Hoang Anh Gia Lai 's after-tax profit in the second quarter of 2024 reached nearly VND281 billion, 3.4 times higher than the same period last year thanks to the improvement in banana exports.
The consolidated financial report of Hoang Anh Gia Lai Joint Stock Company (stock code: HAG) recorded revenue in the second quarter of 2024 reaching VND 1,518 billion, an increase of 4.8% over the same period last year. The company's main source of revenue comes from fruit trading with approximately VND 1,116 billion, double the same period. The rest comes from selling pigs, selling products, goods and providing services.
Gross profit in this period reached 488 billion VND, 2.8 times higher than 176 billion VND in the same period last year, equivalent to a gross profit margin of 32.1%. According to Mr. Nguyen Xuan Thang - General Director of Hoang Anh Gia Lai, this result comes from the sharp increase in banana export activities.
In the second quarter, financial expenses fell by more than half, from VND368 billion to VND165 billion. In contrast, sales expenses increased by 89% and business management expenses increased by nearly 10%, from VND46 billion to VND87 billion and VND46 billion to over VND50 billion, respectively.
Other income dropped sharply from VND273 billion in the same period to VND13 billion in the second quarter, because in the previous period, the company recorded a profit from the cheap purchase of Bolaven High-Tech Agriculture Company Limited while in the second quarter of this year, there was no similar item. After deducting all expenses, the company reported a profit after tax of nearly VND281 billion, 3.4 times higher than the profit of VND82 billion in the same period last year, thereby extending the streak of consecutive profits from the second quarter of 2021 to present.
In the first half of the year, Hoang Anh Gia Lai had a net revenue of VND2,759 billion, down 12.3% year-on-year. Gross profit reached VND986 billion, while in the same period it was just over VND628 billion. Gross profit margin in the first half of the year reached 35.7%, a sharp increase compared to 20.2% in the first 6 months of 2023. After deducting expenses, the company reported a pre-tax profit of VND486 billion and a post-tax profit of VND507 billion, both up 31% year-on-year.
Hoang Anh Gia Lai plans to achieve revenue of VND7,750 billion this year, up 20.3% year-on-year, and expected after-tax profit of VND1,320 billion, down 25.9% compared to the actual performance in 2023. This means the company has completed 35.6% of its revenue target and 38.4% of its profit target after half a year.
In the plan, Hoang Anh Gia Lai expects fruit revenue to contribute 5,540 billion VND, accounting for 71% of total revenue. Banana-eating pigs are expected to contribute 1,550 billion VND, accounting for 20% of total revenue. Other products and goods contribute 660 billion VND, accounting for 9% of total revenue.
As of the end of the second quarter, the company had total consolidated assets of about VND21,560 billion, an increase of VND657 billion compared to the beginning of the period. Long-term liabilities accounted for more than VND13,232 billion in the company's asset structure. Liabilities also decreased significantly compared to the beginning of the period, from VND14,226 billion to VND13,127 billion. About VND9,097 billion of Hoang Anh Gia Lai's liabilities were short-term liabilities.
The company's equity currently stands at VND8,433 billion, an increase of more than VND1,756 billion compared to the beginning of the year. Accumulated losses are currently around VND904 billion, marking the first time it has dropped below VND1,000 billion in 5 years.
On the stock exchange , HAG shares are currently at 11,800 VND, down 13.3% compared to the beginning of the year price of 13,600 VND. The average trading volume of the last 10 sessions is about 10 million units. The company's market capitalization is currently over 12,477 billion VND.
The company's shares are still on warning status due to accumulated losses. Previously, the company said it would continue to implement financial restructuring measures to further reduce its outstanding debt to banks , reduce interest expenses and maintain stable cash flow for production and business activities in the context of many market difficulties.
Regarding the investment plan, the company will plant an additional 2,000 hectares of bananas to increase the total area to 9,000 hectares, plant an additional 500 hectares of durian to increase the total planting area to 2,000 hectares and will not mention the issue of expanding pig farming.
Hoang Anh Gia Lai's Board of Directors is confident that its business activities in the coming time will achieve many positive results, gradually reducing and eliminating accumulated losses, and overcoming the causes that led to the stock being put on the warning list.
Source: https://baodautu.vn/hoang-anh-gia-lai-lai-sau-thue-gap-hon-3-lan-cung-ky-d221684.html
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