Vietnam Rubber Industry Group earns nearly 1,121 billion VND in profit

Vietnam Rubber Industry Group's profit in the third quarter of 2024 was nearly VND1,121 billion, 2.3 times higher than the same period last year and the highest quarterly profit this year.

The consolidated financial report of Vietnam Rubber Industry Group - Joint Stock Company (stock code GVR) recorded revenue in the third quarter of 2024 of nearly VND 7,716 billion, an increase of 25% over the same period.

The group's main source of revenue still comes from rubber latex production and trading with 6,170 billion VND, up 28% over the same period last year. The rest comes from areas such as wood processing, real estate business, rubber product business and electricity and water.

Gross profit reached VND1,596 billion, up 29% year-on-year. Gross profit margin increased by 1 percentage point to nearly 21%. Financial and sales expenses both decreased year-on-year. Specifically, financial expenses decreased by 23% to VND91 billion, while sales expenses decreased by 6% to VND150 billion. In contrast, business management expenses increased by 13% to VND511 billion.

Financial revenue decreased by 20% compared to the same period, from 284 billion VND to 226 billion VND. In return, the company had other sources of income of about 324 billion VND, while in the same period last year it was only over 184 billion VND.

Thanks to that, after deducting expenses, the company reported pre-tax profit of VND1,306 billion and post-tax profit of VND1,121 billion, both double the same period last year. This is also the highest quarterly profit this year.

In an explanation sent to the Ho Chi Minh City Stock Exchange, Mr. Le Thanh Hung, General Director of the Vietnam Rubber Industry Group, said that the third quarter business results improved thanks to higher rubber latex prices compared to the same period last year, which increased profits in this segment. In addition, the profit in joint ventures also increased along with income from land compensation and land return to localities, which improved, helping to increase profits.

In the first 9 months, the group achieved net revenue of 16,954 billion VND, up 17% over the same period. Gross profit during this period was more than 3,832 billion VND, gross profit margin reached 23%.

Pre-tax and after-tax profits were recorded at VND3,209 billion, up 31% and VND2,705 billion, up 38% over the same period last year, respectively.

According to the plan approved at the extraordinary meeting at the end of March, the group set a target of recording revenue and income of VND24,999 billion this year. Pre-tax profit is VND4,104 billion and after-tax profit is VND3,437 billion. After the first 3 quarters of the year, GVR has completed 68% of the revenue target. Meanwhile, pre-tax and after-tax profits both reached more than 78%.

In 2025, GVR targets total consolidated revenue of VND 28,575 billion, consolidated pre-tax profit of VND 5,051 billion. Accumulated in the period of 2021-2025, total consolidated revenue is estimated at VND 135,000 billion, total consolidated pre-tax profit of the period is VND 25,075 billion.

The total assets of the enterprise as of the end of the third quarter were approximately VND 78,181 billion, a slight increase compared to the beginning of the year. Cash and cash equivalents accounted for more than VND 5,861 billion in the company's asset structure. Liabilities decreased by VND 2,317 billion compared to the beginning of the period, down to VND 20,768 billion. Owner's equity was nearly VND 57,413 billion, accumulated profit was about VND 6,976 billion.

Within 1 month, GVR stock price on HoSE lost 11%, down to 32,200 VND. The matched volume in the last 10 sessions has always been over 1.3 million units. With 4 billion listed shares, the market capitalization reached 128,800 billion VND.

Source: https://baodautu.vn/tap-doan-cong-nghiep-cao-su-viet-nam-lai-gan-1121-ty-dong-d228961.html