DNVN - The accumulated profit after tax on the separate financial statements up to December 31, 2024 of Hoang Gia Production and Investment Joint Stock Company (stock code RYG) is 54 billion VND, down nearly 30% compared to the same period in 2023.
Hoang Gia Production and Investment Joint Stock Company has just sent a document explaining the fluctuations in its self-made fourth quarter production and business results in 2024 to the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE).
According to the explanatory document, RYG's after-tax profit in the separate financial statement (BCTC) for the fourth quarter of last year was VND 0.56 billion, down VND 29.9 billion - equivalent to 98.16% compared to the fourth quarter of 2023 (VND 30.46 billion).
According to RYG's explanation, the main reason is due to the difficult situation, the company reduced selling prices to quickly push inventory, thereby reducing profits.
Meanwhile, the accumulated profit after tax on the separate financial statements up to December 31, 2024 is VND 54 billion, down VND 22.4 billion, equivalent to a decrease of 29.35% compared to the same period in 2023 (VND 76.45 billion).
According to RYG, the main reason is due to the difficult situation of the construction materials industry, the company proactively shifted to promote low-end products (lower gross profit margin) to quickly rotate and ensure planned revenue, so profits decreased.
RYG participated in the international stone and tile trade show in the US in April 2024. (Photo: RYG).
The consolidated after-tax profit on the consolidated financial statements as of December 31, 2024 was VND 68.6 billion, down VND 33.68 billion, equivalent to nearly 33% compared to the same period in 2023 (VND 102.27 billion). The reason for the sharp decline is that the parent company's profits decreased.
Regarding the leadership, Mr. Truong Van Viet is currently the General Director, Mr. Dinh Viet Anh is the founder and Chairman of the Board of Directors of the company. RYG's headquarters is located in Nhon Trach II Industrial Park, Nhon Phu, Hiep Phuoc town, Nhon Trach district, Dong Nai province.
The main revenue of this enterprise comes from the production and trading of tiles. The main cost is the cost of raw materials for producing tiles.
RYG's business strategy targets the high-end segment. The proportion of revenue from the high-end segment increased from 28.1% in the period from 2020-2022 to 37% in 2023. The proportion of high-end Porcelain tile products contributing to the company's gross profit increased sharply from 48.6 billion VND while ceramic tile products decreased by 3.5 billion VND and other products decreased by 7.6 billion VND.
Assessing RYG's prospects, Bao Minh Securities Corporation (BMSC) said that RYG has advantages in terms of brand and large, multinational distribution system.
However, BMSC believes that RYG may have difficulty paying its short-term debts, as the company's short-term asset structure is largely in receivables and cash and cash equivalents, which remain low compared to other businesses in the same industry.
The push for new investments has made the company's financial structure riskier. RYG's financial leverage ratio as of the third quarter of last year was 2.81 times and debt to total equity was 95.6%, which is relatively higher than that of other companies in the same industry.
As of the third quarter of 2024, the debt-to-equity ratio of enterprises in the industry such as Viglacera is 53%, Vicostone is 16%, Phu Tai is 45%.
Thus, compared to enterprises in the same industry, RYG's total debt to total equity ratio is much higher than that of leading enterprises in the industry.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/vi-sao-loi-nhuan-nam-2024-cua-cong-ty-hoang-gia-ryg-boc-hoi-gan-30/20250205040820984
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