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Saigontel (SGT): Profits decrease by 40.1% in 2023 

 Monday, February 19,2024

AsemconnectVietnam - Saigon Telecommunications Technology Joint Stock Company (Saigontel, code SGT - HOSE) recorded a profit of VND21.35 billion in the fourth quarter of 2023, cumulatively in 2023 recorded a profit of VND46.2 billion, down 40.1% compared to same period last year.

In the fourth quarter of 2023, Saigontel Company recorded revenue of VND556.03 billion, down 17.6% over the same period, profit after tax recorded a profit of VND21.35 billion compared to the same period of loss of VND26.05 billion, an increase of VND47.4 billion.
During the period, gross profit margin improved from 6.7%, to 21.8%; Gross profit increased by 168.1% over the same period, equivalent to an increase of VND75.89 billion, to VND121.04 billion; Financial revenue increased by 15.1%, equivalent to an increase of VND0.87 billion, to VND6.64 billion; Financial expenses increased by 40.7%, equivalent to an increase of VND10.02 billion, to VND34.63 billion; Sales and corporate management expenses increased by 25.5%, equivalent to an increase of VND11.34 billion, to VND55.79 billion; and other activities fluctuated insignificantly.
Cumulatively in 2023, Saigontel Company recorded revenue of VND1,308.67 billion, down 10% over the same period, profit after tax recorded a profit of VND46.2 billion, down 40.1% over the same period.
In 2023, Saigontel Company sets a business plan with revenue of VND2,750 billion, an increase of 89.1% over the same period and pre-tax profit of VND412 billion, an increase of 282.9% compared to 2022. Thus, at the end of 2023 with a pre-tax profit of VND81.03 billion, Saigontel Company did not complete the plan and only reached 19.7% of the profit plan of VND412 billion.
Increase debt to offset record negative business cash flow of VND1,286.3 billion
In addition to plummeting business, in 2023, Saigontel Company's main business cash flow also recorded a record negative of VND1,286.3 billion compared to a positive of VND141 billion in the same period. In addition, investment cash flow recorded a negative VND168 billion and cash flow from financial activities recorded a positive VND1,468.4 billion, mainly increasing debt to offset the business cash flow deficit.
It is known that, according to data from SSI Securities, from listing in 2008 to 2022, there has never been a year when negative business cash flow exceeded VND1,286.3 billion. Of which, the year with the largest negative cash flow was 2010 with a negative value of VND287.4 billion.
As of December 31, 2023, Saigontel Company's total assets increased by 31.5% compared to the beginning of the year, corresponding to an increase of VND1,729.2 billion, to VND7,217.2 billion. Of which, main assets in inventory recorded VND2,719.3 billion, accounting for 37.7% of total assets; Short-term receivables recorded VND2,189.9 billion, accounting for 30.3% of total assets; Long-term financial investment recorded VND1,737.2 billion, accounting for 19% of total assets and other items.
During the period, inventory increased by 101.7% compared to the beginning of the year, corresponding to an increase of VND1,371.1 billion, to VND2,719.3 billion; Short-term receivables increased by 13.9% compared to the beginning of the year, corresponding to an increase of VND267.9 billion, to VND2,189.9 billion.
In terms of inventory structure in 2023, inventory increased sharply mainly due to recording VND1,216 billion (not recorded at the beginning of the year) at the Nam Tan Tap Industrial Park project, Can Giuoc district, Long An.
According to research, the Nam Tan Tap Industrial Park project has a scale of 244.74 hectares, with a total investment capital of VND2,590.4 billion.
Thus, increasing inventory, as well as increasing receivables, is one of the main reasons leading to record negative business cash flow in 2023 at Saigontel Company.
As for capital, by the end of 2023, total short-term and long-term debt increased by 77.1% compared to the beginning of the year, corresponding to an increase of VND1,468.4 billion, to VND3,373.9 billion and equal to 171.5 % of equity (at the beginning of the year recorded VND1,905.5 billion and equal to 102.5% of equity).
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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