The positive movement of merchandise price has resulted in marked improvement in the business performance of industry major players.
The third quarter (Q3) of this year is the second consecutive one that Vinamilk eyed a positive growth of its profits which had never been seen from 2021 until present.
Along with this, in Q3 the company counted $128.5 million in pre-tax profit, a 7.55 per cent jump on-year compared to 5.9 per cent hike in the previous quarter.
The company’s revenue hit $661.6 million in Q3, surging compared to the two previous quarters, but still lower compared to one year ago, primarily due to diminishing local purchasing power.
The prime cause instrumental to continued profit growth in this quarter was the company’s profit margin having resumed to 41.9 per cent, the highest level the company has secured post-pandemic.
Similarly, two leading players in the plastic sector, Binh Minh Plastic (BMP) and Tien Phong Plastic (NTP), continue to eye strong rebound in their profit in Q3 compared to low comparative level in the same period last year.
During the period, BMP saw 37.6 per cent drop in its sale revenue, yet the cost of goods sold also shed more than half compared to one year ago.
Consequently, the accrued profit over revenue ratio swelled from 28 per cent in Q3 of 2022 to 43 per cent in Q3 of 2023, helping the company to rake in $8.8 million in pre-tax profit in Q3 alone, up 19 per cent on-year.
This, plus the positive performance in the first half of this year, has contributed to BMP’s achieving 75 per cent jump in its pre-tax profit in the first nine months of this year, despite its revenue saw nearly 16 per cent retreat.
Meanwhile, NPT saw its profit margin resumed to 30 per cent in Q3 of this year, compared to 20 per cent level in the same period last year.
Its pre-tax profit then soared 77 per cent to reach $6.24 million, equal about 37.5 per cent of its total profit volume in the first nine months of this year.
Steelmaker Hoa Phat Steel also reported rosy Q3 business results with 38 per cent jump in its pre-tax profit compared to the previous quarter to approximate $84.4 million, meanwhile in the same period last year, the company incurred $75.3 million losses.
Analysts at SSI Research have attributed profit growth at Hoa Phat Steel to improved consumption, dwindling input cost and better management of inventory.
The company’s profit margin has reached 12.6 per cent in Q3 of this year, compared to 10.8 per cent in Q2, and as low as 2.9 per cent in Q3 of 2022.
Over 20 per cent drop in the coke price and 11.3 per cent hike in consumption in Q3 compared to Q2 have left good impacts on the company’s core business lines.
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