AsemconnectVietnam - Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM, code VEA) has just announced its consolidated financial statements for the third quarter of 2024 with net revenue reaching VND1,049 billion, up 19% over the same period last year.

The cost of goods sold in this period also increased by 20% to VND900 billion, leading to the company's gross profit reaching VND149 billion, up 10% over the same period. However, the gross profit margin decreased slightly from 15% to 14%.
In this period, VEA's financial revenue decreased by 39% to VND205 billion. However, the positive point is that the profit from joint ventures and associated companies increased by 17% to VND1,500 billion.
In terms of costs, VEAM has reduced financial costs by 69%, down to VND4 billion, and business management costs by 3%, down to VND122 billion. Sales costs alone increased by 10%, up to VND23 billion.
As a result, VEAM brought in VND1,667 billion in consolidated profit after tax in the third quarter of 2024, up 8% over the same period last year. The parent company alone brought in VND1,652 billion in profit after tax.
In the first 9 months of 2024, VEAM achieved VND2,972 billion in net revenue and VND4,924 billion in profit after tax, both up 4% over the same period. Of which, the parent company's profit after tax reached VND4,871 billion.
Notably, the dividends and profits that VEAM received during the period from its joint ventures and associates were consistently high, including: VND5,079 billion from Honda Vietnam Company, VND261.5 billion from Toyota Vietnam Company and VND197.9 billion from Ford Vietnam Company Limited.
As of September 30, 2024, VEAM's total assets reached VND31,743 billion, up 17% compared to the beginning of the year. Of which, 63% of VEAM's assets were cash, cash equivalents and bank deposits with VND19,956 billion. In addition, VEAM also had VND3,716.9 billion in short-term receivables, down nearly 17% compared to the beginning of the year; VND1,245.8 billion in inventories, down slightly.
On the other hand, VEAM still had VND1,252.6 billion in payables, mostly short-term debt. VEAM's debt is concentrated in short-term payables to suppliers of VND330 billion, other short-term payables of VND204.4 billion, and short-term financial debt of VND135.2 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan