Nam Kim Steel Corporation (HoSE code: NKG) has just approved the termination of operations at the Nam Kim Chu Lai Steel Pipe Factory investment project located in Chu Lai Open Economic Zone in Quang Nam province.
The Nam Kim Chu Lai Steel Pipe Factory project was licensed by the Chu Lai Open Economic Zone Management Board from June 2020 with a total investment capital of VND 37.55 billion, 100% of which is owned by Nam Kim Steel Joint Stock Company.
Nam Kim Steel (NKG) business is declining, just stopped the steel pipe factory project (Photo TL)
Nam Kim Steel’s termination of the Steel Pipe Factory project comes amid some negative signs in the company’s business results. In addition, steel production is also an industry heavily affected by the global economic recession.
In the third quarter of 2023, Nam Kim Steel recorded revenue of VND 4,262.1 billion, down about 3.7% over the same period. Gross profit reached VND 205 billion, equivalent to a profit margin of 4.8%. Profit after tax brought in VND 23.7 billion, an increase compared to the same period with a loss of VND 442.4 billion.
Cumulative revenue of Nam Kim Steel in the first 9 months of the year reached 14,136.8 billion VND, down 24.7% over the same period. Profit after tax reached 109.74 billion VND, down 62.1% over the same period last year.
Compared with the business target set at the beginning of the year with revenue of VND 20,000 billion and profit of VND 400 billion, after the end of the third quarter of 2023, Nam Kim Steel has only completed 36.7% of the annual profit plan.
Source
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