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Son Ha Group (SHI) targets VND10,000 billion revenue in 2024 

 Monday, June 10,2024

AsemconnectVietnam - On May 30, Son Ha International Corporation (code SHI - HOSE) successfully held the 2024 Annual General Meeting of Shareholders to approve the results of production and business activities in 2023 and the plan for 2024.

At the end of 2023, the group's net revenue reached VND9,605 billion, continuing to maintain the revenue growth momentum for 10 consecutive years.
In particular, the household goods industry contributed the most to Son Ha's revenue growth when it increased by 61% compared to the previous year. The market share of products such as assembled tanks, stainless steel/plastic tanks, solar water heaters, and water heaters continued to expand.
The industrial sector made a big impression with a sharp increase in the export output of industrial pipes and stainless steel coils. Son Ha currently owns an industrial stainless steel pipe factory in Dan Phuong (Hanoi) and is preparing to put the factory in Binh Duong into operation with a capacity of up to 80 thousand tons/year.
In 2023, Son Ha's expansion areas have marked with outstanding activities such as: Launching EVGO electric motorbike models in response to the Vietnamese Government's policy of committing to bring net emissions to "0" by 2050; starting construction of Tam Duong industrial park in Vinh Phuc with a scale of 162.3 hectares according to the criteria of green - smart - modern.
In 2024, Son Ha sets a target of net revenue of VND9,900 billion and after-tax profit of VND62 billion.
To achieve this goal, Son Ha has identified key tasks such as continuing to restructure the group, promoting digital transformation, researching and developing new products, applying technological advances to the production process, expanding export markets, implementing well-developed projects, minimizing financial risks, etc.
In the first quarter of 2024, Son Ha's net revenue reached VND1,862 billion and pre-tax profit VND17 billion.
As of March 31, 2024, Son Ha Group's total assets reached VND7,775 billion, up 2.5% compared to the beginning of the year. The asset structure is relatively healthy with the total proportion of receivables, inventories and unfinished construction costs at 74% of total assets.
Liabilities reached VND5,764 billion, up 3.4% compared to the beginning of the year. The debt/equity ratio reached 2.86 times. Capital and cash flow management was well implemented in 2023 with a positive operating cash flow of VND236 billion. At the end of the first quarter of 2024, the operating cash flow was positive at VND43 billion, thanks to a reduction in receivables (VND365 billion) and inventory (VND81 billion).
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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