Postal giants see mixed performance in first half of 2024
Postal companies are expected to see mixed revenue results in the first half of 2024, amid the strong growth of the e-commerce industry.
Since the beginning of the year revenue from the service is projected to hit VND33.79 trillion (US$1.3 billion), up 22% year-on-year, according to a report from the Ministry of Information and Communications.
The achievement represents 52.1% of the total 2024 target.
The sector is anticipated to contribute VND2.5 trillion to the state budget, showcasing a 10% gain from the same period in 2023 and achieving 41.7% of the 2024 plan.
The report also revealed that VNPost is on track to achieve an estimated revenue of over VND7 trillion during the first half of 2024. The figure corresponds to 39.5% of the annual target and an impressive 100.5% growth compared to the same period in 2023.
VNPost is expected to see a profit before tax of VND268.3 billion, meeting half of the annual target and demonstrating a substantial 103.5% increase over last year. Projected contributions to the state budget are set at VND384 billion, equal to 45.4% of the annual goal and marking a 97% rise from the previous year.
Meanwhile, Viettel Post’s combined revenue for the first six months of the year soared to more than VND9.6 trillion, equivalent to 158.7% of the yearly plan. The full-year revenue outlook sits at nearly VND19.6 trillion.
After six months, Viettel Post's profit before tax stands at VND190.5 billion, achieving 103% of the target. The estimated annual profit is projected to reach VND486.1 billion, representing 101.1% of the annual plan.
The company's contribution to the budget is expected at VND366.8 billion in the first half and are forecasted to reach 685.1 billion by year-end.
Looking ahead to the year's end, Viettel Post has outlined ambitious goals, aiming for a total consolidated revenue of VND7.5 trillion.
Within the target, postal service revenue is projected to reach VND5.2 trillion, with a profit before tax target of VND295.59 billion. Its expected budget contribution is VND318.3 billion.
On the contrary, in the first half of 2024, Giaohangtietkiem JSC is projected to yield a total revenue of VND3.4 trillion, down 17% from the same period last year. The anticipated state budget contribution is VND464 billion, reflecting a 3.3% decrease from last year.
