The Coffee House owner reports loss of $12 mln
Seedcom Joint Stock Company, owner of The Coffee House and delivery company AhaMove, reported a loss of VND287 billion (US$11.96 million) for the first half, a 11% rise year-on-year.
Seedcom CEO Nguyen Hoanh Tien said that the losses stemmed from two reasons, the first being the intensified investment and expansion into the B2B segment with omni-channel sales management solution Haravan, specialized F&B sales solution iPOS and a new unit to distribute consumer goods, CPG.
Depreciation in the retail segment, the result of store development in recent years, was the other reason, he said.
“By the second half of this year the financial results will certainly be better when business results are more positive.”
The company’s chairman, Dinh Anh Huan, said Seedcom seeks to grow by 500% in 2022-25 and begin generating profits next year.
Established in 2014, Seedcom also owns Giao Hang Nhanh (delivery), Juno, Hnoss (fashion), and Kingfoodmart (supermarket).