AsemconnectVietnam -  Vietnam National Textile and Garment Group (Vinatex, stock code VGT - UPCoM) has announced its consolidated financial statements for the fourth quarter and the year 2021.

In the fourth quarter, Vinatex achieved VND4,981.4 billion in net revenue, up 39% compared to the fourth quarter of 2020. Cost of goods also increased by 32%, so gross profit increased by 102% to VND757.7 billion. Gross profit margin improved significantly from 10.5% to 15.2%.
This period, the Group's financial revenue increased by 44%, to VND94.7 billion. While financial expenses decreased by 32%, selling expenses and general and administrative expenses increased by 36% and 48% respectively. As a result, Vinatex's after-tax profit was VND440.9 billion, up 192% over the same period in 2020.
Vinatex said that the fourth quarter of each year usually has the best business results compared to the remaining quarters, due to the sudden increase in the volume of goods in November and December. However, in the fourth quarter of 2020, the complicated epidemic situation leading to production and sales of goods decreased significantly compared to normal.
In the fourth quarter of 2021, production and sales volume was higher than every year because the Group's units stepped up operations after the interruption due to the epidemic. In addition, Vinatex's Yarn system also obtained relatively positive results, leading to increased profits.
Accumulated in 2021, the whole Group recorded a 16% increase in net revenue over the same period, reaching nearly VND 16,094 billion. Profit before tax reached VND 1,445.6 billion and profit after tax reached VND 1,312.5 billion, up 134%.
In 2021, VGT plans to bring in VND17,365 billion in revenue and VND700 billion in pre-tax profit. Thus, compared with the annual plan, VGT has fulfilled 93% of the revenue target, but exceeded 106.5 % of the annual profit target.
The scale of corporate assets by the end of the year reached VND20,162.2 billion, up 12% compared to the beginning of the year. In which, inventories remained at nearly VND3,159 billion, up 29%; short-term receivables remained at nearly 3,102 billion dong, up 17%. The Group's liabilities also increased by 9%, to nearly VND10,817 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan