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ECONOMYTRADE - SERVICE

VNG posts pre-tax profit of US$50.3 million in 2017

Updated at Sunday, 20 May 2018, 14:10
The Hanoitimes - Vietnam`s leading technology firm VNG posted pre-tax profit in 2017 at VND1.15 trillion (US$50.3 million), taking its accumulated profit to over VND4.6 trillion (US$201.2 million), according to the firm`s 2017 financial statement.
VNG's revenue in 2017 is posted at VND4.26 trillion (US$186.3 million), up 41% compared to 2016 and after-tax profit of VND938 billion (US$41 million), up 72% year on year, marking the highest revenue and profit since its establishment in 2004.
 
Illustration photo.
Illustration photo.
The firm also paid its corporate tax of over VND220 billion (US$9.62 million), some 1.5 times higher than the figure posted in 2016. 

Notably, VNG has deposited around 55.9% of its total assets. By the end of 2017, VNG recorded VND131 billion (US$5.73 million) in interest, up 72% year on year. 

In addition to research & development activities, producing and distributing software products to international markets such as Thailand, Singapore, Myanmar, VNG has signed a preliminary agreement to list on Nasdaq, the US's largest stock market with market capitalization of over US$6.8 trillion. 

Expanding new markets and following the strategy of "Go Global" will be the focus of VNG in the future, said its report. 

In 2018, VNG set revenue target of VND5 trillion (US$218.7 million), up 17.3% year on year and after-tax profit of VND549 billion (US$24 million). 

The company will diversify its business core, prioritizing in four main fields of e-wallet, smart phones development, setting up the company's ecosystem for its products, and e-commerce. 

VNG is expected to propose a employee stock ownership plan (ESOP) to the general meeting in 2018 with a total of 2.9 million shares, pricing at VND30,000 (US$1.31) apiece. Since 2011, VNG has sold over 3.5 million shares to its employees and staffs. 

Along with traditional digital content development, VNG will focus its resources on developing new technologies, including artificial intelligence, machine learning, big data, virtual reality, and e-payment. 
Ngoc Thuy
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