Demand for luxury cars increases, Haxaco's profit in the third quarter of 2024 is 11 times higher than the same period last year
Haxaco's after-tax profit in the third quarter of 2024 increased 11 times over the same period, reaching more than 90 billion VND because consumers' demand for luxury cars increased sharply.
The consolidated financial report of Hang Xanh Auto Service Joint Stock Company (stock code: HAX) recorded net revenue in the third quarter of 2024 reaching VND 1,535 billion, an increase of nearly 38% over the same period.
Gross profit in this period was more than 174 billion VND, 2.7 times higher than the same period last year. Gross profit margin reached 11.3%, up 5.5 percentage points over the same period in 2023.
In the third quarter, financial and administrative expenses decreased slightly compared to the same period last year, down to VND5 billion and VND27 billion, respectively. In contrast, sales expenses doubled compared to the same period last year, up to nearly VND56 billion.
After deducting expenses, the company reported pre-tax profit of VND 113 billion and after-tax profit of VND 90.3 billion, respectively 11.3 times and 10.8 times higher than the same period, thereby extending the streak of consecutive profits from the fourth quarter of 2021 to present.
In a document sent to the Ho Chi Minh City Stock Exchange, Haxaco's board of directors said that the positive business results were influenced by the economic recovery and timely support policies from the Government through reducing registration fees for domestically produced cars, stimulating the strong increase in consumer demand for luxury cars. In addition, the MG car dealership system under Haxaco Group has 12 effective dealerships, contributing to the rapid increase in sales of this luxury car brand.
In the first 9 months of the year, Haxaco had a net revenue of approximately VND 3,696 billion, up 27% over the same period. The company's main source of revenue comes from vehicle trading with about VND 3,284 billion, up 31% over the same period last year. The rest comes from repair services and spare parts sales. Gross profit reached VND 366 billion, while in the same period last year it was only about VND 198 billion. Gross profit margin accordingly increased from 7% to 10%. The company reported pre-tax profit of VND 183 billion and after-tax profit of VND 144 billion, respectively 9 times and 10 times higher than the same period in 2023.
This year, Haxaco aims to achieve a consolidated pre-tax profit of 4 times higher than that achieved in 2023, reaching VND200 billion. According to the board of directors, to implement this plan, the company will proactively propose flexible plans on competition, prices, and discount policies to maintain market share. Thus, in the first 3 quarters of the year, Haxaco has completed 91% of the profit plan.
According to the management board, this year, the company will focus on controlling financial leverage , strengthening risk management and planning for possible scenarios. In addition, Haxaco's management board said that this year it will continue to expand its vehicle business and research to diversify its product portfolio.
By the end of September, Haxaco had total assets of VND2,502 billion, an increase of nearly VND500 billion compared to the beginning of the period. The company's liabilities increased from VND842 billion to nearly VND1,149 billion. Short-term debt contributed an overwhelming proportion of VND1,148 billion. The largest item was short-term loans and financial leasing debt with more than VND942 billion.
The company currently has equity of VND 1,354 billion. Undistributed profit after tax is more than VND 95 billion.
On the stock exchange, HAX shares are currently at VND17,100, up nearly 44% compared to the price range at the beginning of the year (VND11,910). The average matched volume in the last 10 sessions is more than 460,000 units. The company's market capitalization is about VND1,837 billion.
Source: https://baodautu.vn/nhu-cau-so-huu-xe-sang-tang-haxaco-lai-quy-iii2024-gap-11-lan-cung-ky-d228013.html
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