AsemconnectVietnam - Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM, code VEA - UPCoM) has just announced its separate financial statements and consolidated financial statements for the fourth quarter of 2023.

Accordingly, in the fourth quarter of 2023, VEAM parent company recorded net revenue of VND71.4 billion, down 34% over the same period last year; However, the cost of goods sold increased sharply by 83%, from VND107.76 billion to VND197.29 billion, so the gross profit was negative VND125.89 billion, while the same period profit was more than VND540 million. The reason is due to the increased cost of provisioning for inventory devaluation.
Revenue from financial activities in the fourth quarter of 2023 of VEAM Parent Company increased by 44% to nearly VND301.6 billion (coming from dividends, profits distributed from VEAM's capital-contributed units, deposit interest), but could not bear the sudden increase in business management costs from VND62.93 billion in the fourth quarter of 2022 to more than VND657.33 billion in the fourth quarter of 2023 (largely due to provision for bad debts increased).
As a result, parent company VEAM's profit after tax this period recorded a negative VND547.6 billion, while the fourth quarter of 2022 profit was VND98.46 billion.
Cumulatively for the whole year 2023, VEAM parent company recorded net revenue of nearly VND318.5 billion, down 40% compared to the previous year; However, financial revenue grew by 34%, reaching more than VND7,940 billion, so profit after tax reached more than VND6,795.4 billion, an increase of 21%.
Regarding the consolidated financial statements of the fourth quarter of 2023, VEAM reached nearly VND973.9 billion in net revenue, down 23% over the same period; Profit after tax reached VND1,574.5 billion, down 38% over the same period.
For the whole year, VEAM reached VND3,842.55 billion in consolidated net revenue, down 19% and profit after tax reached more than VND6,297 billion, down 18% compared to 2022. Compared to the set plan of VND7,766.8 billion in revenue and profit after tax of VND5,694 billion, in 2023, VEAM will only complete 48.2% of its revenue target and exceed 10.59% of its profit target.
N.Nga
Source: VITIC/Tinnhanhchungkhoan