According to the newly released third quarter financial report, Binh Minh Plastics Joint Stock Company (BMP) recorded a sharp 38% decrease in net revenue compared to the same period, to 926 billion, the first time falling below the thousand billion VND/quarter mark after 2 years.
However, the company also cut its cost of goods sold in half, so it still had a gross profit of nearly VND400 billion, down only 6% compared to the same period last year. This figure helped the gross profit margin climb to 43% - the highest level since Binh Minh Plastics joined the ecosystem of SCG Group (Thailand) in early 2018.
The company also sharply reduced sales, financial and administrative costs. Thanks to that, Binh Minh Plastics reported a 19% increase in after-tax profit, up to nearly VND209 billion, and at the same time set a new record for net profit margin at 22.5%.
In addition to the good results at the beginning of the year, Binh Minh Plastics announced its highest net profit ever, with 784 billion VND after only the first 9 months of the year, an increase of 75% over the same period and thereby soon exceeding 20% of the annual profit plan (651 billion VND).
This is the best profit level of the enterprise even though it has only gone 3/4 of the way, higher than all the annual profits of the company in the past. Accordingly, it is likely that the largest plastic enterprise in the South will continue its positive growth streak since Covid-19.
Binh Minh Plastics currently has total assets of nearly VND 3,500 billion. Most of the assets are in the form of idle money with nearly VND 2,000 billion (including VND 675 billion in cash and cash equivalents, along with VND 1,360 billion in term deposits at banks).
According to this year's plan, Binh Minh Plastics targets revenue of VND6,357 billion and after-tax profit of VND651 billion. The company also plans to allocate at least 50% of after-tax profit to pay dividends for 2023 (the company spent up to 99% of last year's profit to pay dividends for 2022).
Recently, this plastic manufacturing enterprise was administratively fined nearly 9 billion VND for tax. The General Department of Taxation concluded that Binh Minh Plastics incorrectly declared corporate income tax and value added tax for the three years 2020-2022, so it must collect additional taxes and fines for late payment.
With positive business results, BMP stock price has been on an upward trend since the beginning of the year. BMP's market price reached a record of over VND106,000/share near the end of July, before adjusting and currently at VND85,000/share, still up more than 51% compared to the beginning of the year.
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