Navifico (NAV) Q2 profit drops 33.3%, delaying 2023 profit plan

Nam Viet Joint Stock Company (Code NAV) operates in the field of manufacturing fiber cement roofing sheets, concrete structures, and processing high-end wooden furniture for export. Nam Viet's business results in the second quarter recorded a sharp decline in both revenue and profit, showing a difficult business situation of this unit.

Specifically, the company's revenue in the second quarter reached 31 billion VND, down nearly 4.7 billion compared to the same period, equivalent to a rate of 13.2%. Profit after tax reached 2.6 billion, down 33.3% compared to the same period in 2022.

Nam Viet - Navifico Joint Stock Company (NAV) recorded a 33.3% decrease in Q2 profit (Photo TL)

Regarding the cause of the decline in business activities, Nam Viet explained that it was due to a decrease in business revenue. In addition, expenses including factory repair costs and land rental costs in 2023 increased compared to the previous year, also affecting business results.

Accumulated in the first 6 months of the year, Nam Viet's revenue reached 67.4 billion VND, profit after tax 5.5 billion VND. Compared to the business plan set at the beginning of the year with revenue of 65 billion VND, profit before tax of 15 billion VND, the company has completed the revenue target but still only achieved 45.3% of the yearly profit plan.

By the end of the second quarter of 2023, Nam Viet's total assets reached 113.5 billion VND. Of which, the company has 4.9 billion VND in cash and 49.5 billion VND in bank deposits. Accounts receivable from customers account for 28.2 billion VND.

Regarding Nam Viet's capital structure, the main source is equity with 107.1 billion VND, a slight decrease compared to the beginning of the year. The company currently has 14.9 billion VND in undistributed profit after tax. Nam Viet's debt accounts for only a very small amount of 6.7 billion VND. The company does not have any significant loans.

Source: https://www.congluan.vn/navifico-nav-loi-nhuan-quy-2-sut-giam-333-cham-ke-hoach-loi-nhuan-nam-2023-post257672.html