In 2023, Dam Sen Water Park Joint Stock Company achieved a record profit of 112 billion VND, marking the second consecutive year of improved business results.
According to the recently released consolidated audited financial report, Dam Sen Water Park Joint Stock Company (Dam Sen Water - DSN) saw its revenue increase by 7% last year to nearly 249 billion VND. After deducting the cost of goods sold, the company recorded a gross profit of over 155 billion VND, a slight increase compared to 2022.
Financial income improved by 59% to over 23 billion VND, driven by increased interest income from bank deposits. Meanwhile, the company had no debt, resulting in zero interest expense. After deducting expenses, DSN recorded over 112.5 billion VND in after-tax profit in 2023, an increase of over 4% compared to 2022.
This is Dam Sen Water Park's best business performance since it began publishing information in 2007, which is 16 years ago. The company exceeded its revenue target by 18% and its profit plan by 15%.
The company's management stated that last year they welcomed over 1.2 million visitors, an 8% increase compared to the same period in 2022, resulting in a corresponding increase in revenue. On average, the park serves nearly 3,400 visitors per day.
Marketing efforts decreased but were more effective than before, contributing significantly to the aforementioned business results. Last year, Dam Sen Water Park conducted 76 advertising campaigns on radio and television, 12 newspaper issues, and continuously promoted itself on social media. The park also held 5 lucky draw events and dozens of events on major holidays...
In the last quarter of 2023, Dam Sen Water Park repaired damaged facilities and renovated the park with new features such as a fountain stage, a bridge over the lazy river, water slides, a children's lake, and a food court. The management stated that the park has limited land and cannot expand with new features, so they could only renovate and upgrade existing ones.
"Dam Sen Water Park needs significant changes in landscape and infrastructure in 2024 and the years to come," DSN's upcoming business plan clearly states.
A view of Dam Sen Water Park, June 2023. Photo: DSN
This year, the company aims to achieve revenue of VND 240 billion and after-tax profit of VND 104 billion. Both are lower than in 2023, amidst expectations of a tourism recovery but with significant risks from economic fluctuations.
Dam Sen Water Park is part of Dam Sen Park located in District 11, Ho Chi Minh City. The park boasts 36 water attractions and a 3,000 m2 wave pool, making it a popular recreational spot for residents of the city and surrounding areas.
Dam Sen Water Park is a subsidiary of Phu Tho Tourist Services Joint Stock Company (Phu Tho Tourist - DSP) - the owner of Dam Sen Cultural Park (also known as Dam Sen Dry Park). While Dam Sen Dry Park has had poor business results in recent years, Dam Sen Water Park has become significantly more attractive.
DSP's management assessed the park as old and unattractive to young people, leading to a loss of competitive advantage. Conversely, Dam Sen Water Park "doesn't face much competition" in terms of water-based entertainment services. In previous quarters, DSP's parent company's profits were largely due to dividends received from Dam Sen Water Park.
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