AsemconnectVietnam - Tien Phong Securities Joint Stock Company - TPS (ORS stock code: HSX) has just announced its financial report for the fourth quarter of 2023 with pre-tax profit reaching nearly VND75 billion compared to a loss of VND31 billion in the same period in 2022. This is also the quarter in which TPS recorded the highest profit in 2023.

Accumulated pre-tax profit for the whole year 2023 will reach more than VND283 billion, a sharp increase of 61% compared to 2022. In 2023, TPS sets a revenue plan of VND2,831 billion and pre-tax profit of VND230 billion. With the results achieved, TPS has completed more than 123% of the yearly profit plan target.
Total operating income and other income reached VND2,913 billion, an increase of 7% compared to 2022. Total operating expenses and interest expenses were recorded at VND2,635 billion, an increase of 3% compared to last year. In which, securities company management costs decrease by 19% compared to 2022. Thus, the positive growth figure of profits in 2023 is based on growth from income sources and cost optimization.
As of December 31, 2023, total assets reached VND6,877 billion, an increase of 4% compared to the beginning of the year. Margin loan balance reached VND1,092 billion, an increase of 10% compared to 2022. The expansion of margin loans is always closely followed by TPS in accordance with market fluctuations and flexible capital sources to meet customers' loan needs with appropriate risk appetite.
Financial assets reached VND2,079 billion, an increase of 16% compared to the beginning of the year with an asset portfolio including stocks, bonds, and certificates of deposit.
Cash holdings of more than VND1,100 billion help TPS ensure liquidity and stable financial health for business activities.
Persistently overcoming the challenges and difficulties of the market in 2022, TPS shares (stock code ORS) have shown impressive price increases in 2023. As of December 29, 2023, ORS stock price increased 98% compared to the beginning of the year, trading at VND17,000/share.
On January 19, 2024, TPS finalized the list of shareholders to allocate stock purchase rights in the offering to existing shareholders to increase charter capital. Specifically, TPS plans to offer 100 million shares, at a ratio of 2:1 to existing shareholders at a price of VND10,000/share. If completed, TPS's charter capital will increase from VND2,000 billion to VND 3,000 billion.
In 2023, TPS announced the results of its Initial Issuer Long-Term Credit Rating by FiinRatings at “BBB-” with a “Stable” credit rating outlook. This credit rating reflects FiinRatings' assessment of TPS's ability to meet loan obligations at a "relatively good" level according to the domestic credit rating scale. As one of the first securities companies to participate in evaluating and announcing credit rating results, TPS shows its efforts to provide transparent information to investors about the Company's operations, while also complying with legal regulations and determination to build professional practices in the capital market in general and the bond market in particular.
Good profit growth in 2023 along with the increase in charter capital will be a solid foundation to help TPS improve operating capacity, expand business market share and improve income sources in 2024.
N.Nga
Source: VITIC/Tinnhanhchungkhoan