Binh Minh Plastics earned more than 784 billion VND in profit in 9 months, exceeding the set plan and higher than all past annual profits.
According to the consolidated financial report for the third quarter, Binh Minh Plastics Joint Stock Company (BMP) had a revenue of more than VND926 billion, down 38% compared to the same period. However, the company cut its cost of goods sold by more than half. This helped raise its gross profit margin to 43% - the highest since Binh Minh Plastics became a subsidiary of Nawaplastic Industries, a member of SCG Group (Thailand), in early 2018.
This period, regular expenses were all significantly reduced. As a result, after-tax profit increased by 19% compared to the third quarter of 2022, reaching nearly 209 billion VND. With this figure, Binh Minh Plastics also set a record for net profit margin at 22.5%.
In the first 9 months of the year, BMP had over VND3,700 billion in revenue and over VND784 billion in after-tax profit. Revenue decreased by nearly 16% but profit increased by 75%. The company exceeded its annual profit plan by 20% despite only completing 58% of its revenue target.
The figure of 784 billion VND also helped BMP set a new record, higher than all previous annual profits of this enterprise. It is likely that by the end of this year, the company will continue its streak of consecutive positive growth since Covid.
As of the end of September, BMP currently has total assets of nearly VND3,500 billion. Bank deposits (both term and non-term) account for more than VND2,000 billion of this, an increase of more than VND700 billion compared to the beginning of the year.
Favorable business conditions create conditions for BMP to pay dividends. The company plans to spend at least 50% of its after-tax profit on dividends this year. Last year, Binh Minh Plastics spent up to 99% of its profit (about 690 billion VND) on cash dividends. Accordingly, each shareholder owning a share receives 8,400 VND.
Recently, this company was fined nearly 9 billion VND for taxes. The General Department of Taxation concluded that Binh Minh Plastics declared incorrect taxes for the three years 2020-2022, so it must collect additional taxes and fines for late payment.
Siddhartha
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