In 2023, Dam Sen Water Park Joint Stock Company made a record profit of VND112 billion, the second consecutive year of improved business results.
According to the recently released audited consolidated financial report, Dam Sen Water Park Joint Stock Company (Dam Sen Water - DSN)'s revenue last year increased by 7% to nearly VND249 billion. Subtracting the cost of goods sold, the company's gross profit was more than VND155 billion, a slight increase compared to 2022.
Financial revenue improved by 59% to more than 23 billion, due to increased interest on bank deposits. Meanwhile, this enterprise did not borrow, helping to "whiten" part of the interest expense. Subtracting expenses, in 2023, DSN had more than 112.5 billion VND in profit after tax, an increase of more than 4% compared to 2022.
This is the year Dam Sen Nuoc has had the highest business results since the information was announced in 2007, that is, the past 16 years. The company exceeded 18% of the revenue target and 15% of the profit plan for the whole year.
The company's management said last year it welcomed more than 1.2 million visitors, an increase of 8% compared to the same period in 2022, helping to increase revenue accordingly. On average, the park serves nearly 3,400 visitors per day.
Marketing activities have been reduced but brought higher efficiency than before, contributing greatly to the above business results. Last year, Dam Sen Nuoc carried out 76 advertising campaigns on radio and television stations and 12 newspapers and continuously promoted on social networks. The park held 5 lucky draws, dozens of events on major holidays...
In the last quarter of 2023, Dam Sen Nuoc repaired damaged facilities and renewed the park with items such as fountain stages, bridges over lazy rivers, slides, children's pools, and food service areas. The management said the park has very limited land funds and cannot expand to invest in new items, but can only renovate and renew existing items.
"Dam Sen Water Park in 2024 and the coming years needs strong changes in landscape and infrastructure," DSN's upcoming business plan stated.
A corner of Dam Sen Water Park, June 2023. Photo: DSN
This year, the company is targeting VND240 billion in revenue and VND104 billion in after-tax profit. Both are down from 2023, in a context where the tourism industry is expected to recover but the risk of economic fluctuations remains high.
Dam Sen Water Park is part of Dam Sen Park located in District 11, Ho Chi Minh City. This park has 36 water play equipment and a 3,000 m2 wave pool, often a place of entertainment for people in the city and neighboring localities.
Dam Sen Nuoc is a subsidiary of Phu Tho Tourist Services Joint Stock Company (Phu Tho Tourist - DSP) - the owner of Dam Sen Cultural Park (also known as Dam Sen Kho). While Dam Sen Kho's business results have been less positive in recent years, Dam Sen Nuoc has become much more attractive.
DSP's board of directors assessed that the dry park was old and unattractive to young people, leading to a loss of competitive advantage. In contrast, Dam Sen Nuoc "did not have much competition" in terms of water entertainment services. In previous quarters, the parent company DSP's profits were largely due to dividends received from Dam Sen Nuoc.
Siddhartha
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