price year after year. In 2021 freight rate reduced 12%, in 2022 will reduce 8% more. Most of biggest trading floor such as Tiki, Shopee, Sendo own their shipping companies.
- Vo So trading floor aim at the agriculture or local specialty food. VTP plan to list in HOSE in Q3 2022. Total investment this year is VND 1,917 billion, focus on warehouse, truck, automated sorting system.
