Haxaco Announces Q2 2024 Financial Results with a Strong Performance
The Company’s recent financial report for the second quarter of 2024 shows impressive growth.
Haxaco’s net revenue for Q2 2024 saw a significant 41% increase compared to the same period last year, reaching VND 1,123 billion. With a slower rise in cost of goods sold, gross profit surged by 70% to VND 96 billion.
For the first six months of 2024, the company’s net revenue reached VND 2,160 billion, a 21% year-over-year increase.
While the revenue hasn’t returned to its peak from 2021-2022 (VND 1,500 billion every quarter), Haxaco’s business performance has noticeably improved compared to the previous year, thanks to its strategic investment in the Chinese automobile brand, MG.
According to Haxaco, the luxury car segment is in recovery but not yet stable. Car manufacturers are offering aggressive incentives to stimulate demand and gain a competitive edge.
Nevertheless, Haxaco’s subsidiaries operating new brands are performing efficiently and steadily, significantly contributing to the revenue and profit growth in Q2 and the first half of 2024.
After Tan Chong Motor (Malaysia) ceased distributing MG in Vietnam, Haxaco committed to investing in the brand. MG is believed to have a growth advantage with low-interest rates on car loans, creating a stimulus for consumers to buy automobiles.
As shared by Haxaco’s Chairman, Do Tien Dung, the MG car market in Vietnam is in the lowest segment, and it holds great potential amidst economic challenges. MG automobile distribution is estimated to have contributed 90% of Haxaco’s profit in Q2 2024.
TH (Tuoitrethudo)
