Following the success of 2023, most members of the An Phat Holdings have reported positive growth in their business results for the first quarter of 2024.
An Phat Holdings Joint Stock Company (HNX: APH) recently released its consolidated financial report for Q1 2024, noting a revenue decrease of 18% compared to the same period last year, totaling 3,388 billion VND. However, due to a more significant reduction in cost of goods sold compared to revenue, the company still recorded a gross profit of 419 billion VND, up nearly 24% from Q1 2023.
During the period, An Phat Holdings’ financial revenue slightly decreased to 52.6 billion VND, while financial expenses decreased by more than 30 billion VND to 56.1 billion VND, administrative expenses also decreased by 9.4% to 109 billion VND, and sales expenses increased by 9.4% to 146 billion VND.
After taxes, APH recorded a net profit of 133 billion VND, 3.8 times higher than the same period, which is nearly 61% of the entire year 2023’s performance. Notably, in 2023, APH reported a net profit of over 219 billion VND, a 282% increase compared to 2022.
As of the end of Q1 2024, APH’s total assets slightly increased since the start of the year to 12,507 billion VND. Among these, short-term receivables significantly rose from 1,443 billion VND to 2,885 billion VND, including 1,142 billion VND of short-term receivables from customers (up 24%), 787.5 billion VND of short-term prepayments to suppliers (up 114%), and 807 billion VND of short-term loan receivables (37 times higher than at the start of the year).
At the annual general meeting of shareholders scheduled for May 29, 2024, APH’s Board of Directors proposes a business plan with a consolidated revenue of 14,000 billion VND and a net profit of 314 billion VND. Thus, after the first quarter, the company has achieved 24% of its revenue plan and 42% of its profit target.
Similarly, An Phat Holdings’ subsidiary, An Phat Bioplastics Joint Stock Company (HoSE: AAA), also reported a Q1 2024 profit of 144 billion VND, a significant increase from the 64 billion VND profit of the same period last year. AAA’s profit was high against the backdrop of the same period, during which, in 2023, the company recorded a net profit of 309 billion VND, a 163% increase over 2022.
In Q1 2024, AAA’s revenue decreased sharply from 3,617 billion VND to 2,964 billion VND; however, due to a substantial reduction in cost of goods sold by 739 billion VND, gross profit increased by nearly 35% to 332 billion VND.
As of March 31, 2024, An Phat Bioplastics’ total assets slightly increased since the beginning of the year to 11,686.6 billion VND. Cash and cash equivalents decreased by 17.15% to 2,017 billion VND, short-term financial investments dropped significantly from 1,079.6 billion VND to 197.5 billion VND, and short-term receivables increased from 1,205 billion VND to 2,530 billion VND.
In 2024, AAA plans a business with consolidated revenue of 12,000 billion VND and a net profit of 377 billion VND. Accordingly, the company has achieved 30% of its revenue target and 38% of its profit plan for the year.
On the other hand, Hanoi Plastics Joint Stock Company (HoSE: NHH) – another subsidiary of APH – reported revenue of 445 billion VND, down 18% from the same period last year. However, the company still reported a post-tax profit of 40.6 billion VND, up nearly 25% from Q1 2023 due to significant reductions in operating expenses, completing 29% of its profit target for 2024.
In contrast to other businesses in the ecosystem, An Tien Industries Joint Stock Company (HoSE: HII) recorded a post-tax profit of nearly 31 billion VND, a slight decrease of 4% compared to Q1 2023. Previously in 2023, this company reported a profit of 80 billion VND, much higher than the 143 billion VND loss of 2022.
Source: Mekong ASEAN
