Profit in the first 6 months of the year increased by 23%
Thien Long Group Corporation (Code: TLG) has just announced its business results for the second quarter of 2024 with many positive developments. Of which, net revenue reached VND 1,207.2 billion, up 12.9% over the same period. Profit after tax reached VND 241.5 billion, up 43.6% over the second quarter of 2023.
Gross profit in the period reached VND 586 billion, equivalent to gross profit margin improved from 44.7% to 48.5%.
Thien Long's (TLG) first-half profit increased by 23% thanks to the recovery of the domestic market, and export revenue also showed positive signs. (Photo TL)
Financial revenue in the second quarter recorded growth, reaching VND20.9 billion thanks to exchange rate fluctuations. Meanwhile, financial expenses were reduced by nearly half, from VND9 billion to more than VND5.2 billion.
Following the increase in revenue in the second quarter, Thien Long's selling expenses and administrative expenses increased simultaneously, accounting for VND206.5 billion and VND90.9 billion, respectively. The company also recorded other profits of VND891 million.
Accumulated revenue in the first 6 months of the year, Thien Long recorded revenue of VND 2,015.8 billion, up 1.4% over the same period. Accumulated profit after tax reached VND 329.8 billion, up 23% over the first half of 2023.
Thien Long's positive business results in the second quarter were recorded thanks to signs of recovery in domestic market purchasing power. In addition, export revenue growth also contributed to TLG's growth momentum in the second quarter, thereby significantly increasing the overall results for the first 6 months of the year.
Business cash flow improves positively
At the end of the second quarter of 2024, the asset scale of Thien Long Group has changed significantly. Total assets reached 3,272 billion VND, an increase of 16.5% compared to the beginning of the year.
Of which, the amount of cash increased by one and a half times, from 243.2 billion to 344.6 billion VND. The amount of short-term deposits also increased from 447.3 billion to 603.8 billion VND.
Short-term receivables, especially short-term receivables from customers, nearly doubled from VND390.7 billion to VND730.7 billion as the company expanded its revenue scale and increased the number of goods sold in the second quarter.
Regarding capital structure, Thien Long still revolves around a safe orientation, with the majority of equity accounting for VND 2,383.9 billion, equivalent to 72.9%. The company recorded short-term debt at the end of the second quarter of VND 334.5 billion, along with long-term debt of VND 10.6 billion.
In addition, cash flow from operating activities also improved significantly. Cash flow from operating activities in the second quarter was positive at VND334 billion. This result increased cash flow from operating activities in the first 6 months to VND219 billion, while in the same period last year it was negative VND89.6 billion.
Major shareholder Cayman Holdings Ltd partially divests
At the end of July, Thien Long Group announced that major shareholder NWL Cayman Holdings Ltd sold 2 million TLG shares.
At the trading session on July 25, 2024, foreign fund NWL Cayman Holdings sold 2 million TLG shares by negotiation. This amount of shares is estimated to be traded with a total value of about 100.4 billion VND.
Previously, NWL Cayman Holdings fund from the Cayman Islands became a major shareholder of Thien Long Group since 2019 when it completed the purchase of 5 million TLG shares, equivalent to 7.1% of charter capital.
After the recent sale of 2 million shares, NWL Cayman Holdings has reduced its ownership ratio from 7% to 4.46% of charter capital, equivalent to 3.5 million shares. Thus, this fund is officially no longer a major shareholder of Thien Long Group.
In the current shareholder structure of TLG, the largest shareholder is still Thien Long An Thinh Investment JSC with a 47.52% ownership ratio. Chairman Co Gia Tho holds 6.27% and is also the Chairman of the Board of Directors at Thien Long An Thinh Investment.
Source: https://www.congluan.vn/tap-doan-thien-long-tlg-loi-nhuan-tang-truong-23-nho-thi-truong-noi-dia-hoi-phuc-post306332.html
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