AsemconnectVietnam - TNG Investment and Trading Joint Stock Company (code TNG - HNX) reported an after-tax profit of VND15 billion in January 2024, nearly 3 times higher than the same period last year.

According to the separate financial statements for January 2024, TNG's net revenue reached VND524 billion, an increase of 32% over the same period and is the highest January revenue in the past 5 years of the business.
In January, financial revenue increased 27% to more than VND7 billion, but was not enough to offset financial expenses of VND18 billion. In addition, selling expenses and management expenses were VND7 billion and VND29 billion, respectively, an increase of 39% and 9% over the same period. Because cost of goods increased faster than revenue, gross profit margin decreased slightly by 0.4 percentage points to 12.6%. After deducting expenses, TNG's after-tax profit was VND15 billion, up 168% over the same period.
TNG leaders said that this year, orders are abundant, major partners have sold out of inventory, so TNG has signed export garment orders with many partners such as Decathlon, Columbia, The Children's Place, Sportmaster, and Costco. , Nike, Adidas... Large orders were filled for the first 6 months of the year before Tet.
TNG's financial report shows that, at the end of January 2024, TNG's total assets reached VND5,082 billion, down VND70 billion compared to the beginning of the year. Cash and bank deposits reached VND256 billion, down 14%; Meanwhile, inventory increased by 2% to VND906 billion.
Meanwhile, liabilities reached VND3,386 billion, down VND40 billion compared to the beginning of the year. Total financial debt is more than VND2,500 billion, of which short-term financial debt is more than VND1,700 billion, down 5%.
In 2023, TNG will achieve revenue of VND7,096 billion, an increase of 5% compared to 2022, exceeding the set plan. However, profit after tax reached VND226 billion, down 23% and achieved 76% of the year's profit target.
TNG's Board of Directors has just approved the plan to organize the 2024 Annual General Meeting of Shareholders, scheduled to take place on April 21, at Viet Thai Garment Branch - Son Cam 1 Industrial Cluster, Son Cam Commune, Thai Nguyen City, according to the closing list on March 21, 2024.
The content of the meeting includes 2023 business results report and 2024 business plan; 2023 dividend payment and expected 2024 dividend payment; elect members of the Board of Directors; Issuance plans and other contents under authority...
Company leaders said that according to the plan developed by the Board of Directors and submitted to shareholders, in 2024, the Company targets growth in both revenue and profit compared to 2023 by about 13%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan