FPT profits rise by 19.5% as overseas business remains strong

By Minh Son   October 17, 2023 | 06:29 pm PT
FPT profits rise by 19.5% as overseas business remains strong
The FPT Headquarters in Hanoi. Photo by VnExpress/Minh Son
Technology giant FPT reported pre-tax profits of VND6.7 trillion (US$279.2 million) on revenues of VND37.9 trillion for the first nine months of this year.

They represent year-on-year increases of 19.5% and 22.4%.

Its information technology business continued to play a key role, accounting for 46% of the profits and 59% of the revenues.

The segment’s revenues and profits increased by 25.7% and 20.8%.

Revenues from foreign markets, including Japan, surged by 31% to VND17.626 trillion, and profits by 30% to VND2.878 trillion.

Domestically, there were challenges due to declining demand from corporate customers, and profits fell by 34% to VND250 billion though revenues were up 10.2% to VND4.9 trillion.

FPT said it would continue to promote cooperation with the government, ministries, provinces and cities, and foreign businesses.

It has signed agreements with nearly 30 cities and provinces for digital transformation.

The company’s telecommunications division reported revenues of VND11.278 trillion, up 10%, and profits of VND2.217 trillion, up 15%.

The increase in demand for information technology training boosted the revenues of FPT’s education division by 43% to VND4.435 trillion.

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