At the end of the third quarter of 2023, while the rice industry's "giant" business was not bright, businesses that were once mired in losses returned to profit.
According to information from the Vietnam Food Association (VFA), in the early days of November, Vietnam's rice export prices continued to increase and reached the highest level compared to the group of major rice exporting countries in the world.
There was a time when the price of 5% broken rice reached 663 USD/ton, while the price of Thai and Pakistani rice was at 560 - 570 USD/ton. Vietnam's 25% broken rice is trading at 648 USD/ton, while the same type of rice from Thailand is priced at only 520 USD/ton and Pakistan is 488 USD/ton.
Rice prices have recently remained at a high level, causing revenue at most businesses to record a sharp increase over the same period. However, the profits of rice export businesses still remain low, some businesses even reported losses in the third quarter of 2023. In that gloomy context, Angimex and Vinafood II are two businesses that recorded positive growth after a long period of being in losses.
Profits "evaporate"
Loc Troi Group Joint Stock Company (UPCoM: LTG) has just announced its financial report for the third quarter of 2023 with sad results despite strong revenue growth.
Accordingly, Loc Troi recorded net revenue of 4,461 billion VND, an increase of 63% over the same period. However, under pressure from the increase in cost price margin, gross profit "turned around" and decreased by 69% to 152 billion VND. The company's gross profit margin also followed suit and decreased dramatically from 18% in the third quarter. last year about 3% this quarter.
During the quarter, Loc Troi made efforts to reduce sales costs and corporate management costs, down 25% to 216.2 billion VND. However, "bulging" financial costs are one of the factors that strongly erode Loc Troi's profits.
After deducting expenses, the rice industry giant lost more than 327 billion VND, while in the same period, it had a profit of 63.8 billion VND. This is the saddest result of Loc Troi since its listing, right after the second quarter of 2023 recorded a record profit of 424 billion VND.
In the first 9 months of 2023, Loc Troi Group recorded net revenue of 10,440 billion VND, an increase of 18%. Facing strong erosion due to costs, Loc Troi's profit after tax shrank to only 19 billion VND, down 91% over the same period.
Similarly, An Giang Agricultural Products Import-Export Joint Stock Company (Afiex; UPCoM: AFX) also recorded an increase in revenue but a sharp decrease in profit.
Accordingly, the company's net revenue in the quarter reached 609 billion VND, an increase of 67% over the same period. Because the increase margin of cost of goods sold is smaller than the increase margin of revenue, Afiex's gross profit "skyrocketed" by 89%, reaching 21 billion VND.
Regarding financial revenue, in the third quarter of 2023, this amount of Afiex recorded a sharp decrease of more than 16 times, from nearly 14 billion VND to only 863 million VND. The reason is that the company no longer recorded a profit from securities trading worth VND 13.2 billion as in the third quarter of 2022.
On the contrary, Afiex's interest expenses increased sharply, 2.2 times the same period to 12.6 billion VND; As a result, the company's financial costs also increased to VND 13 billion. However, sales expenses and business management expenses both decreased by 25% and 37% to VND 2.9 billion and VND 3.6 billion, respectively.
As a result, after deducting expenses, Afiex reported a profit of 2.6 billion VND, an "evaporation" of 71% compared to the same period last year.
Accumulated in the first 9 months of 2023, Afiex's net revenue will reach 1,531 billion VND, an increase of 54%. The company recorded 15.2 billion VND in pre-tax profit. After tax, the company reported a profit of 12 billion VND, down 53% over the same period.
According to the newly published financial report, Trung An High-Tech Agriculture Joint Stock Company (Trung An Rice; HNX: TAR) recorded net revenue of 966 billion VND in the third quarter of 2023, an increase of 94% over the same period last year. period.
Despite strong "galloping" revenue, due to a sharp increase in cost of goods sold, Trung An Rice's gross profit only reached 48.8 billion VND, an increase of 27%. Sharing the same trend, the company's financial revenue during the period increased 9.8 times over the same period but only reached 3.5 billion VND.
On the contrary, the company's financial costs recorded 29 billion VND, an increase of 29% over the same period, of which the majority was interest expenses.
As a result, Trung An Rice's profit after tax reached 12.2 billion VND, nearly 6 times higher than the same period last year. The company said that one of the reasons for increased profits also comes from receiving dividends and 2022 profits distributed from Trung An Kien Giang High-Tech Agriculture Joint Stock Company.
Accumulated in the first 9 months of the year, Trung An Rice recorded net revenue of 3,479 billion VND, an increase of 57% over the same period. After deducting expenses, the company reported a profit of 12.8 billion VND, a decrease of 75%.
Once a large rice exporter, in recent quarters, An Giang Import-Export Joint Stock Company (Angimex; MCK: AGM) has continuously sunk in losses with many alarming indicators. However, in the third quarter of 2023 Angimex reported profit again for the first time in 5 quarters.
Specifically, Angimex recorded net revenue of 223.6 billion VND, only 1/3 of the same period last year. After deducting the cost price, gross profit is at 10.4 billion VND. Sales expenses decreased by 86% to 8.8 billion VND, and business management costs also decreased by 62% to just over 3 billion VND.
Thanks to not recording current and deferred corporate income tax, Angimex reported third quarter net profit at 1.6 billion VND while the same period still had a loss of 28.8 billion VND. This is the first time Angimex has returned to profit since the first quarter of 2022.
Cumulatively in the first three quarters of this year, Angimex brought in 545 billion VND in net revenue, less than 1/5 of the revenue in the same period in 2022. After tax, the business was negative 56 billion VND, a loss greater than 35 billion VND in the same period. last year.
For the Southern Food Corporation (Vinafood II, UPCoM: VSF), in the third quarter of 2023, the company recorded that the business situation continued to improve, returning to profit but still "holding" accumulated losses of up to 2,800 billion VND.
Accordingly, the company recorded the highest quarterly revenue since equitization with 7,328 billion VND. After deducting the cost price, Vinafood II's gross profit reached 629 billion VND, an increase of 78% over the same period.
On the contrary, costs increased simultaneously, causing the company's profits to erode sharply. Specifically, financial costs increased by 250% to VND 166 billion mainly due to loan interest and exchange rate loss. At the same time, sales costs reached nearly 327 billion VND, and management costs increased by 186 billion VND, up 52% and 30% respectively over the same period.
After deducting expenses, Vinafood II reported a profit of 10 billion VND, a significant improvement compared to the loss of 4 billion VND in the same period.
Accumulated in the first 9 months of the year, Vinafood II achieved more than 1,665 billion VND in net revenue, a sharp increase of 72% over the same period. After deducting expenses, the company reported a pre-tax profit of 47 billion VND, up 139% over the same period.
(Theo Nguoi dua tin)