Thien Long's profit (TLG) decreased by 22% over the same period tn the first 7 months of 2023Sunday, September 17,2023
AsemconnectVietnam - Thien Long Group Joint Stock Company (stock code TLG - HOSE) has just announced the production and business situation in July and accumulated for the first 7 months of 2023.
According to Thien Long, Vietnam's economy in 2023 is affected by complex and unpredictable factors, leading to the retail industry having been facing many difficulties. For the stationery group, the investment and inventory needs of the point of sale (POS) did not increase much compared to last year. Export business, especially with OEM (original equipment manufacturer), is also facing many challenges from the gloomy background of the international market.
Accordingly, in the first 7 months of 2023, Thien Long's net revenue reached VND2,218 billion, a slight increase compared to the same period last year and achieved 55% of the year plan. Profit after tax decreased by 22% to VND277 billion, completing 69% of the year's profit target. In July alone, the Group recorded net revenue of VND230 billion and profit after tax of VND9 billion.
The group said it has implemented many early marketing programs to distributors to boost sales and revenue. Gross margin was maintained at 44% due to the change in sales structure.
Selling and administrative expenses in 7 months also increased 16% over the same period last year. The Group has invested heavily in human resources since mid-2022 to prepare for future growth. In the first period of 2023, TLG also increased selling and brand development expenses to be ready for the peak season of the year.
In September, TLG opened two Clever Box stores in Ho Chi Minh City. Ho Chi Minh City (Giga Mall) and Tien Giang (Go!My Tho). This will be Clever Box's 4th and 5th store.
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