The boss of Mobile World announced profits for the first time at the chain specializing in selling Apple

On his personal page, Mr. Doan Van Hieu Em – CEO of Mobile World, Dien May Xanh, EraBlue and TopZone chains of Mobile World Investment Joint Stock Company (MWG) – shared for the first time about the business results of Mobile World, Dien May Xanh, EraBlue and TopZone. chain that specializes in selling Apple products.

Mr. Hieu Em said that 86 TopZone stores bring in 3,000 billion VND in revenue and more than 80 billion VND in profit in 2024.

Previously in quarterly reports, MWG indirectly reported the revenue of the TopZone chain. Comparing to the estimated results, this chain’s revenue last year decreased slightly by about 4% compared to 2023, but increased by more than 9% compared to 2022.

TopZone is a system specializing in distributing Apple products including iPhone phones, iPad tablets, MacBook laptops, Apple Watch information watches and other accessories. This chain launched in October 2021 with 4 stores in Hanoi and Ho Chi Minh City then increased to 100 points of sale by the end of 2022. MWG will gradually start streamlining from the end of 2023 and reduce to 86 points of sale by the end of the year. last.

The system is divided into two models. AAR has a smaller area, about 100-120 m2, usually located next to pre-existing Mobile World or Dien May Xanh stores. APR has a larger area, about 180-220 m2, and operates independently outside.

In a report in September 2023, Vietcombank Securities (VCBS) said Mobile World’s Apple market share in Vietnam had increased from 25% to 45%. This industry contributes more than 30% of total net revenue of the phone segment. At the investor meeting in July 2024, Mr. Hieu Em updated that they have accounted for nearly 60% of the phone retail market share, with brands brand up to 70% but did not specifically mention the number for the iPhone brand alone.

In the past, the Apple industry witnessed great competition between offline and online chains when many sellers chose livestream to reduce costs, thereby offering deeply discounted prices to compete with large systems. However, according to SSI Research’s assessment, among mobile phone retailers, MWG is the least affected. By June 2024, Apple asked authorized retailers in Vietnam to remove products from livestream channels. Therefore, MWG is said to benefit from profit margin recovery, while not losing much revenue from online channels.

In the first 11 months of 2024, Mr. Nguyen Duc Tai’s retail “empire” recorded revenue of nearly 122,300 billion VND, an increase of 13% over the same period in 2023, completing 98% of the whole year plan. Of which, Dien May Xanh, Mobile World and TopZone chains contributed nearly 67% of total revenue, about VND 81,700 billion, an increase of nearly 7% over the same period.