Mien Tay Bus Station sets quarterly revenue peak

In the first quarter of 2024, Mien Tay Bus Station recorded double-digit revenue growth to approximately VND39 billion - the company's highest quarterly revenue ever - as this period coincided with the Lunar New Year service period.

According to the explanation of the management board of Mien Tay Bus Station, the revenue in the first quarter of the year increased sharply because this period falls in the time of serving Lunar New Year, so the number of vehicles and passengers increased. Therefore, the collection of service fees at the station also increased.

In addition, financial revenue also increased by 22% over the same period because the number of passengers increased, so other services also increased and the company has long-term deposits with high interest rates.

In the first 3 months of 2024, the administrative expenses of Mien Tay Bus Station fluctuated slightly compared to the same period, reaching 4.1 billion VND. After deducting this amount and recording other income, the company reported pre-tax profit of 24.1 billion VND and after-tax profit of 19.3 billion VND, up 21.1% and 21.3% respectively over the same period.

At the end of the first quarter of 2024, the total assets of Mien Tay Bus Station were VND 256 billion, a slight decrease compared to VND 284 billion at the beginning of the period. The company's liabilities decreased sharply from VND 81 billion to VND 34 billion because the company paid cash dividends to shareholders at a rate of 144%, equivalent to each share receiving VND 14,400.

This year, Mien Tay Bus Station set a revenue target of VND160 billion and pre-tax profit of VND68.8 billion, up 2.1% and 3.5% respectively compared to last year. This target was set based on the plan of 448,950 departures for the whole year, up 2.6% over the same period. Thus, the first quarter business results helped Mien Tay Bus Station complete 24.4% of the revenue plan and 28% of the after-tax profit plan.

According to the document submitted to the annual general meeting of shareholders, Mien Tay Bus Station plans to pay a cash dividend of no less than 20%. In addition, the company also plans to distribute profits to the employee bonus and welfare fund. Specifically, if the profit is achieved as planned, the bonus and welfare fund will not exceed 3 months of average salary. If the profit exceeds the plan, in addition to the above fund allocation, the company will be allowed to allocate an additional 20% of the profit that exceeds the planned profit.

On the stock exchange, WCS shares are currently trading at VND188,600, a slight increase from the VND186,000 price range at the beginning of the year. With more than 2.5 million shares listed on the Hanoi Stock Exchange, the market capitalization of Mien Tay Bus Station is VND471 billion. The company's shares have relatively low liquidity due to a concentrated shareholder structure where Saigon Transport Mechanical Corporation holds 51%, America LLC Fund holds 23% and Thai Binh Investment Joint Stock Company holds 10%.

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