PetroVietnam General Services : PETROSETCO continues to sign an authorized distribution contract with Apple, predicting a spectacular "acceleration" by the end of 2022

With more than 15 years of experience in the field of import, distribution and sale of information technology products, possessing solid financial potential, professional staff, extensive distribution system through a nationwide network of branches and warehouses, PETROSETCO is currently one of the leading distributors in Vietnam in the field of distributing genuine mobile phones, laptops and technology products.
PETROSETCO's distribution sector has had a remarkable growth since it officially became an Apple's authorized distributor in Vietnam in June 2020. This period also coincides with the period when the demand for shopping for electronic gadgets increases sharply due to the need to study and work at home to ensure social distancing measures due to the Covid-19 pandemic. In terms of pre-tax profit structure, the distribution sector contributed 61% to PETROSETCO's total profit in 2021, compared to 44% in 2020 and continued to be the main growth driver of PETROSETCO in the past two years.

Thanks to the brand's policy, PETROSETCO has continuously expanded and increased its distribution market coverage in the scarcity of Apple products. In August 2021, PETROSETCO continued to sign an authorized distribution contract of all Apple's genuine products in Vietnam market from 2021 to 2022 after achieving sales that completely meet the requirements from Apple.

Accumulated in the first 6 months of 2022, PETROSETCO recorded an impressive net revenue of 8,289 billion VND, increasing by 9% over the same period; mainly thanks to the growth of distribution of electronic devices, especially laptops (1,806 billion VND, increasing by 22% over the same period) and mobile phones (3,073 billion VND, up 7% over the same period). This is largely contributed by sales of Apple-branded products.

Accordingly, with the above results, in the first half of the year, PETROSETCO has completed about 41% of the revenue plan in 2022. Exceeding the increase in net revenue, gross profit of the corporation in the first 6 months increased by 34% over the same period, reaching 517 billion VND. Equally, gross profit margin reached 6.2%, higher than the 5.1% gross profit margin of the same period. It is expected that PETROSETCO's business results will continue to grow and be more vibrant during the peak period in the third and fourth quarters of this year, after the authorized distribution contract of all Apple's genuine products continues to be renewed.

For another related information, recently, at the meeting to announce business results for the second quarter of 2022, Apple's CEO mentioned Vietnam as one of the new markets with the best growth rate of the company in the world. This achievement contributed to Apple's revenue of $83 billion in the fiscal quarter of the year. In addition, according to domestic retailers, sales of genuine iPhones and Apple's products have been recorded with the strong growth in the past two years. A mobile analyst from Counterpoint Research said that Apple's market share in Vietnam increased from less than 2% in the first quarter of 2020 to 9.8% in the first quarter of 2022, which is accordingly a very impressive result.

The above figures show that despite two years of the pandemic, Apple's continuous growth has confirmed the strong and stable attraction of Apple's products to Vietnamese customers. With the plan to launch a new iPhone model in September, the "tech giant" also predicts that the initial sales of this new iPhone will surpass the record set by the iPhone 13. Thus, continuing to sign an authorized distribution contract of all Apple's genuine product models in the Vietnam market from 2022-2023 at this period is forecasted to continue to be a favorable factor for PETROSETCO to make a "breakthrough" acceleration, reaching the targets of revenue and profit of the whole year 2022 ahead of schedule.