On 28 May afternoon, FPT Digital Retail Joint Stock Company (FPT Retail, stock code: FRT) held the General Meeting of Shareholders of 2020
In 2019, FPT Retail’s revenue was increased by more than 5% to nearly VND 17,000 billion, and profit before tax, decreased sharply by 36% to VND 278 billion. In 2020, the Company sets the target of VND 15,320 billion of revenue, which is down by 8%, and VND 220 billion of profit before tax.
Such result in 2019 was because at the end of last year, the Company made provision for bad debts for 2 programs, F.Friend and Subsidy for loyal customers, and also handled the accessories inventories, promoted the investment for Long Chau pharmacy and information technology system. For the plan in 2020, the Company aims to decrease its target because of the impact of Covid-19 pandemic and the closing of stores in April due to social distancing.
Regarding FPT Shop chain, its revenue is expected to be down from VND 16,123 billion to VND 13,820 billion due to the intentional decrease of revenue of F.Friend and Subsidy programs. The Company has determined to increase the successful rate and average value of the orders, as well as expand customer groups.
In terms of Long Chau chain, the Company plans to open 150 new stores to increase the number of stores to 220 at the end of the year; accordingly, it is anticipated that the revenue will rise from VND 500 billion to VND 1,500 billion. The Company will also promote the development of products with private labels such as functional foods, medical equipment, pharmaceuticals and cosmetics, etc.
Moreover, the Company also intends to increase the accessories portfolio, along with reduce the costs such as investing in security cameras in order to save VND 30 billion of cost every year, requesting to increase the business productivity to 25%, etc.
For the plan in 2021, FPT Retail sets the target of VND 18,573 billion of revenue (VND 3,000 billion from Long Chau, in particular) and VND 250 billion of profit before tax. In 2022, the Company aims to achieve VND 21,827 billion of revenue (VND 4,500 billion from Long Chau, in particular) and VND 370 billion of profit.
The General Meeting has approved the appointment of Mr. Nguyen Dac Viet Dung as an independent member of the Board of Management. The dividends of 2019 were approved at the rate of 10%. For 2020, FPT Retail expects the rate of dividends paid by cash will not exceed 15%.
According to VnReview
Published May 28, 2020