AsemconnectVietnam - In Q3/2024, thanks to the increase in rubber latex prices and other profits from liquidating rubber trees, Tay Ninh Rubber brought in a profit after tax of VND73 billion, 5.6 times higher than the same period.

Tay Ninh Rubber Joint Stock Company (code TRC) has just announced its financial statements for the third quarter of 2024 with net revenue reaching VND221 billion, up 29% over the same period last year. Thanks to the cost of goods sold increasing only slightly by 1%, to VND151 billion, the company's gross profit increased 3.3 times over the same period, reaching VND69 billion.
During the period, the Company had financial revenue of VND3.9 billion, a sharp increase compared to VND609 million in the same period. Meanwhile, financial expenses were reduced by 36%, to VND2.4 billion. In addition, selling expenses and administrative expenses did not fluctuate much, at VND2.7 billion and VND11 billion, respectively, compared to the same period.
The company also had other profits of VND30 billion, double that of last year. As a result, Tay Ninh Rubber's after-tax profit reached VND73 billion, 5.6 times higher than the same period.
According to the explanation, in the third quarter, the selling price of rubber latex increased, leading to profits from rubber latex trading activities of both the parent company - Tay Ninh Rubber Joint Stock Company and the subsidiary - Tay Ninh Siem Reap PTSC Company both increasing compared to the same period in 2023. In addition, due to the increase in area and revenue from liquidation of rubber trees, the other operating profits of the parent company increased compared to the same period in 2023.
Accumulated in the first 9 months of 2024, Tay Ninh Rubber brought in VND457 billion in net revenue, up 32% over the same period. However, after-tax profit skyrocketed from VND20 billion to VND101 billion, equivalent to 5 times.
In 2024, Tay Ninh Rubber plans to have a minimum revenue of VND400 billion and a profit after tax of VND70 billion. With the results of 9 months, the Company has exceeded the revenue target by 14% and the profit target by 44% for the year.
By the end of the third quarter of 2024, TRC's total assets reached VND2,085 billion, an increase of more than 4% compared to the beginning of the year. Of which, nearly half of the Company's assets were in fixed assets with VND947 billion.
In addition, the Company owns more than VND203.4 billion in cash and cash equivalents, an increase of 91% compared to the beginning of the year. Short-term receivables increased slightly to VND205 billion, mainly short-term prepayments to sellers of VND181 billion. TRC has VND484.3 billion remaining in unfinished construction costs, down 7%.
On the other side of the balance sheet, TRC has VND369.2 billion in liabilities, up 6.9% compared to the beginning of the year. Of which, the company's short-term and long-term financial debts are VND23.3 billion and VND86 billion, respectively.
On November 6, TRC will pay 2023 dividends to shareholders in cash, at a rate of 9% (equivalent to VND900 per share). Thus, with more than 29.1 million shares in circulation, TRC will spend more than VND26.1 billion to pay dividends to shareholders.
N.Nga
Source: VITIC/Tinnhanhchungkhoan