According to the financial report for the third quarter of 2023, Bim Son Cement Joint Stock Company (Bim Son Cement - address Ba Dinh ward, Bim Son town, Thanh Hoa) continued to record dismal production and business results when the Company's after-tax profit was negative 57 billion VND.
In the first 9 months of the year, Bim Son Cement recorded revenue of more than VND 2,400 billion, down nearly VND 900 billion compared to the same period last year; the unit's cost of goods sold was recorded at VND 2,276 billion, down more than VND 630 billion compared to the same period, causing gross profit to be recorded at VND 124 billion, equivalent to a decrease of 75.6% compared to VND 387 billion in the same period in 2022.
Meanwhile, after 9 months, Bim Son Cement recorded insignificant decrease in expenses, some expenses even increased sharply compared to the same period last year. Specifically, selling expenses recorded nearly 110 billion VND, down 18%; business management expenses recorded 87.5 billion VND, down 26%; while financial expenses recorded 37 billion VND, up nearly 50% compared to the same period.
Bim Son Cement was established in the 1980s, located in Bim Son town, Thanh Hoa.
With the above results, Bim Son Cement's net profit from business activities recorded a negative of more than VND 110 billion. In addition, during the period, the unit also recorded a negative VND 2.36 billion from other income items, causing Bim Son Cement's accumulated after-tax profit for the first 9 months to be negative VND 112.4 billion, down more than VND 200 billion compared to the profit of nearly VND 89 billion in the same period in 2022.
According to Nguoi Dua Tin's research, in previous years, Bim Son Cement had relatively positive business results. Specifically, after-tax profit in 2020 was recorded at 144.9 billion VND; in 2021, it was recorded at 102 billion VND; in 2022, it was recorded at 63.1 billion VND.
Thus, with the after-tax profit in the first 9 months of 2023 being negative 112.4 billion VND, if there are no major fluctuations in the fourth quarter, Bim Son Cement is expected to have a loss-making business result in 2023.
Regarding the management activities of Bim Son Cement, on October 31, in a report sent to the State Securities Commission, Bim Son Cement said that the unit had changed its senior personnel. Accordingly, Mr. Le Huy Quan, Deputy General Director of the company, was appointed as Acting Director of Bim Son Cement Joint Stock Company from November 1, replacing Mr. Nguyen Hoang Van (General Director) who was dismissed.
Bim Son Cement Factory. (Photo: XMBS)
In the overall financial picture, as of the end of the third quarter of 2022, Bim Son Cement's total assets reached VND 3,908 billion, down 5% compared to the beginning of the year. Of which, this unit recorded short-term receivables increasing by 190% to more than VND 344 billion; inventories at VND 428 billion, down 29%; construction costs in progress were nearly VND 33 billion, up 81%. In the unfinished costs, there are projects under construction such as the Vicem operating center of more than VND 10 billion, the CRC construction project of VND 5.5 billion and the No. 2 furnace burner system project of more than VND 8 billion.
On the other hand, in the financial statements, Bim Son Cement recorded a total payable debt of VND 1,948 billion. Of which, short-term debt accounted for a large proportion of VND 1,891 billion; long-term debt was VND 57.6 billion, including long-term loans and financial leases of VND 50 billion and provisions for payables of VND 7.6 billion.
In total short-term debt, debts related to regular operations with trading partners recorded VND 1,360 billion, the remaining VND 631 billion were debts from short-term borrowing and financial leasing activities.
As of September 30, Bim Son Cement had equity of VND2,204 billion, down nearly VND100 billion compared to the beginning of the year. Of which, equity of the owner was VND1,232 billion; development investment fund was VND728 billion; undistributed profit after tax was VND39.5 billion.
Also according to the Q3 financial statements, Bim Son Cement has one subsidiary, Central Cement Joint Stock Company (located in Binh Son, Quang Ngai), with a 76.8% ownership ratio. Vietnam Cement Industry Corporation holds 73.15%, equivalent to more than 90 million shares at Bim Son Cement Joint Stock Company.
Viet Phuong
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