The only company selling votive paper on the floor exceeded its annual profit plan.

Yen Bai Forestry and Agricultural Products Joint Stock Company (stock code CAP) has announced its business results report for the fourth quarter of the 2022-2023 fiscal year (from July 1, 2022 to September 30, 2023) with revenue and profit falling sharply compared to the same period last year. However, the company's cumulative profit for the whole year still grew and reached a record high. This is the only company trading votive paper on the stock exchange.

The only company trading votive paper on the stock exchange achieved high profits

Specifically, CAP achieved net revenue in the fourth quarter of nearly VND67 billion, down 70% compared to the same period last year. Notably, the tapioca starch business, which used to be the main source of revenue, saw a significant decline, with revenue falling 92% compared to the same period last year, to VND12 billion, while the same period last year recorded VND146 billion. The votive paper business also saw a 71% drop in revenue, down to VND29 billion. Only the base paper segment remained the same as the same period last year, bringing in VND46 billion in revenue.

In contrast, financial revenue increased by 135% to more than VND 4 billion while no financial costs were incurred. Sales expenses and business management expenses were reduced by 75% and 19% respectively.

As a result, CAP reported a profit after tax in the fourth quarter of the fiscal year of only 10 billion VND, down 75% compared to the same period in 2022. For the entire 2022-2023 business year, net revenue reached more than 611 billion VND, down slightly by 7% and profit after tax reached more than 114 billion VND, up 8% compared to the previous fiscal year. This is also a record high profit since CAP started operating. Thus, the company exceeded the revenue plan by 5% and the profit after tax target by 63%.

Currently, CAP shares are trading on the HNX at VND73,700. This stock reached a historic peak in mid-October at VND84,300. The company has just finalized the list of shareholders to organize the 2023 Annual General Meeting of Shareholders scheduled to take place on November 30 in Yen Bai city (Yen Bai province).

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