FPT headquater locates in Phạm Văn Bạch street, Hà Nội. — VNS Photo
Việt Nam’s giant technology company, FPT has reported a strong financial performance in the first quarter of 2024.
The company achieved a revenue of VNĐ14.09 trillion (US$587.08 million), representing a growth of 20.6 percent compared to the same period in the previous year. Its profit before tax also increased by 19.5 percent, reaching $105.41 million.
The technology sector, which includes Domestic IT Services and Global IT Services, played a significant role in FPT's success. It contributed 60 percent of the company's revenue and 45 percent of its pre-tax profit. Specifically, the Domestic IT Services and Global IT Services segments generated $129.96 million (up 23.8 percent) and $47.91 million (up 27.5 percent) in pre-tax profit, respectively.
FPT's Global IT Services division experienced robust growth, with revenue reaching nearly $291.66 million, a 28.8 percent increase compared to the same period last year. The segment's profit before tax also rose by 25.5 percent, reaching $46.25 million. The company achieved revenue growth in all markets, particularly in Japan, where revenue increased by 44.2 percent despite the depreciation of the Japanese currency. The rising demand for digital transformation in the Japanese market contributed to this growth.
FPT has been successful in securing large contracts from overseas markets, particularly in Japan and the Asia Pacific region. In the first three months of 2024, the company secured 15 large deals with a scale of $5 million each. This success is attributed to FPT's position as a billion-dollar global IT services provider.
The company's digital transformation services also performed well, with revenue reaching VNĐ2.95 trillion, a 36 per cent increase compared to the same period last year. FPT's Domestic IT Services segment achieved a revenue growth of 4.6 percent, reaching $61.25 million. This growth was supported by efforts to enhance collaboration with governmental entities and advance Cloud Computing and AI for local enterprises.
FPT's ecosystem, known as the made-by-FPT ecosystem, contributed significantly to its growth. The ecosystem generated $20.75 million in revenue, representing a growth of 89.3 percent compared to the same period last year.
Other notable achievements for FPT in the first quarter include its first merger and acquisition deal in Japan, the establishment of a software joint venture with Konica Minolta, the expansion of its presence with a new office in Dalian, China, the appointment of a prominent technology group leader as CEO of FPT France, the development of FPT's core leasing system for Vietnam's first financial leasing company, and the progress made in the construction of the FPT Education Complex Thanh Hoa. — VNS