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Duc Giang Chemical (DGC): Profit expected to decrease by 50.3% to VND3,000 billion in 2023 

 Monday, March 13,2023

AsemconnectVietnam - After a year of strong growth, Duc Giang Chemical Group Joint Stock Company (code DGC - HOSE) set a business plan backwards and invested VND500 billion in a project in Nghi Son.

On March 4, Duc Giang Chemical announced the document of the 2023 Annual General Meeting of Shareholders, the meeting is expected to be held on March 29 in Ho Chi Minh City.
In which, the Company submitted to shareholders a business plan with revenue of VND10,875 billion, down 24.7% over the same period and expected profit after tax of only VND3,000 billion, down 50.3% compared to the previous year.
In terms of revenue structure expected in 2023, Duc Giang Chemical has set a target of VND4,608 billion of yellow phosphorus, accounting for 42.4% of total revenue; Food Phosphoric Acid revenue 85% is expected to record VND2,184 billion, accounting for 20.1% of total revenue; Sales of Extracted Phosphoric Acid – WPA 50% expected VND1,170 billion, accounting for 10.8% of total revenue; DAP fertilizer revenue is expected to be VND750 billion, accounting for 6.9% of total revenue; and other product lines contributed 19.9% of total revenue.
By the end of 2022, the Company recorded a total revenue of VND14,444 billion, an increase of 51.2% compared to the previous year and profit after tax reached VND6,036 billion, an increase of 140.2% compared to the performance in 2021, respectively, completed 19.2% and 72.5% of annual revenue and profit targets.
For the investment plan in 2023, the Company plans to complete the Dak Nong NPK factory with an investment value of VND50 billion; At the same time, the Company started construction of Duc Giang Nghi Son Chemical Complex with an investment value of VND500 billion.
Regarding the dividend plan, in 2022, the Company submits to shareholders a 30% cash dividend plan (this dividend has already been paid) and the 2023 dividend is still expected to be 30%.
Elsewhere, according to data from Sunsirs, as of February 26, 2023, the world gold phosphorus price is trading at 31,550 CNY/ton, down 20.2% from the peak at the end of May 2022. 39,561 CNY/ton) and continued its downtrend.
The price of yellow phosphorus has passed the most favorable time and is returning to negatively impact chemical businesses with the main product line of yellow phosphorus such as Apatite Vietnam.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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