This year's third quarter business results reporting season recorded a clear picture of light and dark. While the profits of hydropower, steel, and real estate businesses plummeted, some bright spots emerged in the oil and gas and sugar industry businesses.
Upstream reports profits
2023 for many businesses will be an extremely difficult business year in the context of volatile domestic and international markets. Some businesses still take advantage to have good profits, especially in the oil and gas, sugarcane, and rice groups...
Mr. Bui Ngoc Duong, General Director of Binh Son Refining and Petrochemical Joint Stock Company (stock code BSR - UPCoM) said that in the first 9 months of 2023, BSR achieved production output of 5.5 million tons, revenue reached 107 trillion VND, State budget contribution reached 12,167 billion VND and profit after tax exceeded the yearly plan.
Previously, SSI Research forecasted that BSR's net profit in the third quarter of 2023 would reach about VND 3,000 billion, double the previous quarter and 6 times higher than the same period thanks to an 8% increase in consumption compared to the previous year. same period. Additionally, oil prices increased as did crack spreads in the recent quarter.
BSR leaders informed that the Company has purchased enough raw materials for the last 3 months of 2023, striving to complete and exceed the output plan. It is expected that in 2023, BSR will consume about 7.5 million tons of crude oil to serve production needs.
As for PV Power, in the first 9 months of 2023, the Company recorded a total electricity output of 11,149 million kWh, equal to 101% of the 9-month plan, reaching more than 71% of the whole year plan; Total revenue reached 22,530 billion VND, completing 74.28% of the whole year 2023 plan; Profit after tax reached 861 billion VND, completing 77.01% of the whole year 2023 plan.
In the sugar group, Son La Sugar Joint Stock Company (stock code SLS) continued to record positive results in the first quarter of the 2023-2024 fiscal year with revenue reaching 431 billion VND and profit after tax reaching 119 billion VND. VND, growing 26% and 47% respectively over the same period last year. With this result, SLS has completed nearly 90% of its annual profit plan (profit target of 137 billion VND for the whole year).
The bright spot in the market is the business results of the securities group with the appearance of many businesses recording strong growth results.
Specifically, Thien Viet Securities (TVS) recorded pre-tax profit in the third quarter of 2023 increased 19 times over the same period, reaching 42 billion VND and accumulated in the first 9 months of the year reached 196 billion VND, growing strongly compared to the same period. Last year's loss was 16 billion VND.
Bao Viet Securities Company recorded a 40% increase in operating revenue in the third quarter over the same period, reaching 227 billion VND, of which half was securities brokerage revenue (105 billion VND); Profit after tax reached 37 billion VND. Accumulated in the first 9 months of the year, Bao Viet Securities achieved revenue of 602 billion VND, down 6.8% over the same period; Profit after tax reached 143 billion VND, up 40% over the same period.
Many other securities companies also recorded a sharp increase in third-quarter profits, such as VNDirect Securities Joint Stock Company, which profited 636 billion VND, nearly 7 times higher than in the same period; ACBS grew by 484%; CTS recorded a pre-tax profit of 65 billion VND, an increase of 380%; TCBS achieved pre-tax profit of VND 1,148 billion, up 57% over the same period.
Some other businesses in the market also recorded positive third-quarter financial reports such as Vingroup member - Vincom Retail Joint Stock Company (stock code VRE), which reported third-quarter profit increased by 66% to VND 1,317 billion thanks to recording real estate handover; Revenue also increased 66% to VND 3,333 billion. Accumulated in the first 9 months of 2023, VRE's net revenue reached 7,449 billion VND, an increase of 43%; Profit after tax reached 3,341 billion VND, an increase of 72% over the same period.
Also recording profit growth thanks to industrial real estate rental revenue, Damsan Joint Stock Company (stock code ADS) recorded revenue in the third quarter of 2023 reaching 453.4 billion VND, a slight decrease of 5.2% compared to the same period last year. period; But profit after tax grew by 49.08%, reaching 30.59 billion VND. During the period, the Company recorded financial revenue of more than 14.1 billion VND, an increase of 68.7% over the same period last year, from industrial real estate leasing in the An Ninh industrial cluster.
In addition, some big names have not yet been announced, but according to SSI Research's forecast, Gemadept Joint Stock Company (stock code GMD) and Hoa Phat Group (stock code HPG) have positive growth.
At GMD, a higher gross profit margin is the main reason why the Company's pre-tax profit in the third quarter of 2023 increased by 10% over the same period, estimated at VND 360 billion.
Meanwhile, at HPG, SSI Research estimates that net profit in the period could reach 2,100 billion VND, an increase of about 60% compared to the previous quarter and a significant recovery compared to the loss of 1,800 billion VND in the same period last year. This result was achieved thanks to an 11% increase in consumption compared to the previous quarter and a decrease in coal prices. However, the Company's fourth-quarter profits may be negatively affected due to increased input materials.
Difficulties drag back profits
Besides the bright spots, the third quarter 2023 financial reporting season also recorded many dark spots with many businesses announcing unsatisfactory business results.
At Vien Dong Investment and Trade Development Joint Stock Company (VID) - operating in the field of paper products business, mainly imported paper, recorded profit after tax in the third quarter of 2023 reaching 12.5 billion VND , down 18% over the same period last year. The main reason is due to the influence of the subsidiary's commercial business activities, increased production costs and input raw material prices, plus fluctuations in exchange rates, leading to the commercial business activities of the subsidiary. The subsidiary's performance is not high.
In the first 9 months of the year, Vien Dong Investment recorded revenue of 942 billion VND, up 1.9% over the same period last year; Profit after tax reached 23.6 billion VND, down 52.8% over the same period last year.
FPT Online Services Joint Stock Company (stock code FOC) reported business results for the third quarter of 2023 with revenue decreasing by 28%, while cost price only decreased by 11% the Company's pre-tax profit decreased by 49%. Accumulated in the first 9 months of the year, FOC pre-tax profit was 82 billion VND, down 66% over the same period.
In the electricity group, most businesses recorded a sharp decrease in pre-tax profit in the third quarter of 2023 compared to the same period. Of which, Khanh Hoa and Nhon Trach 2 Electricity reported losses, Thac Ba Hydropower decreased by 99%, Quang Ninh Thermal Power decreased by 92%, and Ba Ria Thermal Power decreased by 88%. In the opposite direction, Hai Phong Thermal Power recorded a pre-tax profit growth of 381%.
The real estate group noted that the picture was divided. Vingroup Corporation (stock code VIC) recorded revenue in the third quarter of 2023 increasing by 66.8% to VND 47,948 billion; but pre-tax profit decreased by 14.8% to VND 4,475 billion.
Accumulated in the first 9 months of 2023, total consolidated net revenue reached 134,207 billion VND, an increase of 122% over the same period, mainly thanks to the speed of handing over low-rise real estate units at Vinhomes Ocean Park 2 and 3 projects. as well as the strong growth of electric vehicle sales over the same period.
Consolidated pre-tax profit for 9 months reached 12,375 billion VND, up 42% over the same period. Consolidated profit after tax for 9 months reached 1,556 billion VND, flat compared to the same period last year, and achieved 78% of the whole year plan.
At Phat Dat Real Estate Development Joint Stock Company (stock code PDR), third-quarter profit decreased by 85% compared to the same period last year, reaching 141 billion VND; Net revenue reached 355 billion VND, 32 times higher than the same period, mainly coming from the transfer of some real estate assets.
Nam Long Investment Joint Stock Company (stock code NLG) recorded revenue in the third quarter of 2023 reaching 357 billion VND, down nearly 60% compared to the same period last year; However, thanks to the amount of 80.7 billion VND in tax refund, the parent company's after-tax profit for shareholders reached 66.3 billion VND, 8 times higher than last year.
Meanwhile, Licogi 14 Joint Stock Company (stock code L14) recorded a decline in results for the third quarter of 2023, with revenue down 35% over the same period to 23 billion VND, profit after tax down 10% to more than 7 billion VND left.
In the fertilizer group, Ca Mau Fertilizer Joint Stock Company reported a 90% decrease in profit in the third quarter of 2023 compared to the same period last year, reaching 74 billion VND; Revenue also decreased by 8.9% and reached VND 3,151 billion. The company said that capital costs increased and fertilizer prices simultaneously decreased, so profits evaporated sharply over the same period.
Accumulated in the first 9 months of the year, DCM revenue reached 9,036 billion VND, down 21.1% over the same period, and profit after tax decreased 81% over the same period, reaching 617 billion VND.
Pharmaceuticals are a stable group, however, in the third quarter, they were also affected by difficulties from the general economy. Typically, Hau Giang Pharmaceutical Joint Stock Company (stock code DHG) recorded a 37% decrease in profit compared to the same period last year, reaching 166 billion VND; Third quarter revenue decreased by 5%, reaching 1,099 billion VND.
Hau Giang Pharmaceutical said that in the third quarter, the Company was affected by difficulties from the general economic situation, reducing purchasing power, and causing revenue to decrease. In addition, costs increased because businesses increased marketing activities and invested in new products to implement long-term strategies and create future advantages.
There are still many businesses that have not announced their third-quarter business results, but the overall difficult situation still exists. The fourth quarter is the time when many businesses accelerate to improve their business picture. Some businesses that have planned strategies for 2024, such as BSR, recognize that the difficulties and challenges are extremely great and need to set out solutions to overcome difficulties in increased corporate income tax and import and export taxes. Export of some petroleum products adjusted to 0...
In the medium and long term vision, many businesses are still quite cautious. Looking at the business results of enterprises in the third quarter, there is differentiation in each industry group, investors will make investment decisions.
(Dau tu chung khoan)