Railway industry reduces train ticket prices for students taking exams and enrolling in school in 2025 - Photo: TUAN PHUNG
Vietnam Railways Corporation (VNR) has announced its audited consolidated financial statements for 2024.
Data shows that the business picture last year was quite positive for the railway giant. Accordingly, consolidated revenue was recorded at VND9,783 billion, up 11% compared to 2023. This is also the highest level ever since the unit made financial information public.
After deducting cost of goods sold, VNR 's gross profit reached VND 1,056 billion, equivalent to a gross profit margin of 10.8% - a clear improvement compared to the previous period.
In the revenue structure, the largest contributor to VNR is still passenger and cargo transport services with VND 4,795 billion, up 13%.
Next, revenue from regular infrastructure repairs was VND3,510 billion, the rest was from other industrial and service activities.
Data: Consolidated financial statements
Meanwhile, financial revenue decreased slightly from nearly VND43 billion to VND41.6 billion, mainly due to a decrease in interest on deposits and dividends received. In return, financial expenses (mainly loan interest) decreased by 37%, to only VND75.9 billion.
Sales and administrative expenses both increased compared to the previous year, reaching VND267.1 billion and VND628.7 billion, respectively. Of which, employee expenses accounted for the majority with VND163.9 billion accounted for in sales expenses (up 22%) and VND343 billion accounted for in administrative expenses (up 13%).
In addition, VNR also has other income from liquidation, asset sale, ticket collection... with nearly 84 billion VND, an increase of nearly 83% over the same period.
Finally, closing 2024, VNR recorded a profit after tax growth of nearly 73%, reaching more than 132 billion VND, the highest in the past 5 years.
By 2025, VNR aims to achieve consolidated revenue of VND10,336 billion and after-tax profit of VND145 billion. To achieve this goal, the Vietnam Railways Corporation has also proposed that the Ministry of Finance consult with the Government and ministries, branches and localities to remove difficulties and obstacles.
Including a recommendation to report to the Prime Minister to direct the Ministry of Agriculture and Environment and the People's Committees of the provinces to unify the application of preferential policies on land use for railways, resolve land procedures, and exempt land use tax for the area of 4 land areas for production management headquarters of locomotive and carriage units...
At the same time, it is recommended that the Ministry of Finance consider exempting or reducing railway infrastructure usage fees to help railway transport enterprises reduce costs and improve competitiveness.
The Corporation currently manages a 3,143km national railway system, including 15 routes running through 34 provinces and cities from North to South. VNR has 25 subsidiaries, 17 affiliated units and 8 joint ventures and associates.
Railway Corporation still "bears" accumulated loss of more than 2,000 billion VND
Notably, VNR is still suffering an accumulated loss of more than VND 2,028 billion at the end of 2024. This loss was mainly during the COVID-19 period when difficulties covered the transportation industry, not just VNR.
VNR's total assets reached VND20,681 billion at the end of 2024, down 25% after one year. The decrease was mainly due to a sharp decrease in tangible fixed assets from VND21,452 billion to VND14,575 billion.
Source: https://tuoitre.vn/tong-cong-ty-duong-sat-bao-lai-tang-manh-giua-luc-cac-ong-lon-thi-nhau-muon-lam-cao-toc-20250606200042705.htm
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