Thien Long profit exceeds plan by 11% after 9 months

Thien Long earned a profit of more than 421 billion VND after 9 months, up 28% over the same period and exceeding the plan of 380 billion VND set at the beginning of the year.

Thien Long earned a profit of more than 421 billion VND after 9 months, up 28% over the same period and exceeding the plan of 380 billion VND set at the beginning of the year.

Thien Long Group Joint Stock Company (stock code: TLG) has just announced its third quarter financial report with net revenue of over VND896 billion, up 14% year-on-year. Gross profit was about VND385 billion, up 9% compared to VND354 billion in the same period. Gross profit margin reached 43%, down 2 percentage points compared to the same period last year.

Financial revenue reached 6.5 billion VND, double the same period. Pre-tax profit was about 116 billion VND and after-tax profit was more than 91 billion VND, up 53% and 54% respectively over the same period last year.

According to the management, this result was achieved thanks to the recovery of domestic market purchasing power as well as stable export revenue. In addition, effective management helped the company reduce costs.

Specifically, sales and administrative expenses both decreased compared to the same period, from VND194 billion to VND191 billion and VND86 billion to VND78 billion, respectively. Meanwhile, financial management expenses tripled compared to the same period last year, up to VND10 billion.

In the first 9 months, Thien Long recorded net revenue of approximately VND 2,912 billion, up 5% over the same period. Revenue from semi-finished products contributed more than VND 2,347 billion, the rest came from sales of goods and provision of services. Gross profit in this period was nearly VND 1,314 billion, up 8% over the same period last year.

After deducting expenses, the company reported pre-tax profit of VND532 billion and after-tax profit of VND421 billion, both up 29% over the same period last year. Compared to this year's target of net revenue reaching a record VND3,800 billion, up nearly 10% over the previous year's results, and after-tax profit increasing 7% to VND380 billion, Thien Long has completed 77% and exceeded 11% of the plan, respectively.

Previously, the board of directors assessed that the profit target of VND380 billion was very challenging due to investments in human resources and e-commerce, so achieving a net profit margin of 10% was not easy. Regarding this year's revenue target being lower than last year, the board of directors said: "This is a commitment to balance the interests of stakeholders, firmly protect market share, brand and shareholder interests."

Regarding the further goal, Thien Long's board of directors said that they had previously mentioned a revenue plan of VND10,000 billion by 2027. However, during the implementation process, the company reconsidered and decided not to pursue it at all costs because this would come at the cost of many risks to operations and financial situation.

As of the end of the third quarter of 2024, Thien Long had total assets of VND 3,302 billion, an increase of VND 500 billion compared to the beginning of the period. Inventories accounted for the largest portion of the company's asset structure at over VND 731 billion. Liabilities were over VND 910 billion, an increase of nearly VND 200 billion compared to the beginning of the year, most of which were short-term items. The company's equity currently reached VND 2,392 billion, with accumulated profits of over VND 981 billion.

On the HoSE, TLG shares fell slightly compared to the reference after 3 consecutive sessions of increase, down to 55,000 VND. Compared to the price at the beginning of the year (48,760 VND), this code has accumulated nearly 13%. The average matched volume in the last 10 sessions is about 140,000 units. With more than 78 million listed shares, the market capitalization is nearly 4,323 billion VND.

Source: https://baodautu.vn/thien-long-lai-vuot-ke-hoach-11-sau-9-thang-d228851.html