Many businesses report sudden increase in profits?

Businesses began announcing their first quarter 2024 business results and were surprised when many units had extraordinary profits.

For example, Hang Xanh Auto Service Joint Stock Company (stock code HAX) announced its consolidated financial report for the first quarter of 2024 with revenue of over VND 1,037 billion, an increase of more than 4% over the same period last year. Notably, the company's after-tax profit reached nearly VND 31.8 billion, more than 9 times higher than the profit of only VND 3.5 billion in the first quarter of 2023. According to the explanation, the first quarter profit increased because Haxaco was successful in implementing business strategies suitable for the difficult economic period, especially for the car trading market. At the same time, a significant decrease in interest expenses along with a reduction in fixed costs contributed to optimizing Haxaco's profits in the first quarter of 2024.

Thai Nguyen Iron and Steel Company has high profit in the first quarter of 2024 while in the same period it suffered heavy losses.

Or the leaders of Bibica Joint Stock Company (stock code BBC) also shared with shareholders that they achieved net revenue in the first quarter of this year of nearly 360 billion VND and pre-tax profit of 17.4 billion VND, increasing 152% in revenue and 5.8 times in profit compared to the same period last year. The positive results were thanks to the good seasonal situation for the confectionery industry, in which the Tet holiday in January accounted for a significant part. In addition, the recovery of the macro economy and the improved consumption situation of the fast-moving consumer goods industry contributed to the remarkable growth.

Many businesses reported a sudden increase in profits.

Meanwhile, Hai Phong Thermal Power Joint Stock Company (stock code HND) has just announced its business results for the first quarter of 2024 with revenue of VND 2,788 billion, up 8.8% over the same period last year. According to the explanation from Hai Phong Thermal Power, the unit's revenue increased due to an increase of 519 million kWh in electricity production. The company's expenses did not fluctuate much compared to the same period last year. The results helped Hai Phong Thermal Power's after-tax profit reach VND 154.7 billion, 15.3 times higher than the first quarter of 2023.

Another company in the same electricity industry also reported a profit increase many times in the last quarter, Pha Lai Thermal Power Joint Stock Company (stock code PPC). PPC achieved revenue of VND 1,996 billion, profit after tax of VND 157.4 billion, respectively increasing by 52% and 295% compared to the same period last year. The cost of goods sold did not increase as much as revenue and the sudden financial income from receiving dividends were the reasons for the company's profit to jump.

Similarly, this steel company also surprised many investors when it reported a sharp increase in profits. That is Thai Nguyen Iron and Steel Corporation (stock code TIS) reported consolidated revenue in the first quarter of this year reaching 2,182.6 billion VND, down 11% compared to the same period last year. Notably, the company's after-tax profit skyrocketed by nearly 5.7 billion VND while in the first quarter of 2023 it suffered a loss of nearly 18 billion VND...

Source: https://thanhnien.vn/nhieu-doanh-nghiep-bao-loi-nhuan-tang-dot-bien-185240417143818808.htm