Mobile World Investment Joint Stock Company (MWG) reported Q2 revenue of approximately 37,620 billion VND, a 10% year-over-year increase from 2024. Profit after tax reached nearly 1,658 billion VND, a surge of over 41%. Both revenue and profit figures represent record highs in MWG's history.

Despite the strong financial performance, chairman Nguyen Duc Tai declined any salary. This marks the 8th consecutive quarter Tai has forgone compensation from MWG. His last recorded salary payment was over 226 million VND in Q2 2023.

Similarly, several other key leaders at MWG also declined salaries. This includes Doan Van Hieu Em, CEO of Mobile World and Dien May Xanh; Pham Van Trong, CEO of Bach Hoa Xanh; Dang Minh Luom, director of human resources; Nguyen Tien Trung, chairman of the audit committee; and Do Tien Si, a member of the audit committee. Among the senior leadership, only CEO Vu Dang Linh received compensation, totaling nearly 450 million VND.

Beginning in 2023, in response to challenging business conditions, MWG implemented a policy requesting mid-level and senior management to share the burden by reducing or completely forgoing their salaries and bonuses. This was intended to minimize the impact on the income of lower-level employees. At the time, the board stated this policy would be discontinued and normal compensation resumed once business showed signs of improvement.

During an investor meeting in 3/2024, Nguyen Duc Tai stated that salary was not a primary objective for senior leadership. If MWG succeeds, they would receive a commensurate share, including through the employee stock ownership plan (ESOP).

This year, if the company achieves its targets of 150,000 billion VND in revenue and 4,850 billion VND in profit after tax or higher, leaders and management will be eligible to purchase shares at a preferential price. The ESOP issuance rate will be a minimum of 0.5% and a maximum of 1% of outstanding shares.

The ESOP is a policy MWG has consistently maintained for several years, considered a key strategy for talent retention. The company has repeatedly disregarded shareholder concerns about the issuance rate being too large and impacting their interests. Last year, after exceeding the profit target by 55%, the company issued 17.95 million bonus shares to key management personnel at a price of 10,000 VND. Doan Van Hieu Em received the largest allocation, with 959,200 shares.

MWG share ownership contributes significantly to the personal wealth of the company's leaders. Based on current market prices, Tai's holdings are estimated at nearly 2,200 billion VND. Other leaders also possess assets in shares ranging from tens to hundreds of billions of VND.

Nguyen Duc Tai, chairman of Mobile World, addresses shareholders at the annual general meeting in Ho Chi Minh City on the afternoon of 26/4. Photo: Thi Ha

Nguyen Duc Tai, chairman of Mobile World, addresses shareholders at the annual general meeting in Ho Chi Minh City on the afternoon of 26/4. Photo: Thi Ha

For the first 6 months of the year, Mobile World achieved nearly 73,755 billion VND in revenue and over 3,205 billion VND in profit after tax, representing increases of 12% and 54%, respectively, compared to the same period last year. The company has achieved 49% of its revenue target and 66% of its profit target.

In the first half of the year, Mobile World and Dien May Xanh saw a 12% increase in revenue despite operating 200 fewer stores than the previous year. This positive result stems from recovering market demand, particularly in the phone, tablet, and laptop segment, which grew by 20-50%.

Bach Hoa Xanh also reported nearly 22,600 billion VND in revenue over the 6 months, a 16% increase thanks to growth in both fresh food and fast-moving consumer goods. As of the end of June, the chain had added 414 stores, over half of which are located in central Vietnam. These new stores have achieved profitability at the store level, after deducting all operating expenses.

An Khang pharmacy chain experienced a 30% year-over-year increase in average revenue per store. Total revenue for the first 6 months reached 1,000 billion VND.

Tat Dat