Vicostone announces business results in 2022

Wednesday, Feb 01, 2023 13:57

A Vicostone member of staff introduces products to a customer. — Photo courtesy of the company

Vicostone Joint Stock Company (stock code: VCS) – a unit of Phenikaa Group, posted a net revenue and a pre-tax profit of over VND1.22 trillion and VND258.47 billion, respectively in the fourth quarter of 2022.

In total, the company's net revenue and profit before tax surpassed VND5.66 trillion and VND1.37 trillion in the whole of 2022, pursuant to its consolidated business results which were released on Tuesday.

According to Vicostone, political instability, inflation, and tight monetary policy around the world were among the factors influencing its business in 2022.

To overcome these challenges, Vicostone has continued to enhance its internal strength and proactive approach to saving costs, holding the ground on key markets and reaching for other potential markets through the development of direct distribution channels, thereby amplifying VICOSTONE® brand recognition.

Phenikaa Group's strategy on localisation of raw materials for quartz production continues to prove its efficiency in stabilising production and minimising dependence on imported raw materials, leading to stable selling prices, and sharpening the competitive edge. Vicostone is currently the only quartz manufacturer in the world that owns the production of its main raw materials.

"2023 is forecast to be a particularly challenging year for both the domestic and international economies as signs of recession have become increasingly evident. Vicostone remains in its most determined state, proactively adapts to both difficulties and opportunities in this unpredictable context, and strives to complete the set goals," the company said in a statement. — VNS

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