Seedcom Corporation, owner of The Coffee House, Haravan, Cau Dat Farm, King Food, Giao Hang Nhanh, and Ahamove, has just announced its financial report for 2022 with strong revenue growth compared to the previous year.
Specifically, in the past year, the company achieved a net revenue of over 1,600 billion VND, an increase of more than 60% compared to the same period in 2021. The main driving force behind the revenue growth was the retail, fashion, and supermarket segments within the ecosystem.
However, the revenue growth also led to a 39% increase in the system-wide selling expenses and a 10% increase in business management costs.
After deducting various expenses, the company recorded a net loss after tax of 272 billion VND, surpassing the loss of 238 billion VND in 2021.
These business results took place in the context of Seedcom’s retail chains continuously expanding their store scales last year.
Among them, The Coffee House chain regained its growth momentum with 154 stores nationwide. The Signature store model was also restarted in Ho Chi Minh City after more than a year of closure.
A highlight for Seedcom last year was the reduction in reliance on debt. The debt repayment ratio on shareholder equity (excluding the parent company) of the company by the end of 2022 was 3.6 times. Long-term debt decreased from 869 billion VND to 478 billion VND.
Last year, Seedcom also successfully bought back 200 billion VND of early-maturity bonds, in the context of a difficult capital market and high deposit interest rates.
This year, the company has undergone a series of changes related to high-level leadership personnel. Specifically, as of March 1st, founder Dinh Anh Huan officially became the CEO of Seedcom. In this position, Huan will directly oversee the retail operations, which is Seedcom’s strength, especially the sharp operating and intelligent system-building for the retail companies in the ecosystem.
Meanwhile, former CEO Nguyen Hoanh Tien assumed the position of Chairman of the Seedcom Board of Directors to focus on building strategies and relationships with investors.
In addition, Ngo Nguyen Kha, who is currently leading two companies in the Seedcom ecosystem, Juno and Hnoss, also took on the role of CEO at The Coffee House chain.
Source: Vietnam Insider