Viet Reader.

VR.

Premier Newspaper for Vietnamese Worldwide

Thailand air conditioning company loses over 1 billion VND per day in Vietnam

Casper Group Vietnam JSC reported a consolidated after-tax profit of nearly 467 billion VND in 2022, with a profit of over 60 billion VND during the same period. In another report, profits also significantly decreased from over 560 billion VND last year to over 250 billion VND.
Although their profits decreased, the revenue increased by 19% year-over-year, up to 560 billion VND (excluding value-added tax). However, the total sales support costs increased by 58%, to 109.5 billion VND. This cost supports prices, dealer discounts, and distribution channels, thereby giving consumers a more suitable price.
"The company's leadership actively sacrifices profits to increase market share, maintain channel stability, and better serve customers, "the company said.
Read more: Thailand's auto parts industry still going strong despite COVID
The significant decrease in profits has led to a nearly half decrease in equity, reaching over 530 billion VND. The total debt has increased by nearly 3 trillion VND. The bank loan is 120 billion VND. Last year, the company issued bonds worth 300 billion VND. This batch is for 3 years, with a fixed interest rate of 11% per year, and is paid every 6 months. Last year, the company paid over $16 billion in interest.
Casper is an electrical brand from Thailand. This brand was established in 2016 and is the largest supplier of electronics, refrigeration, and household appliances in Southeast Asia. The company was established in Vietnam in its first year and currently has over 10000 direct and indirect distribution and service systems.
At first, the company focused on the air conditioning market, present in large machine retail chains such as Dien May Xanh, Nguyen Kim, and Dien May Cho Lon, with reasonable prices, long warranty periods, and multiple promotional activities. Later, the company sold more products, such as televisions, refrigerators, and washing machines. According to data released by market research company GfK in February, Casper holds the third largest market share in the air conditioning industry (approximately 16%, second only to Panasonic and Daikin). In the television industry, it ranks fifth in sales in Vietnam.
Read more: Stagwell (STGW) Adds CJ Worx, Thailand's Most Awarded Independent Advertising Agency, to Global Affiliate Network 
Casper's performance has significantly decreased, similar to the weak purchasing power of the power industry in 2022, especially in the second half of the year. In last year's performance report, The Gioi Di Dong brand stated that macro factors have had a negative impact on the business environment, revenue, and consumer trends. In the fourth quarter of 2022, the purchasing power of electrical equipment decreased more than expected.

Casper's target customers are low-income groups. Meanwhile, according to The Gioi Di Dong, this group is facing difficulties in obtaining consumer loans through installment purchases.
In the same segmented market, some domestic air conditioning manufacturers still recorded strong growth last year, mainly due to the lower background level in 2021. Hoa Phat Group's after-tax profit exceeded 23.5 billion VND, an increase of over 50% year-on-year. The refrigeration department of Hoa Phat Group has also announced the dual goals of revenue and profit, with a growth rate of 171% compared to 2021. The air conditioning industry alone has grown by 200%. This result is a significant contribution to the distribution channel system, which has expanded to nearly 10000 sales points.
Read more: Errors when utilizing air conditioners that most individuals make
The air conditioning business of Mechanical and Electrical Refrigeration Co., Ltd. (REE) has achieved good production and market share, with sales reaching nearly 31800 units, an increase of 27.5% compared to last year. The company focuses on inventory and debt management to improve working capital and business cash flow. The company is still more powerful in industrial refrigeration than in commercial refrigeration.
Also read: 
Hyundai sẽ mang đến he thống điều hoa hien đại bậc nhất
Ngao ngan khi dung AirPods bẩn?Đã có chiếc "may giặt" tai nghe nay xử lý

About author
You should write because you love the shape of stories and sentences and the creation of different words on a page.
View all posts
More on this story