Just after a month since was purchased by Bamboo Capital, Vietnam Taxi Company (Vinataxi) has reported a slight profit for the first time after 28 consecutive months of losses. After-tax profit in May was VND 51 million.
Used to be one of the leading taxi companies in Vietnam, owning the iconic 111 111 switchboard number, Vinataxi's business began to decline since 2016 when it started losing market to its competitors like Mai Linh or Vinasun. The rise of ride-hailing industry and the negative impact of COVID-19 made it even worse. From January 2020 to April 2022, Vinataxi experienced consecutive monthly losses.
After 22 years with very little success, in April 2022, ComfortDelgro Group sold 70% of shares to Helios JSC, the remaining 30% was sold to Tracodi. Both purchasers are members of Bamboo Capital Group ecosystem.
Vinataxi's business results reversed completely since a loss of 319 million dong in April 2022 turned into a profit of 51 million dong in May 2022. Especially Vinataxi has not yet increased the number of vehicles, this positive sign is thanks to Bamboo Capital's development in management, operating costs and service quality. According to the business plan this year, Vinataxi is expected to achieve revenue of VND 24.3 billion and after-tax profit of VND 2.5 billion.
Mr. Do Ngoc An - General Director of Vinataxi said: “The profit in May shows that we are on the right track. We plan to keep going to "revive" Vinataxi by changing from a traditional taxi to ride-hailing service. In addition to increasing the number of vehicles, developing a car booking app, and using non-cash payment instruments, Vinataxi is expected to continuously improve its service quality and add new lines of services to meet increased customer demand".
With more than 6,000 m2 of land and factories in Tan Binh Industrial Park, in Ho Chi Minh City, Vinataxi plans to grow logistics business (warehousing, transportation and freight forwarding service) which is in high demand today to maximize revenue and profit.
According to Vietnam Finance