DNVN - Song Ba Joint Stock Company (stock code: SBA) has just released a report explaining the difference in business results in the third quarter of 2024 compared to the same period last year when after-tax profit decreased by nearly 33%.
Profit after tax in the third quarter of 2024 of Song Ba Joint Stock Company (stock code: SBA) stopped at VND 24.4 billion, while in the third quarter of 2023 it reached VND 36.4 billion, a decrease of 32.8%.
Explaining this decline, SBA said that net revenue from sales and service provision in the third quarter of this year only reached VND59.1 billion, a sharp decrease compared to VND81.2 billion recorded in the same period in 2023, a decrease of 27.1%.
Similarly, the cost of goods also decreased by nearly 17.5%, gross profit from sales and service provision decreased by 33%. Financial revenue decreased by 66.5%, net profit from business activities decreased from 40.5 billion in the third quarter of last year to 27.2 billion in the third quarter of this year.
Low water flow to hydroelectric reservoirs and reduced electricity output caused SBA's revenue and profit in the third quarter of 2024 to decrease sharply.
According to SBA, the main reason for the decrease in business results in the third quarter of 2024 compared to the same period last year is that in the third quarter of this year, the water flow to the company's hydroelectric reservoir was lower than last year, electricity output decreased by 17.47% compared to the same period last year, so total revenue decreased by more than 22 billion VND. However, expenses in the third quarter of 2024 decreased by more than 10 billion VND (mainly cost of goods sold of 6.98 billion VND), leading to a decrease in after-tax profit of only 11.98 billion VND, equivalent to a decrease of 32.85%.
Previously, according to the Resolution on production and business results of the third quarter of 2024 and the plan for the fourth quarter of 2024 approved by the Board of Directors of SBA on October 15, the total commercial electricity output of the two hydropower plants Khe Dien and Krong H'nang reached 47.31 million kWh, reaching 121.3% of the quarterly plan.
Revenue from electricity production was VND52.7 billion, reaching 134.5% of the plan. Total cost was VND25.65 billion. After deducting costs, profit after corporate income tax reached VND24.49 billion. Revenue from electricity production and costs in the third quarter of this year do not include taxes, corporate income tax, environmental service fees and water resource exploitation rights fees.
Song Ba Joint Stock Company (SBA) aims to achieve a total commercial electricity output of 102.8 million kWh in 2024, bringing in revenue of VND 101.3 billion, after-tax profit of VND 41.81 billion, and basic earnings per share of VND 691/share.
SBA was formerly known as Song Ba Power Investment and Development Company Limited, established on January 2, 2003 with an initial charter capital of VND 10 billion. On August 1, 2007, SBA officially entered its first fiscal year under the model of a joint stock company, with the founding shareholder being Power Company 3 (now the Central Power Corporation). On June 1, 2010, 45 million SBA shares were officially listed on the Ho Chi Minh City Stock Exchange with the code SBA.
SBA specializes in the production and trading of electricity, investing in the development of hydropower projects, and providing consulting services for surveying, designing and establishing projects for the construction of hydropower projects.
Currently, Mr. Thai Hong Quan holds the position of Chairman of the Board of Directors, the position of General Director is held by Mr. Dinh Chau Hieu Thien.
Minh Thu
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/song-ba-sha-giai-trinh-loi-nhuan-giam-sau-trong-quy-iii-2024/20241022100037400
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