Pre-tax profit in the third quarter of 2024 of Thong Nhat Sheet Steel reached nearly 14.4 billion VND, 4.6 times higher than the same period thanks to the company finding customers and having a source of goods at reasonable prices.
Thong Nhat Sheet Steel Joint Stock Company (stock code TNS) has just announced its financial report for the third quarter of 2024 with a series of positive indicators compared to the same period. Specifically, net revenue is approximately 593 billion VND and gross profit is more than 20.3 billion VND, up 43.6% and 2.7 times over the same period, respectively. Gross profit margin for this period reached 3.4%.
In the third quarter, Thong Nhat Steel Sheet 's expenses all increased slightly compared to the same period last year. Specifically, financial expenses increased from VND1.1 billion to VND1.5 billion, selling expenses from VND939 million to VND1.1 billion, and business management expenses from VND2.4 billion to VND2.9 billion.
After deducting all expenses, the company reported pre-tax profit of VND14.4 billion and after-tax profit of VND10.9 billion, respectively 4.6 times and nearly 3.5 times higher than the same period last year.
In the first 9 months of 2024, Thong Nhat Sheet Steel recorded revenue of VND 2,317 billion, 3.5 times higher than the same period last year. The company's gross profit was more than VND 56.2 billion, while in the same period it was only more than VND 15.1 billion. The gross profit margin reached 2.4%, equivalent to the level achieved in the same period in 2023. The company reported pre-tax profit of VND 33.2 billion and after-tax profit of VND 25.8 billion after deducting expenses, while in the same period last year it was only VND 121 million.
In an explanatory document sent to the Hanoi Stock Exchange, the company said that the cold-rolled steel market in 2024 will still face unpredictable developments from geopolitical tensions and a slow recovery. However, Thanks to finding customers and sources of goods at reasonable prices, production output increased by 54% and consumption increased by 48% compared to the same period last year. Therefore, after-tax profit in the third quarter of this year increased strongly compared to the same period in 2023.
This year, Thong Nhat Sheet Steel plans to achieve a total production and consumption output of 140,000 tons, of which 50,000 tons are main products and 90,000 tons are processed products. The company expects pre-tax profit to reach 1 billion VND. Thus, in the first 3 quarters of the year, TNS has far exceeded the previously set profit plan.
According to the management board, this year, the company continues to closely monitor every market fluctuation to have flexible production and business plans, together with customers to determine output product needs to diversify raw material sources to suit each product.
As of the end of September, the company had total assets of VND383 billion, a slight decrease compared to the beginning of the period. The company's liabilities decreased from VND368 billion at the beginning of the year to VND326 billion. Short-term debt accounted for an overwhelming proportion of VND286 billion.
The company currently has equity of 56.7 billion VND. Accumulated loss reached more than 144 billion VND.
On the stock exchange, TNS shares are hovering at a more than 2-year peak (VND6,400) despite only being traded on Fridays. This code has been restricted from trading since March 16, 2023 because the auditing organization refused to comment on the 2022 financial report.
Source: https://baodautu.vn/mot-cong-ty-thep-lai-gap-hon-4-lan-trong-quy-iii2024-d227565.html
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