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Revenue in January 2024 of Vinh Hoan (VHC) increased 102%, to VND921 billion 

 Thursday, March 7,2024

AsemconnectVietnam - After 2023 recording a decline in revenue and profits, Vinh Hoan Joint Stock Company (code VHC - HOSE exchange) shows signs of improvement in early 2024.

In January 2024, Vinh Hoan Company recorded total revenue of VND921 billion, an increase of 102% over the same period. Of which, Chinese market revenue reached VND117 billion, an increase of 259% over the same period; US market revenue reached VND185 billion, an increase of 59%; Vietnam market revenue reached VND325 billion, an increase of 137%; European market revenue reached VND154 billion, an increase of 33%; and other markets recorded VND140 billion, an increase of 159% over the same period.
If we compare January 2024 revenue with December 2023, total revenue increased by 13%. Of which, Chinese market revenue increased by 52%; European market increased by 14%; Vietnam market increased by 20%; US market decreased by 9%; and other markets increased by 10%.
In terms of business activities, previously, in the fourth quarter of 2023, Vinh Hoan Company recorded revenue of VND2,395.7 billion, down 3.2% over the same period, profit after tax recorded VND47.64 billion, down 74.7% over the same period. In particular, gross profit margin decreased sharply from 19.2%, to only 8.2% (record low).
During the period, gross profit decreased by 59% over the same period, corresponding to a decrease of VND3,192.2 billion, to VND195.27 billion; Financial revenue decreased by 20.4%, equivalent to a decrease of VND18.96 billion, to VND73.89 billion; Financial costs decreased by 66.4%, equivalent to a decrease of VND73.22 billion, to VND37.07 billion; Sales and corporate management expenses decreased by 33.2%, equivalent to a decrease of VND73.82 billion, to VND148.34 billion; and other activities fluctuated insignificantly.
Thus, in the period, although financial, sales, and corporate management costs were reduced, profits still decreased by 74.7%, mainly due to a record decline in gross profit margin.
In particular, explaining the plummeting profit in the fourth quarter of 2024, Vinh Hoan Company said it was due to reduced sales volume and selling prices.
Cumulatively in 2023, Vinh Hoan Company recorded revenue of VND10,038.6 billion, down 24.1% over the same period, profit after tax of parent company shareholders recorded VND896.52 billion, down 54.6% over the same period last year.
In 2023, Vinh Hoan Company plans revenue of VND11,500 billion and profit after tax of parent company shareholders of VND1,000 billion. Thus, by the end of 2023, Vinh Hoan Company did not complete the plan, only reaching 89.7% of the year's profit plan.
Source: VITIC/Tinnhanhchungkhoan


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