Refusing real estate, Duc Giang Chemicals deposits "mountains of money" in the bank

(Dan Tri) - As of September 30, Duc Giang Chemicals is depositing more than 13,100 billion VND in the bank, accounting for 67% of total assets.

According to the recently released third quarter financial report, Duc Giang Chemical Group Joint Stock Company (stock code: DGC) recorded net revenue of VND2,816 billion, an increase of more than 10% over the same period.

As of September 30, the company's cash and deposits reached more than VND13,100 billion, up 7% compared to the second quarter. Compared to the beginning of the year, this figure has increased by 23% and currently accounts for about 67% of total assets. Thanks to this amount, the company earned VND447 billion in interest in 9 months, equivalent to receiving an average of VND1.6 billion/day.

Duc Giang's third-quarter financial revenue also reached more than VND192 billion, up 27% over the same period. After deducting taxes and expenses, the company reported a profit after tax of VND804 billion, up 9%.

Accumulated for 9 months, the company's net revenue reached 8,521 billion VND, up 14% over the same period last year. Duc Giang Chemicals' net profit reached 2,403 billion VND, up 7% over the same period last year.

Duc Giang Chemicals maintains a policy of depositing cash in banks to avoid risks and wait for opportunities in the chemical industry (Photo: DT).

The company's total liabilities also increased by 61% compared to the beginning of the year, to VND3,413 billion. Of which, short-term loans and financial leasing debts recorded a sudden increase of 127%, at VND1,960 billion.

This year, the company's board of directors set a revenue target of VND10,385 billion, an increase of more than 5% compared to last year, while after-tax profit is expected to decrease slightly by 3%, down to VND3,000 billion. Thus, Chairman Dao Huu Huyen's company has completed more than 80% of its revenue and profit plan after 9 months.

At the annual general meeting of shareholders at the beginning of the year, Chairman of the Board of Directors Dao Huu Huyen said that Duc Giang Chemicals always maintains a policy of depositing large amounts of money in banks, instead of investing in stocks, real estate or crypto assets.

He said the company intends to keep a large amount of money in the bank to wait for opportunities to invest in new "steel punches" in the chemical industry.

Mr. Huyen once shared at the congress that many financial companies had advised using idle money to buy bonds, virtual currencies or real estate with yields of tens, even hundreds of percent. However, he did not agree, because he was afraid of risks.

Source: https://dantri.com.vn/kinh-doanh/tu-choi-bat-dong-san-hoa-chat-duc-giang-gui-nui-tien-tai-ngan-hang-20251026175921421.htm