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Refrigeration Electrical Engineering (REE) profit decreased by 48% to VND548.9 billion in Q1/2024 

 Monday, May 6,2024

AsemconnectVietnam - Refrigeration Electrical Engineering Joint Stock Company (REE code - HOSE exchange) recorded profit in the first quarter of 2024 reaching VND548.9 billion, completing 22.8% of the 2024 plan.

In the first quarter of 2024, Refrigeration Electrical Engineering recorded revenue of VND1,837.5 billion, down 22.4% over the same period, profit after tax recorded a profit of VND548.9 billion, down 48% over the same period. Of which, gross profit margin decreased from 53% to 40.3%.
During the period, gross profit decreased by 40.9% over the same period, corresponding to a decrease of VND513.1 billion, to VND741.3 billion; Financial revenue increased by 19.8%, equivalent to an increase of VND11.6 billion, to VND70.2 billion; Financial costs decreased by 12.8%, equivalent to a decrease of VND32.9 billion, to VND223.3 billion; Joint venture and affiliated company profits decreased by 42%, equivalent to a decrease of VND87.8 billion, to VND121.2 billion; Sales and corporate management expenses decreased by 5.3%, equivalent to a decrease of VND6.44 billion, to VND114.66 billion and other activities fluctuated insignificantly.
Thus, Refrigeration Electrical Engineering's profit in the first quarter of 2024 decreased sharply mainly due to the decline in gross profit, and the profit of joint venture and affiliated companies also decreased sharply over the same period.
In 2024, Refrigeration Electrical Engineering plans revenue of VND10,588 billion, an increase of 23.5% over the same period, expected profit after tax of VND2,409 billion, an increase of 10.1% compared to implementation in 2023 and temporarily. Pay dividends in 2024 with a maximum rate of 15%.
Thus, ending the first quarter of 2024 with a profit of VND548.9 billion, Refrigeration Electrical Engineering has completed 22.8% of the fiscal year 2024 plan.
As of March 31, 2024, the total assets of Refrigeration Electrical Engineering increased slightly by 0.7% compared to the beginning of the year, corresponding to an increase of VND228.5 billion, to VND35,140.8 billion. Of which, the main assets were fixed assets recorded at VND14,662.8 billion, accounting for 41.7% of total assets; Long-term financial investment recorded VND6,234.2 billion, accounting for 17.7% of total assets; Cash and short-term financial investments recorded VND4,579.3 billion, accounting for 13% of total assets; Short-term receivables recorded VND3,760.8 billion, accounting for 10.7% of total assets and other items.
Regarding capital sources, by the end of the first quarter of 2024, total short-term and long-term debt decreased slightly by 0.4% compared to the beginning of the year, corresponding to a decrease of VND45.8 billion, to VND10,697 billion and equal to 51.3 percent of equity.
Source: VITIC/Tinnhanhchungkhoan


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