HSG: Profit after tax in fiscal year 2023-2024 reaches 510 billion VND
Hoa Sen Group Joint Stock Company (HOSE: HSG) has just announced its consolidated financial report for the 2023-2024 fiscal year (FY) (from October 1, 2023 to September 30, 2024). Accordingly, in the 2023-2024 fiscal year, consolidated revenue reached VND 39,272 billion, consolidated profit after tax reached VND 510 billion.
| STT | Target | Unit | NDTC 2023-2024 | NDTC 2022-2023 | Increase vs. same period | 2023-2024 Financial Plan (high PA) | Plan completion rate |
| 1 | Output | Ton | 1,941,694 | 1,433,830 | 35% | 1,730,000 | 112% |
| 2 | Net revenue | Billion VND | 39,272 | 31,651 | 24% | 36,000 | 109% |
| 3 | Profit after tax | Billion VND | 510 | 30 | 1.597% | 500 | 102% |
HSG consolidated business results for fiscal year 2023-2024 (billion VND)
According to the recently announced consolidated financial report for the fiscal year 2023-2024, HSG has recorded an impressive recovery compared to the fiscal year 2022-2023 when all indicators grew compared to the same period and exceeded the high business plan set at the beginning of the fiscal year.
Specifically, HSG recorded an output of 1,941,694 tons, up 35% year-on-year, completing 112% of the business plan. At the same time, revenue reached VND 39,272 billion, up 24% year-on-year, completing 109% of the business plan. In particular, HSG's gross profit margin recovered from 9.7% in the 2022-2023 fiscal year to 10.8% in the 2023-2024 fiscal year, helping the gross profit reach VND 3,060 billion, up 39% year-on-year.
In addition to the recovery of gross profit margin, the continued decrease in financial expenses is also a notable bright spot for HSG when financial expenses, including interest expenses and exchange rate differences, decreased by 19%, from VND 314 billion in the 2022-2023 fiscal year to VND 254 billion in the 2023-2024 fiscal year. Specifically as follows:
- Interest expense decreased by 32%, from VND 195 billion to VND 133 billion due to HSG's efforts in negotiating with banks to have appropriate and effective interest rates for production and business activities.
- Exchange rate difference costs increased slightly by 2%, from VND 119 billion in FY 2022-2023 to VND 121 billion in FY 2023-2024 despite being affected by continuous exchange rate fluctuations during the period from October 2023 to September 2024.
Thanks to the combination of the above factors, HSG's after-tax profit also improved positively from VND 30 billion in the 2022-2023 fiscal year to VND 510 billion in the 2023-2024 fiscal year, an increase of 1,597% and completing 102% of the business plan.
In the current volatile market, HSG has maintained its output and market share, ensuring cash flow for production and business activities. All HSG factories, branches and stores nationwide are operating stably. In the coming time, HSG will focus on enhancing the operational efficiency of the production system, domestic and foreign distribution systems, building appropriate business policies, focusing on strategic leading products, consolidating internal strength, accumulating resources to make the most of market opportunities.
Source: https://hoasengroup.vn/vi/bai-viet/cong-ty-co-phan-tap-doan-hoa-sen-cong-bo-bao-cao-tai-chinh-hop-nhat-nien-do-tai-chinh-ndtc-2023-2024/
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