MWG resumes executive pay as H1 profit jumps 90%, revenue up 29%

Overview

Mobile World Investment Corporation (MWG) reported strong first-half 2026 results, with revenue up 29% and net profit up 90% year-on-year. The company also resumed executive compensation after a two-year hiatus, a clear signal that management sees the recovery as durable. MWG operates retail chains including Điện Máy Xanh, Bách Hóa Xanh, and Topzone, and is listed on HOSE.

Key Facts

• H1 2026 revenue reached VND 95,213 billion, up 29% year-on-year.
• H1 2026 net profit reached VND 6,112 billion, up 90% year-on-year.
• Q2 2026 revenue was VND 48,751 billion (+30% YoY) and net profit was VND 3,355 billion (+102% YoY).
• Board member Đoàn Văn Hiểu Em received VND 4.13 billion in H1 2026, equivalent to VND 688 million per month, after receiving zero in 2024 and 2025.
• Other executives—Thomas Lanyi, Nguyễn Tiến Trung, and Đỗ Tiến Sĩ—each received VND 250 million in H1 2026.
• Bách Hóa Xanh opened 632 new stores in H1, bringing total to 3,191, with revenue of VND 28,300 billion (+25%).
• Erablue in Indonesia opened 80 new stores in H1, with revenue of IDR 1,888 billion (approx. VND 2,700 billion), up 92%.

What Happened

According to MWG’s H1 2026 financial report, board member Đoàn Văn Hiểu Em received total income of VND 4.13 billion in the first six months, averaging VND 688 million per month. This marks a sharp reversal from 2024 and 2025, when he received no compensation, and 2023, when he earned VND 584 million. The company had suspended or reduced executive pay starting in 2023 to share the burden during a difficult business period and to protect lower-level employees’ income.

MWG’s chairman Nguyễn Đức Tài has not yet resumed receiving compensation. The resumption of executive pay aligns with the company’s improving financial performance, which has been on an upward trend for two to three years. In Q2 2026, MWG set a new record with revenue of VND 48,751 billion and net profit of VND 3,355 billion, up 30% and 102% year-on-year, respectively.

Market Context

MWG shares closed at VND 72,100 on August 4, 2026. The company has been recovering from a multi-year downturn, with all its retail chains posting double-digit revenue growth in H1 2026. Topzone led with Apple product sales up 50%, while other core categories grew 15-60%. The buy-now-pay-later segment saw revenue surge 49%, now accounting for 38% of total revenue. The Super App and online segment contributed VND 7,000 billion, or 11% of Điện Máy Xanh’s revenue, with 18.9 million members.

Strategic Significance

The resumption of executive compensation is a strong internal signal that MWG’s management believes the recovery is sustainable. The company’s diversified growth—from electronics retail to grocery (Bách Hóa Xanh) and international expansion (Erablue in Indonesia)—provides multiple engines. The strong performance of Bách Hóa Xanh, with 3,191 stores and 25% revenue growth, suggests the grocery chain is gaining scale and profitability. The rise in buy-now-pay-later services indicates growing consumer confidence and financial inclusion, which could drive further sales.

What to Watch

• Q3 2026 earnings release, expected in October, to see if growth momentum continues.
• Bách Hóa Xanh’s store expansion pace and same-store sales growth, as it approaches 3,500 stores.
• Erablue’s performance in Indonesia, particularly whether it can sustain 92% revenue growth and achieve profitability.
• Any further resumption of executive compensation, especially for chairman Nguyễn Đức Tài, which would signal even stronger confidence.
• Updates on the buy-now-pay-later segment, as it now represents 38% of revenue and could be a key profit driver.