On 27/4/2023, F.I.T Group Joint Stock Company (ticker: FIT) announced its consolidated financial report for Quarter 1/2023, with post-tax profits reaching over VND 206 billion, an increase of more than VND 176 billion compared to the same period last year.
The socio-economic situation in the first three months of 2023 in Vietnam took place amid complex and unstable global economic fluctuations: Global inflation, though cooled, remained high; slow recovery and decreased consumer demand from major trading partners; high global energy prices; the protracted Russo-Ukrainian war… Various international organizations have provided different perspectives on the global economic growth in 2023 but unanimously forecasted lower growth rates than 2022, ranging from 0.5 to 1.2 percentage points.
Faced with various domestic and international economic fluctuations, F.I.T Group’s post-tax profit for Q1/2023 still recorded over VND 206 billion, an increase of more than VND 176 billion compared to the same period in 2022. From the beginning of 2023 to the end of Quarter 1, the total assets of the Group increased from VND 6,998 billion to over VND 7,299 billion; the owner’s equity increased from VND 5,865 billion to over VND 6,000 billion.
This result demonstrates the correctness of the restructuring decision, strengthening the operation of the Board of Directors to boost the business activities of member companies, creating growth momentum for the whole Group entering the development phase in Quarter 2/2023.
In the Pharmaceuticals/Medical Equipment sector, by the end of Q1/2023, Cuu Long Pharmaceutical Joint Stock Company recorded revenues of over VND 244 billion; post-tax profits of over VND 14 billion. Compared to the same period in 2022, revenue increased by over VND 24 billion; post-tax profit increased by over VND 1 billion. Cuu Long Pharmaceutical’s three core business areas – pharmaceuticals, empty capsules, and medical supplies – continue to achieve positive results. In terms of manufacturing and supplying various types of empty capsules, Cuu Long Pharmaceutical continues to maintain its market share in Vietnam and is currently investing in expanding its empty capsule factory (phase 5) with a total investment capital of VND 232.5 billion, capacity of 2.8 billion capsules/year, and is expected to be operational by the end of Q2/2023. For the pharmaceutical and medical device sectors, Cuu Long Pharmaceutical plans to invest in building an additional medical equipment factory with an investment capital of approximately 15 million USD; and a pharmaceutical factory complying with EU-GMP standards with an area of 50,000 m2, total investment capital of VND 1,035 billion, production capacity of 1.6 billion products/year, helping Cuu Long Pharmaceutical to make a breakthrough in operational scale and boost revenue from the end of 2023 onwards.
In the beverage business sector, Khanh Hoa Mineral Water Company (Vikoda) recorded revenues of over VND 53 billion; gross profit of over VND 21 billion. With strong financial investment and strategy from F.I.T Group, the natural alkaline mineral water brand Vikoda has been widely recognized and engraved in the minds of both international and domestic consumers, inspiring them to enjoy life with superior health care products. With exclusive advantages from its alkaline mineral source, the company is focusing on improving and diversifying product lines, expanding distribution channels and customer groups, especially high-end customers, to affirm its leading position in the bottled alkaline mineral water market in Vietnam.
In the FMCG sector, it is expected that in June 2023, F.I.T Cosmetics will launch the Tero Bio product line with 3 SKUs for laundry detergent, 2 SKUs for dish soap, and 1 SKU for floor cleaner. The launch of the Tero Bio product line confirms a clear strategy with the goal of developing product lines derived from nature, bringing consumers premium, eco-friendly products, and leading the Green consumer trend of F.I.T Group.
In the agricultural sector, by the end of Q1/2023, TSC recorded revenue of over VND 99 billion. In 2023, TSC sets a revenue target of VND 957 billion, so by the end of Quarter 1/2023, the company has achieved 10.4% of the set plan.
In the real estate sector, F.I.T Group is cooperating with the management and operation unit of Banyan Tree Group to review Phase 1 of the project. It is expected that when completed, Cap Padaran Mui Dinh will become the leading developer of real estate, tourism, and entertainment complexes, including a golf course, in Vietnam by 2040, fulfilling the mission of creating unique, international-standard tourist sites, attracting tourists and investors globally.
It can be seen that, although the fluctuations in the economy and society in Quarter 1/2023 have impacted business operations, with a determined spirit, solid potential, and a well-planned strategy, the Group has firmly overcome challenges to achieve the set goals, building F.I.T into a multi-sector group with distinct, high-quality, leading products and services, contributing to a better quality of life, and being a hub for talent that is recognized and respected by society.
