AsemconnectVietnam - After losing business in the first 9 months of 2023 and having to shrink production, SMC Trading Investment Joint Stock Company (SMC code - HOSE) plans to return to profit in 2024 and buy back VND200 billion of bonds before maturity.

In 2024, SMC Trading Investment Company approved a sales volume plan of 900,000 tons of steel of all types and expected profit after tax of VND80 billion.
Previously, in the first 9 months of 2023, SMC Trading Investment Company recorded revenue of VND10,574 billion, down 44.2% over the same period last year and the parent company's after-tax profit recorded a loss of VND549.42 billion compared to the same period, a loss of VND57.68 billion, an increase in loss of VND491.74 billion.
With continued losses in the first 9 months of 2023 of an additional VND549.42 billion, as of September 30, 2023, the total accumulated loss of SMC Trading Investment Company recorded VND205.81 billion, equal to 27.9 % charter capital (charter capital VND736.8 billion).
Thus, with a record loss in the first 9 months of 2023, SMC Trading Investment Company has officially erased all accumulated profits for many years and switched to recording negative accumulated profits.
It is known that in 2023, SMC Trade Investment sets a business plan with revenue of VND20,350 billion, down 12.2% over the same period and expected profit after tax of VND150 billion compared to the same period of loss of VND651.8 billion, an increase of VND801.8 billion. Thus, with a loss in the first 9 months of 2023, the Company is still very far from its profitable plan.
In addition, also on December 29, 2023 SMC Trading Investment Company approved the acquisition of all VND200 billion of bonds code SMCH2124001 (issued on August 2, 2021, due on August 2, 2024). In particular, the expected purchase time is February 2, 2024, after agreement with bondholders and approval by competent state agencies.
N.Nga
Source: VITIC/Tinnhanhchungkhoan