Vietnam Rubber Industry Group earns nearly 1,121 billion VND in profit

Vietnam Rubber Industry Group's profit in the third quarter of 2024 was nearly VND 1,121 billion, 2.3 times higher than the same period last year and the highest quarterly profit this year.

The consolidated financial report of Vietnam Rubber Industry Group - Joint Stock Company (stock code GVR) recorded revenue in the third quarter of 2024 of nearly VND 7,716 billion, an increase of 25% over the same period.

The group's main source of revenue still comes from rubber latex production and trading with VND6,170 billion, up 28% over the same period last year. The rest comes from areas such as wood processing, real estate business, rubber product business and electricity and water.

Gross profit reached VND1,596 billion, up 29% year-on-year. Gross profit margin increased by 1 percentage point to nearly 21%. Financial and sales expenses both decreased compared to the same period last year. Specifically, financial expenses decreased by 23% to VND91 billion, while sales expenses decreased by 6% to VND150 billion. In contrast, business management expenses increased by 13% to VND511 billion.

Financial revenue decreased by 20% compared to the same period, from VND284 billion to VND226 billion. In return, the company had other sources of income of about VND324 billion, while in the same period last year it was only over VND184 billion.

Thanks to that, after deducting expenses, the company reported a pre-tax profit of VND1,306 billion and an after-tax profit of VND1,121 billion, both double the same period last year. This is also the highest quarterly profit this year.

In an explanation sent to the Ho Chi Minh City Stock Exchange, Mr. Le Thanh Hung, General Director of the Vietnam Rubber Industry Group, said that the third quarter business results improved thanks to higher rubber latex prices compared to the same period last year, increasing profits in this segment. In addition, the profit in joint ventures also increased along with income from land compensation and land return to localities, improving profits.

In the first 9 months, the group achieved net revenue of VND16,954 billion, up 17% over the same period. Gross profit during this period was over VND3,832 billion, gross profit margin reached 23%.

Profit before and after tax was recorded at VND3,209 billion, up 31% and VND2,705 billion, up 38% over the same period last year.

According to the plan approved at the extraordinary meeting at the end of March, the group set a target of recording revenue and income of VND24,999 billion this year. Pre-tax profit was VND4,104 billion and after-tax profit was VND3,437 billion. After the first 3 quarters of the year, GVR has completed 68% of the revenue target. Meanwhile, pre-tax and after-tax profits both reached more than 78%.

In 2025, GVR aims for total consolidated revenue of VND 28,575 billion, consolidated pre-tax profit of VND 5,051 billion. Accumulated in the period of 2021-2025, total consolidated revenue is estimated at VND 135,000 billion, total consolidated pre-tax profit of the period is VND 25,075 billion.

The company's total assets as of the end of the third quarter were approximately VND78,181 billion, a slight increase compared to the beginning of the year. Cash and cash equivalents accounted for more than VND5,861 billion in the company's asset structure. Liabilities decreased by VND2,317 billion compared to the beginning of the period, down to VND20,768 billion. Owner's equity was nearly VND57,413 billion, accumulated profit was about VND6,976 billion.

Within 1 month, the market price of GVR shares on HoSE lost 11%, down to 32,200 VND. The matched volume in the last 10 sessions has always been over 1.3 million units. With 4 billion listed shares, the market capitalization reached 128,800 billion VND.

Source: https://baodautu.vn/tap-doan-cong-nghiep-cao-su-viet-nam-lai-gan-1121-ty-dong-d228961.html