Hoang Anh Gia Lai reported a third-quarter after-tax profit of approximately VND351 billion, up 8% year-on-year and the highest quarterly profit since the beginning of the year.
The consolidated financial report of Hoang Anh Gia Lai Joint Stock Company (stock code: HAG) recorded net revenue in the third quarter of about VND1,432 billion, down 24% year-on-year. The company's main source of revenue comes from fruit trading with more than VND912 billion, down 11% year-on-year. The remainder comes from selling pigs, selling products, goods and providing services.
After deducting the cost of goods sold, gross profit reached VND609 billion, up 17% over the same period last year. Gross profit margin reached 42.5%. Sales and administrative expenses both increased slightly over the same period, to VND69.6 billion and VND34.5 billion, respectively. In contrast, financial expenses decreased sharply, from VND232 billion in the same period to more than VND165 billion.
Other income dropped sharply from nearly VND147 billion in the same period to VND27 billion. After deducting expenses, the company reported a profit after tax of VND351 billion, up 8% over the same period last year.
In the first 9 months, Hoang Anh Gia Lai achieved net revenue of nearly VND 4,194 billion, down 17% compared to the same period in 2023. Gross profit reached VND 1,590 billion, up 39% over the same period thanks to a decrease in cost of goods sold. Gross profit margin reached 38%, a sharp increase compared to the 23% achieved in the same period last year.
The company reported pre-tax profit of VND837 billion and after-tax profit of VND851 billion, up 17% and 20% respectively over the same period.
Hoang Anh Gia Lai plans to achieve revenue of VND7,750 billion this year, up 20.3% year-on-year, and expected after-tax profit of VND1,320 billion, down 25.9% compared to the actual performance in 2023. This means that the company has completed more than 55% of the revenue plan and 64% of the profit target after the first 3 quarters of the year.
In the plan, Hoang Anh Gia Lai expects fruit revenue to contribute 5,540 billion VND, accounting for 71% of total revenue. Banana-eating pigs are expected to contribute 1,550 billion VND, accounting for 20% of total revenue. Other products and goods contribute 660 billion VND, accounting for 9% of total revenue.
Hoang Anh Gia Lai’s board of directors said that the company’s business situation in the third quarter of this year has had positive changes, which has partly overcome the reason why the stock was put on warning status. The company will continue to expand its clean land fund, invest in improving infrastructure, packaging factories, etc. in the direction of applying technology to improve production and product quality, contributing to changing the labor structure in agriculture.
The company still focuses on the agricultural sector with its main products being bananas, durians and pigs. As of the end of September, the company had more than 1,947 hectares of durians and 7,000 hectares of bananas.
Regarding financial issues, the board of directors affirmed that it is still in the process of implementing restructuring measures to further reduce bank debt, interest expenses and maintain stable cash flow for production and business activities.
As of the end of the third quarter, the company had total consolidated assets of VND22,492 billion, an increase of nearly VND1,600 billion compared to the beginning of the period. Long-term assets accounted for more than VND13,624 billion of the company's asset structure. Liabilities decreased significantly compared to the beginning of the year, from VND14,226 billion to VND13,532 billion, most of which were short-term items.
Equity increased by 34% compared to the beginning of the period, to VND8,960 billion. Accumulated loss decreased sharply from VND1,669 billion to more than VND626 billion.
On the stock exchange, HAG shares are currently at VND10,550, down 22% from the beginning of the year price of VND13,600. The average matched volume in the last 10 sessions is about 4.6 million units. The market capitalization is currently over VND11,155 billion.
Source: https://baodautu.vn/quy-iii2024-hoang-anh-gia-lai-lai-hon-350-ty-dong-d228150.html
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