More specifically, Saigon General Services Joint Stock Company - Savico (SVC) released its financials for the fourth quarter 2022 with impressive results.

Net revenues reached VND 7,029 billion, a 30% increase year on year. The cost of items sold climbed to VND 6,527 billion, resulting in gross profits of VND 502 billion, a 42% rise.

Its selling and administrative expenditures climbed by VND 225 billion (41%), and VND 147 billion (46%) respectively in Q4/2022. As a result, Savico - the largest automobile distributor in Vietnam earned VND 164 billion in profit after tax, up 34% over the same period of 2021.
The company produced net sales of VND 21,458 billion in 2022, up 51% from 2021, and profit after tax of VND 582 billion, about three times more than the same period last year. This was also the firm’s highest profit results since establishment in 1985.

 Savico is accounting for 11.2% market share by annual volume sold with the distribution system stretching from the North to the SouthIt should be noted that Savico set 2022 targets of VND 17,339 billion in consolidated revenues and VND 257 billion in profits before tax which were largely exceeded.

As of December 31, 2022, Savico's total assets stood at VND 6,157 billion, increased 39% from the start of the year, with inventory listed at VND 1,801 billion, up 81%.

Savico is the largest vehicle distributor in Vietnam, with a network of showrooms throughout the nation. The Savico stable of brands includes Toyota, Ford, Honda, Hyundai, Mitsubishi, Suzuki, and Volvo.

Savico also holds a number of real estate projects in major cities in Vietnam such as Ho Chi Minh City, Hanoi, and Da Nang including the Savico Mega Mall in the Long Bien District of Hanoi, Savico Da Nang, Savico Can Tho, Long Hoa Residential Township, Nam Cam Le Complex, Mercure Son Tra Project, and the 91 Pasteur Street Office Tower in District 1 of Ho Chi Ming City.

Savico Mall - One of the largest real estate of Savico in the prime location of HanoiOther automobile distributors including

Mercedes-Benz - Haxaco also alsoreported interim results. According to financial statements for the fourth quarter of 2022, Hang Xanh Auto Service Joint Stock Company earned VND 1,587 billion in net sales, a 23% decrease year on year.

As a result, the company with the largest market share of Mercedes-Benz distribution in Vietnam only made a profit before tax of VND 58.4 billion in the fourth quarter, which is equivalent to one-third of the realized value during the same period. However, despite good financial results in the first nine months of 2022, the parent firm Haxaco's net sales for the entire year of 2022 reached VND 6,607 billion with pre-tax profits of VND 306 billion, an increase of 26% and 50%, respectively, compared to 2021. This was also the largest profit of this vehicle business since its inception.

In addition to strong financial performance, Haxaco achieved a record for absolute car sales, with 2,804 units sold which ranks first with represents 38% market share for Mercedes-Benz vehicles in Vietnam.

PV