Fami Milk Company Owner Completes Profit Plan After 9 Months

Quang Ngai Sugar – owner of the Fami soy milk brand – reported after-tax profit in the first 9 months of the year of about 1,755 billion VND, up 14% over the same period and exceeding the plan of 1,341 billion VND set at the beginning of the year.

The consolidated financial report of Quang Ngai Sugar Joint Stock Company (stock code: QNS) recorded net revenue in the third quarter of 2024 of more than VND 2,726 billion, an increase of 10% over the same period. Gross profit reached VND 912 billion, an increase of 6% over the same period last year. Gross profit margin reached 33.5%, a slight decrease compared to 35% in the same period.

Financial and administrative expenses both decreased compared to the same period last year, down 30% to VND20 billion and down 7% to VND71 billion, respectively. In contrast, selling expenses increased 5% to VND311 billion.

After deducting expenses, the company reported pre-tax profit of VND586 billion and after-tax profit of VND532 billion, up 4% and 5% respectively over the same period last year.

In the first 9 months, the company achieved net revenue of VND 8,069 billion, up 4% over the same period in 2023. Of which, the sugar segment contributed VND 3,225 billion (equivalent to 40%), while soy milk brought in more than VND 3,187 billion (equivalent to 39%).

Gross profit for this period was approximately VND2,704 billion, gross profit margin reached 33.5%. Pre-tax profit reached VND1,931 billion and after-tax profit was nearly VND1,755 billion, up 12% and 14% respectively over the same period.

This result, in turn, completed 90% of the revenue target of VND9,000 billion and exceeded 31% of the after-tax profit target of VND1,341 billion. At the beginning of the year, the company proposed a relatively cautious plan when revenue decreased by 14.5% and profit decreased by 38.5% compared to 2023.

As of the end of September, the company had total assets of VND13,014 billion, an increase of VND960 billion compared to the beginning of the year. Liabilities were over VND3,634 billion, most of which were short-term. Owner's equity was nearly VND9,380 billion, and undistributed profit after tax was nearly VND5,229 billion.

On the stock exchange, QNS shares ended the week at VND48,600, down 0.41% from the reference price. This code has increased by 7% compared to the price range of VND45,500 at the beginning of the year.

The Board of Directors said that this year, Quang Ngai Sugar will step up investment activities . The company also announced a plan to invest a total of VND 2,000 billion to increase the capacity of the sugar processing system from sugarcane at An Khe Factory ( Gia Lai ) to 25,000 tons/year and An Khe Biomass Power Plant to 135 MW. Quang Ngai Sugar is in the process of researching to build a project to produce Ethanol from molasses - a by-product of the sugar production process. The Ethanol factory is expected to have a total investment of VND 1,500 - 2,000 billion, a capacity of 60 million liters/year, and is expected to be operational by 2026. This project will help the company complete the Sugarcane - Sugar - Biomass Power - Ethanol value chain and bring new revenue sources to the business in the future.

In addition, Quang Ngai Sugar is in the process of expanding the sugarcane growing area by 3,000 hectares per year, expected to reach 40,000 hectares in the 2027/2028 crop year. It is estimated that after expansion, the company's annual sugarcane output can reach 2.4-2.5 million tons.

Source: https://baodautu.vn/chu-hang-sua-fami-hoan-thanh-ke-hoach-loi-nhuan-sau-9-thang-d228412.html