Upbeat signs on the horizon right from Q1

April 19, 2024 | 07:23
(0) user say
Following a challenging 2023, local businesses have returned upbeat results from the first quarter (Q1) of this year, heralding rosier prospects for the rest of 2024.

Thanh Cong Textile Garment Investment Trading JSC (TCM), a large exporter based in Ho Chi Minh City, revealed that the company saw an estimated $39 million in revenue and $2.5 million in profit in Q1, up 6 per cent and 9 per cent respectively, on-year.

Upbeat signs on the horizon right from Q1

According to Tran Nhu Tung, chairman of TCM, "We have already fulfilled 85 per cent of our order target for Q2 and 80 per cent for Q3 and if things continue this way, the company should easily fulfill its targets for the year."

At the company’s 2024 AGM on April 5, shareholders approved targets of a 12 per cent jump in revenue and 21 per cent boost in post-tax profit compared to 2023, to reach around $154 million and $6.7 million, respectively.

Following its Q1 figures, TCM has fulfilled 26 per cent of its full-year revenue and over 38 per cent of its full-year profit targets.

Garment 10 Corporation, a large textile and apparel exporter based in Hanoi, has revealed their Q1 results with a more than 24 per cent jump in total revenue, coming to $47 million, of which exports amounted to $42.5 million, up 29 per cent on-year.

Meanwhile, more favourable situations in the global market will continue to be instrumental for a stronger performance in the petroleum sector.

PetroVietnam Oil Corporation (PVOIL) raked in $1.22 billion in consolidated revenue in Q1 and $12.5 million in consolidated pre-tax profit, up 41 per cent and 5 per cent respectively.

During the same period, the company opened 33 more filling stations, pushing up its total number of filling stations to 789.

PVOIL's targets for the year include $3.45 billion in revenue and just under $31 million in pre-tax profit. The company has now achieved 41 per cent of its profit target following its Q1 performance.

Several businesses in the banking sector have also posted upbeat results for Q1.

SeABank took in a little under $63 million in pre-tax profit, showing a 41 per cent jump on-year, and VIB reported $108 million in profit, equal to last year.

Undergoing a challenging dip in demand, electronics retailer MobileWorld Group is showing positive signs following the first reporting period of the year.

In the first two months alone, the company posted $900 million in total revenue, up 14 per cent on-year.

Nguyen The Minh, head of the Research and Development Division at Yuanta Vietnam Securities, believes that businesses in the garment and textile industry, seafood exports, and transportation will continue to see more robust results this year, along with those in the food, retail and chemicals sectors.

“Furthermore, the industrial real estate sector, availing of steadily surging overseas funding, should also continue to see growth,” said Minh.

Resort real estate market shows positive signs Resort real estate market shows positive signs

The resort real estate market is recording positive signs as demand, in both domestic and international tourist markets, is gradually recovering at a stable pace, thereby helping strengthen trust in the industry, according to Mauro Gasparotti, Director of Savills Hotels.

Ba Ria-Vung Tau received major investment boost in Q1 Ba Ria-Vung Tau received major investment boost in Q1

For more than 30 years, the southern province of Ba Ria-Vung Tau has been proactive in its socioeconomic development and remains steadfast in its sustainability goals while enticing investment and supporting business initiatives.

Development highlights in Q1 through expert’s lenses Development highlights in Q1 through expert’s lenses

Suan Teck Kin, executive director of global economics and market research at United Overseas Bank (UOB), talked to VIR’s Hong Dung about Vietnam’s development landscape in Q1 and forex prospects for 2024.

By Yen Thuy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional