Goldsun Printing and Packaging Joint Stock Company has just announced its 2023 financial figures with not very positive information.
According to the self-introduction, this company was established in 1996. Its customers are large corporations such as Samsung, Coca-Cola, Pepsi, Heineken, Canon...
According to information from the Hanoi Stock Exchange (HNX), Goldsun Packaging Company has a charter capital of VND246.6 billion. The legal representative and Chairman of the Board of Directors is Mr. Pham Cao Vinh.
Goldsun Packaging Company's 2023 business figures (Source: HNX).
Mr. Vinh is also the chairman of Goldsun Group. This group has other members such as Redsun International Trade Investment Joint Stock Company (Redsun ITI), Goldsun Food Joint Stock Company (Goldsun Food - the owner of the King BBQ, ThaiExpress chains, ...).
In 2023, the packaging company recorded a profit after tax of VND19.2 billion, down 72.6% year-on-year. In 2022, the company's profit was "huge" at VND70.2 billion, nearly 9 times higher than in 2021.
On average, each day in 2023, the company made a profit of about 52.5 million VND, while the previous year it made a profit of more than 192 million VND.
As of December 31, 2023, the company's equity was VND 607.3 billion, down slightly by 3.4% compared to the previous year.
It is worth noting that the company uses high leverage. The debt-to-equity ratio as of December 31, 2021 was 5.39 times. Although it has decreased by the end of 2022, this ratio is still 3.65 times. At the end of 2023, this ratio is 3.57 times.
Based on the data provided, the debt payable as of December 31, 2023 is approximately VND 2,168 billion. The debt payable at the end of 2022 is VND 2,294 billion. The outstanding bond balance at the end of 2023 is approximately VND 953.5 billion.
The total assets of this enterprise recorded at the end of 2023 were VND 2,775 billion, down 5.1% compared to VND 2,923 billion at the end of 2022.
Due to the sharp decline in profits, the company's return on equity (ROE) dropped sharply from 15.44% in 2022 to 3.1% in 2023.
According to data from HNX, Goldsun Printing and Packaging Joint Stock Company has 3 bond issuances in April and July 2022. The mobilization interest rate is 11%/year.
In addition to issuing bonds, from 2012 to present, the company has also borrowed capital for production and business from Vietinbank, Vietcombank, OCB, MB, VIB, and Vietnam Joint Stock Commercial Bank for Foreign Trade Financial Leasing Company Limited.
The collateral for these loans is payment obligations of customers such as Samsung, Ferroli Indochina, inventory, machinery and equipment, and shares at Goldsun Food.
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