Saigon Zoo's profits plummet

Despite good control of other expenses, decreased revenue and increased operating expenses have reduced the profit of Saigon Zoo and Botanical Garden Company Limited in 2024.

Saigon Zoo and Botanical Garden Company Limited has just announced its audited financial report for 2024 with many fluctuations. Of which, net revenue reached 127.98 billion VND, down 6.6% compared to the previous year.

Cost of goods sold decreased by 5.3%, from VND 102.87 billion to VND 97.39 billion. Gross profit decreased by 10.3%, from VND 34.13 billion to VND 30.60 billion, showing a decline in gross profit margin.

Financial revenue also decreased sharply by 49.9%, from 2.81 billion VND to 1.41 billion VND. Meanwhile, sales and administrative expenses increased from 21.73 billion VND to 24.78 billion VND, up 14%. Net profit from business activities was only 7.23 billion VND, down 52.5% compared to the previous year.

By the end of 2024, Saigon Zoo and Botanical Garden recorded a profit after tax of VND 5.07 billion, down 40% compared to 2023.

Notably, in 2024, the Company's other income reached VND 139.15 million, a significant increase compared to the loss of VND 1.63 billion in 2023. Other expenses also decreased by 65%, down to VND 1 billion, helping the loss from other activities decrease from VND 4.56 billion to VND 886 million.

By the end of 2024, Saigon Zoo and Botanical Garden recorded a 40% decrease in after-tax profit, from VND8.45 billion to VND5.07 billion.

Detailed analysis of revenue and business structure shows that revenue from entrance tickets is the main source of revenue, reaching VND 80.94 billion, accounting for about 63% of total revenue.

Of which, e-tickets brought in 74.54 billion VND, accounting for the majority of ticket sales revenue. Paper tickets reached 145.77 million VND, while invoice tickets contributed 6.25 billion VND. Other business revenue reached 47.88 billion VND, accounting for about 37% of total revenue.

Notably, revenue from parking lots reached 3.42 billion VND, revenue from bicycle and electric car rental reached 839.96 million VND. Revenue from green tree and animal resources also contributed significantly to the company's revenue.

A representative of Saigon Zoo and Botanical Gardens said that the profit in 2024 decreased compared to the record level due to the Zoo increasing investment costs to build new items such as building a Butterfly Garden, repairing and renovating the Flora and Fauna Museum; renovating and repairing some animal cages; renovating the park landscape, upgrading facilities... In addition, last year, they celebrated their 160th anniversary with many events. Every week, the Zoo also organizes animal behavior performances to provide more experiences for visitors.

By the end of 2024, the company's total assets reached VND863.7 billion, an increase of 7.6% compared to the beginning of the year. Of which, they have more than VND58.6 billion in bank deposits and nearly VND2.5 billion in cash. Liabilities are around VND22 billion, mostly payable to employees.

Thao Cam Vien Company Limited is a 100% owned enterprise of the People's Committee of Ho Chi Minh City, operating the project of the same name in the center of District 1. Built in 1864 with the first name of Botanical Garden, Thao Cam Vien was later known as the Zoo by the people. The project is more than 160 years old and has become a conservation, breeding and development area for animals and plants.

Since 2015, the Zoo has been completely financially autonomous, with no budget support.

At the end of last year, the Tax Department of District 1 (HCMC) issued a notice that the tax debt of Saigon Zoo and Botanical Gardens as of October 31 was more than VND846 billion on a total area of 158,117 square meters. However, the company's leaders affirmed that they only reserved 5,590 square meters, or more than 3.5% of the total area, for service business. The entire remaining land was used for barns, park landscapes and public services not for profit.

After that, the Department of Natural Resources and Environment of Ho Chi Minh City said that it would let the company review and declare in detail each area used for business purposes and the area not used for business purposes. The Department is evaluating the rental price to have a basis for signing the land lease contract. On that basis, the Department of Taxation of Ho Chi Minh City will adjust the land rental fee for the Zoo.

Source: https://baodautu.vn/loi-nhuan-thao-cam-vien-sai-gon-giam-manh-d246842.html