AsemconnectVietnam - Siba High-Tech Mechanical Group Joint Stock Company (Siba Group, code SBG - HOSE) recorded a profit of VND17.5 billion in Q3/2024, accumulated profit in the first 9 months of 2024 was VND29.01 billion, down 7.6% over the same period and completing 72.5% of the yearly plan.

In Q3/2024, Siba Group recorded revenue of VND483.73 billion, down 39.8% over the same period, profit after tax reached VND17.5 billion, up 35.9% over the same period.
During the period, gross profit decreased by 1.5% over the same period, equivalent to a decrease of VND0.39 billion to VND25.54 billion; Financial expenses increased by 162.1%, equivalent to an increase of VND3.63 billion to VND5.87 billion; sales and administrative expenses increased by 19.7%, equivalent to an increase of VND1.62 billion to VND9.84 billion; other profits recorded VND10.99 billion compared to the same period, a profit of VND0.08 billion, an increase of VND10.91 billion and other activities fluctuated insignificantly.
In terms of core business activities (gross profit - financial expenses, sales and administrative expenses), in the third quarter, Siba Group recorded a profit decrease of 73.3% compared to the same period, equivalent to a decrease of VND12.92 billion, to VND4.71 billion.
Thus, core profit decreased by 73.3% but profit after tax still increased by 35.9%, due to a sudden increase in other profits.
Notably, other profits in the third quarter were also equivalent to the first 9 months of 2024 and Siba Group explained that other profits increased dramatically related to the accounting of VND11.57 billion of asset liquidation compared to the same period without recording.
Accumulated in the first 9 months of 2024, Siba Group recorded revenue of VND2,361.11 billion, down 23.7% over the same period; profit after tax reached VND29.01 billion, down 7.6% over the same period.
In 2024, Siba Group plans to have a revenue of VND3,800 billion, an increase of 3.77% over the same period, and an expected after-tax profit of VND40 billion, an increase of 25% compared to the implementation in 2023.
Thus, ending the first 9 months of 2024 with a after-tax profit of VND29.01 billion, Siba Group has only completed 72.5% of the annual profit plan.
In addition to the business downturn, in the first 9 months of 2024, Siba Group also recorded a negative operating cash flow of VND64.5 billion compared to the same period of positive VND15.7 billion. In addition, investment cash flow recorded a negative VND13.3 billion and financial cash flow was positive VND50.4 billion, mainly increasing debt to offset the deficit in operating cash flow.
In terms of asset size, as of September 30, 2024, Siba Group's total assets decreased by 11.5% compared to the beginning of the year, equivalent to a decrease of VND137.9 billion to VND1,059.4 billion. Of which, the main assets were short-term receivables recorded at VND502.96 billion, accounting for 47.5% of total assets; inventories recorded at VND255.3 billion, accounting for 24.1% of total assets; fixed assets recorded at VND180.7 billion, accounting for 17.1% of total assets and other items. In addition, at the end of the third quarter, Siba Group's total short-term and long-term debt increased by 80% compared to the beginning of the year, equivalent to an increase of VND103.7 billion to VND233.3 billion and equal to 52.2% of total equity (at the beginning of the year, outstanding debt was VND129.6 billion and equal to a total of 30.1% of total equity).
N.Nga
Source: VITIC/Tinnhanhchungkhoan