Businesses make huge profits, stocks increase sharply, tycoon Dao Huu Huyen has more than a thousand billion

In the third quarter, chemical tycoon Dao Huu Huyen's business results continued to show huge profits. Meanwhile, DGC shares surged strongly, increasing by 20%, adding nearly 1,000 billion VND to the Chairman's assets.

Duc Giang Chemical Joint Stock Company (DGC), owned by chemical tycoon Dao Huu Huyen, has just announced its consolidated financial report for the third quarter with net revenue of VND 3,696 billion, a 75% increase compared to the same period last year. As a result, gross profit after tax reached VND 1,646 billion, a 2.6-fold increase compared to the same period in 2021. Revenue from financial business activities in the third quarter increased by 255% to VND 144 billion, while financial expenses increased by 38% to VND 15 billion.

For the first nine months of the year, DGC achieved net revenue of VND 11,333 billion and after-tax profit of VND 4,917 billion, 4.4 times higher than the same period in 2021. DGC has set a revenue target of VND 12,117 billion for 2022, and with the results up to the end of the third quarter, the company has already achieved over 90% of its target.

According to the parent company's financial report, in the first nine months of 2022, DGC invested trillions of VND in its subsidiaries and associated companies. This included investments of VND 2,780 billion in Duc Giang Chemical Company Limited - Lao Cai, VND 1,000 billion in Duc Giang Company - Nghi Son, VND 500 billion in Duc Giang Real Estate Company, and VND 300 billion in Duc Giang Dak Nong Company.

Mr. Dao Huu Huyen (Photo: DGC)

Notably, with huge profits in the past nine months, DGC paid dividends to its subsidiaries totaling over 1,500 billion VND.

DGC recorded historically high profits in the first quarter of 2022, exceeding VND 1,500 billion, nearly 5.2 times higher than the same period last year. The company aims for after-tax profits of VND 3,500 billion in 2022, a 39% increase compared to the previous year's performance.

On the stock market, DGC shares have seen a strong surge in the last 10 trading sessions, reaching 81,000 VND/share on October 19th, a 20% increase, after falling to a one-year low of 67,000 VND/share. As a result, the assets of the DGC Chairman have increased by nearly 1,000 billion VND.

Mr. Huyen currently holds 68.7 million shares, equivalent to 18.6% of the shares in Duc Giang Chemicals.

It's worth remembering that the Chairman of Duc Giang Chemicals, Mr. Dao Huu Huyen, once attracted attention when he declared that even a sanitation worker had assets worth 35 billion VND and an engineer had over 100 billion VND thanks to owning DGC shares. At that time, Mr. Huyen said that hundreds of DGC employees bought new cars in 2021.

Over the past two years, businesses in the chemical and fertilizer industries have experienced significant growth thanks to soaring product prices. DGC, a leading exporter of yellow phosphorus, has seen a dramatic increase in phosphorus prices recently. As a result, DGC's share price has increased approximately sixfold in just over two years, dramatically boosting the wealth of its executives and employees.

Source: https://vietnamnet.vn/co-phieu-tang-manh-dai-gia-dao-huu-huyen-them-nghin-ty-2072095.html