FPT profit rises by 20 pct

By Minh Son October 21, 2021 | 02:00 am PT

The FPT Headquarters in Hanoi. Photo by VnExpress/Minh Son

Driven by high growth in both domestic and foreign revenues from technology services, IT giant FPT reported a surge in profits for the first nine months of 2021.

The company achieved pre-tax profits of VND4.58 trillion ($201.76 million), up 20 percent year-on-year, as revenues soared by 17.9 percent to VND25 trillion.

Its technology division, its main growth driver, accounted for nearly VND2.1 trillion of the profit and VND14.29 trillion of revenues as they grew by 30.4 percent and 22.1 percent.

Revenues from overseas also rose sharply, especially from the U.S. and Europe, thanks to their high Covid-19 vaccination rates and gradual recovery in economic activity.

Domestic tech sales surged 32.3 percent to VND3.88 trillion, with products in the ‘Made by FPT’ ecosystem accounting for VND415 billion, a 55 percent jump.

There has been a stream of large orders, including 16 worth over $5 million each, a 167 percent rise year-on-year.

Revenues from digital transformation services climbed by nearly 60 percent to VND3.95 trillion, especially from cloud computing, artificial intelligence (AI) and low code.