FPT expects profit to rise 22% in Q1

Friday, Apr 09, 2021 16:39

FPT’s campus in Hanoi. The company sees the COVID-19 pandemic as a good opportunity for growth, but also faces challenges in personnel. — Photo fpt-software.com

FPT Corporation (FPT) estimated its revenue to increase 14 per cent in the first quarter of 2021, resulting in a growth of 22 per cent in profit.

In the annual general meeting held at FPT's new headquarters on Wednesday afternoon, FPT set 2021's revenue target at VND29.83 trillion, up 16.4 per cent year-on-year. The company's profit before tax is set to rise 18 per cent to VND6.21 trillion.

Of which, revenue from technology is expected to climb 16.8 per cent to VND19.6 trillion. Revenue from telecommunication and education & investment sectors is also set to increase 10.8 per cent and 53.9 per cent, respectively.

In the first quarter, the company expected its revenue to increase 14 per cent over the same period last year, with a gain of 22 per cent in profit.

At the meeting, Truong Gia Binh, President of FPT Board of Directors, said that the COVID-19 pandemic is a chance for growth as it boosts global digital transformation.

FPT estimated revenue from digital transformation to rise 30 - 40 per cent this year. Last year, the company gained over VND3.2 trillion from this sector, mostly from the international market. The company's revenue from technology in the international market is expected to grow 50 per cent in 2021.

However the pandemic also creates challenges for the company, especially in personnel.

FPT can receive many orders at the same time in the near term, so the quality matter can affect its reputation, Binh said. The company has to recruit 7,000 people to meet growth demands, the president added.

Regarding the overloading issue of the Ho Chi Minh Stock Exchange (HoSE), FPT is confident that it can solve the problem as it has experience in making the core trading system for the Ha Noi Stock Exchange (HNX), even the core system of depository centre management, corporate bond management, and derivative transactions.

FPT shares finished higher on Friday, up 3.14 per cent to VND82,100. — VNS

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