The recovery in business and the low base of last year helped listed companies' profits in the fourth quarter of 2023 increase by more than 30% over the same period last year.
VNDirect Securities Company has just released an updated report on the fourth quarter profits of listed companies. The expectation of positive results in the final quarter, according to the analysis team, is also the driving force for the stock market to recover after a strong sell-off in the third quarter.
According to VNDirect, as of February 5, 1,128 companies listed and traded on the HSX, HNX and UPCoM markets have announced their financial reports, with total net profit increasing by more than 30% over the same period, thanks to the recovery in business activities and the low base factor of the previous year.
Steel and banking were the top growth contributors. Steel companies continued to have a positive business season as many companies posted positive results in the fourth quarter, while they recorded losses in the same period last year. The total net profit of the Steel industry increased by 26.7% compared to the third quarter.
This improvement came from increased gross profit margin due to lower input costs, better inventory management and improved sales volume.
Net profit of the banking group in the last three months of the year increased by 22.5% over the same period, thanks to accelerated credit growth, strong growth in non-interest income (income from fees and foreign exchange activities), and a 5% decrease in provisioning costs.
Real estate is not so negative. The industry's net profit in the last quarter of 2023 decreased by nearly 20% compared to the same period last year and more than 24% compared to the third quarter. But according to VNDirect, the actual figures seem to be better than the statistics.
The decline mainly came from Vinhomes' (VHM) revenue and profit, which were 72% and nearly 91% respectively over the same period, due to the high base factor of the previous year. The leading enterprise's 2023 net profit still grew by about 15%. If VHM is excluded from the statistical basket, the real estate industry's net profit of the listed enterprise group increased by nearly 132% over the same period.
Electricity and retail remained under negative pressure. Electricity sector profits fell nearly 33% due to low output from hydropower plants due to El Nino, while coal-fired power plants did not achieve high efficiency when incidents occurred at many generators. Retail businesses also recorded a sharp decline due to fierce price competition between large companies. However, thanks to signs of recovery in demand, this sector's profits grew nearly 43% compared to the third quarter.
Minh Son
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