Binh Minh Plastics makes record profits in the hands of Thai people

Binh Minh Plastics earned more than 784 billion VND in profit in 9 months, exceeding the set plan and higher than all past annual profits.

According to the consolidated financial report for the third quarter, Binh Minh Plastics Joint Stock Company (BMP) had a revenue of more than VND926 billion, down 38% compared to the same period. However, the company cut its cost of goods sold by more than half. This helped raise its gross profit margin to 43% - the highest since Binh Minh Plastics became a subsidiary of Nawaplastic Industries, a member of SCG Group (Thailand), in early 2018.

This period, regular expenses were significantly reduced. Thanks to that, after-tax profit increased by 19% compared to the third quarter of 2022, reaching nearly 209 billion VND. With this figure, Binh Minh Plastics also set a record for net profit margin at 22.5%.

In the first 9 months of the year, BMP had more than 3,700 billion VND in revenue and more than 784 billion VND in profit after tax. Revenue decreased by nearly 16% but profit increased by 75%. The company exceeded the yearly profit plan by 20% although it only completed 58% of the revenue target.

The figure of 784 billion VND also helped BMP set a new record, higher than all previous annual profits of this enterprise. It is likely that by the end of this year, the company will continue its streak of consecutive positive growth since Covid.

As of the end of September, BMP currently has total assets of more than 3,500 billion VND. Bank deposits (both term and non-term) account for more than 2,000 billion VND of this, an increase of more than 700 billion VND compared to the beginning of the year.

Favorable business conditions create conditions for BMP to pay dividends. The company plans to spend at least 50% of its after-tax profit on dividends this year. Last year, Binh Minh Plastics spent up to 99% of its profit (about 690 billion VND) on cash dividends. Accordingly, each shareholder owning a share receives 8,400 VND.

Recently, this company was fined nearly 9 billion VND for tax. The General Department of Taxation concluded that Binh Minh Plastics declared incorrect taxes for the three years 2020-2022, so it must collect additional taxes and fines for late payment.

Siddhartha

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