In the fourth quarter, Vinh Hoan (VHC) reported a 56.3% decrease in profit to nearly 200 billion dong
Vinh Hoan Joint Stock Company (HoSE: VHC) just announced the consolidated financial statements of the fourth quarter and the year of 2022. Specifically, the net revenue in the fourth quarter of VHC reached VND 2,484 billion, down nearly 8% compared to the same period in 2021. Cost of goods sold recorded more than VND 2,000 billion. So gross profit was 474 billion dong, down 26% compared to the same period last year.
Financial income increased by 93.4% over the same period, however financial expenses also increased sharply by 8.5 times to nearly 137 billion VND. Loss in associate company 778 million. Selling expenses increased by 43% to 133.2 billion dong; administrative expenses increased 44.3% to more than 88 billion dong.
As a result, the company reported a profit of nearly VND 200 billion, down 56.3% compared to the fourth quarter of 2021.
For the whole year, VHC recorded net revenue of VND 13,239 billion; profit after tax reached 2,014 billion dong; increase by 46% and 82% respectively compared to 2021.
Vinh Hoan’s financial statements
In 2022, Vinh Hoan sets a target of 13,000 billion dong in revenue and 1,600 billion dong in after-tax profit, up 43.6% and 45.6% respectively compared to 2021. Thus, VHC achieved 126 % of annual profit plan.
Vinh Hoan’s total assets as of December 31, 2022 reached VND 11,580 billion, up 32.5% compared to the beginning of the year. Short-term assets accounted for 66%; trading securities increased by 124% to 179.3 billion dong; in which, VHC invested in NLG shares of Nam Long Investment Joint Stock Company 76.3 billion dong, provision was 25.7 billion dong; invested in DXS shares of Dat Xanh Real Estate Services Joint Stock Company 58.2 billion dong, provision of 53.2 billion dong; KBC of Kinh Bac Urban Development Corporation (KBC) with the amount of 29.9 billion VND and the provision of 7.7 billion VND…
Although provision for devaluation of investments as well as realized exchange rate losses and interest made VHC’s financial expenses skyrocket compared to the previous year, VHC’s financial activities still made a net profit 63 billion dong thanks to 363 billion dong of exchange rate difference profit realized.
Held-to-maturity investment increased by 39.7% to VND 1,664 billion; in which investment in bank is 1,664 billion dong, bonds are 50 billion dong, including bonds with a term of 7 years from the date of issuance with floating interest rate in Vietnam Dong.
Inventories increased by 65.6% to VND3,113 billion.
Liabilities increased by 36% to 3,884 billion dong, of which mainly short-term debt with 3,693.4 billion dong. Short-term loans increased by 27.5% to VND2,213.5 billion; long-term loans increased 12% to 175 billion dong. Equity increased by 30.8% to 7,696 billion dong.
In 2022, VHC purchased goods from Van Duc Tien Giang Export Food Processing Company Limited (this is a related company of the Chairman of the Board of Directors) with a value of VND 40.6 billion; buy fixed assets of this company with the amount of more than 550 billion dong; in addition, short-term receivables of Van Duc Tien Giang amounted to VND 11.8 billion; purchase from Mai Thien Thanh Co., Ltd. amount of more than 16 billion dong; Selling fixed assets to Mai Thien Thanh Co., Ltd. 20 billion dong…