Garment company with 'father as chairman, son as general director' reports record profit

TNG Investment and Trading Joint Stock Company has just announced its financial report for the fourth quarter of 2024 with after-tax profit of VND 315 billion, a record high ever.

TNG reports large profits in 2024, exceeding the set plan - Photo: TNG

TNG Investment and Trading Joint Stock Company's 4th quarter 2024 financial report recorded net revenue of VND 1,852 billion, up 12% over the same period. Financial revenue also improved, doubling over the same period, reaching VND 35 billion.

In the last quarter of the year, in addition to increased business management costs, TNG also reduced loan interest and sales costs. As a result, the large garment company headquartered in Thai Nguyen reported a profit after tax of nearly 75 billion VND, up 25%.

The significant increase in after-tax profit, as explained by Mr. Nguyen Van Thoi - Chairman of TNG - is due to the focus on exploiting difficult and complicated product lines and expanding export markets. Export orders to new markets have contributed significantly to revenue growth.

In addition, Mr. Thoi said the enterprise has taken many measures to improve production and management processes, increasing the use of automatic equipment, AVG technology and robots in production management.

	Net profit
2006	4.3
2007	17
2008	19
2009	18
2010	24
2011	24
2012	21
2013	14
2014	53
2015	71
2016	81
2017	115
2018	180
2019	230
2020	153
2021	232
2022	292
2023	219
2024	315

Data: Financial statements

For the whole year of 2024, TNG recorded revenue of VND 7,736 billion, up 9% over the previous year, and profit after tax reached VND 315 billion, up 43%. This is a record profit recorded by TNG.

According to the balance sheet, TNG's total assets reached more than VND5,812 billion at the end of last year, an increase of more than 12% after one year. Of which, inventories were recorded at a high level, reaching VND1,087 billion, an increase of 20% compared to the beginning of the year.

On the other side of the balance sheet, year-end liabilities reached VND3,919 billion, up nearly 15%. The debt structure is mainly short-term, with VND2,745 billion.

Regarding TNG, recently the Chief Inspector of the Department of Planning and Investment of Thai Nguyen province has decided to impose an administrative penalty on this company when appointing the general director, Mr. Nguyen Duc Manh, who has a family relationship with the business manager, Chairman of the Board of Directors Nguyen Van Thoi.

The Inspector of the Department of Planning and Investment of Thai Nguyen province affirmed that this appointment did not meet the conditions prescribed in Point b, Clause 5, Article 162 of the Law on Enterprises.

For the above violation, TNG must pay a fine of 25 million VND and at the same time be forced to remove Mr. Nguyen Duc Manh from the position of general director of the company. The time limit for implementing remedial measures is 10 days from the date of receiving the decision.

Source: https://tuoitre.vn/cong-ty-may-co-bo-la-chu-tich-con-lam-tong-giam-doc-bao-lai-ky-luc-20250126142855601.htm