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Mobile World Investment Corporation (MWG) reported first-quarter 2026 net profit of about VND 2,758 billion, up 78% year-on-year and the highest quarterly profit in the company’s history. The result followed a strong expansion in revenue and gross profit, alongside higher financial income.
MWG’s revenue reached nearly VND 46,662 billion, up more than 29% year-on-year, the largest quarterly revenue in MWG’s history. Gross profit rose about 35% to around VND 9,710 billion, with a gross margin of 20.8%.
Financial revenue totaled nearly VND 858 billion, up about 24%, mainly driven by interest income, lending activities, and bonds.
By the end of March, MWG held bank deposits of VND 25,875 billion, bonds of VND 14,530 billion, and loans to partner companies of VND 7,316 billion.
Operating expenses increased by more than 21% versus the previous quarter. The largest components included staff costs, external services, and interest expenses. Despite the rise, MWG said expenses remained modest relative to revenue.
Management attributed profit growth primarily to revenue expansion. Dien May Xanh, MWG’s home electronics and appliances chain, grew revenue by 34% despite no new store openings. All major segments posted revenue growth in the range of 15–65%.
Revenue from buy-now-pay-later was 50% higher than a year earlier, with a 97% product adoption rate. Erablue, MWG’s Indonesian joint-venture retailer, generated revenue doubling from the prior year, supported by 117 new stores and about 25% growth at existing stores; the chain also contributed to MWG’s profit.
For Bach Hoa Xanh, revenue growth was 19%, supported by the opening of 280 stores in Q1 and cost optimization at existing stores. The chain posted improved quarterly profit, though MWG did not disclose specific figures.
MWG’s net profit after tax reached about VND 2,758 billion in Q1, equivalent to over VND 30 billion per day on average. Cumulatively, net profit was about VND 20,783 billion.
For 2026, MWG targets revenue of VND 185,000 billion and after-tax profit of VND 9,200 billion, implying a profit growth target of 30%, roughly twice the revenue growth target of 18%. The company plans to focus on retail—the core business—while optimizing cash flow under favorable conditions.
MWG said the technology and home electronics segment remains a growth pillar, with Apple products contributing more than 40% of ICT revenue. After surpassing $800 million in 2025, MWG targets $1 billion in revenue by 2027, supported by maintaining a large market share and strengthening partnerships with brand manufacturers.
Management also expects the retail foods and consumer goods segment to be the next growth driver, targeting 20% revenue growth. The company remains cautious because the segment has only recently entered profitability, with projected revenue from existing stores rising 10% to support scaling.
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