Visitors check out Vicostone products at a trade stand. — Photo courtesy of the company
Vicostone JSC, a member of Phenikaa Group, earned over VNĐ3.21 trillion (US$126.32 million) in revenue in the first nine months of this year, VNĐ20 billion higher than the same period last year or equivalent to 70 per cent of the target set for the whole year.
The company, which makes composite materials, reported that pre-tax profit also fulfilled 71 per cent of the yearly goal, reaching over VNĐ730 billion ($29 million) in nine months and surging VNĐ13 billion year over year.
The company recorded these positive results in the nine month period despite risks and challenges the world economy had faced, such as geopolitical tensions in the Middle East, increasing strategic competition, trade and technology protection among countries and high inflation and interest rates.
In addition, natural disasters and extreme weather had a negative influence on people's lives. Distributors in the US - one of Vicostone's main markets - reduced orders in anticipation of lower freight rates and the presidential election results - factors that could cause profound changes in the economy.
During the period, Vicostone continued to promote risk management, ensuring a stable operating system and good financial liquidity when it optimised the use of working capital.
The company maintained strong financial potential with cash and cash equivalents topping over VNĐ1.46 trillion as of September 30, an increase of VNĐ64.3 billion compared to the beginning of the year. This created a proactive foundation for flexibly responding to risks from global economic fluctuations and industry risks in 2024 and the following years.
Earlier, the company set a target of earning a net revenue of over VNĐ4.6 trillion ($183 million) in 2024, up 5.71 per cent year-on-year.
The company's pre-tax profit this year is expected to reach over VNĐ1 trillion, 3.45 per cent higher than the previous year.
"These are considered challenging goals, but also a motivation for the company to continue its efforts, do business effectively and realise its sustainable development strategy," Vicostone said in a statement.
Top priority will be given to ensuring sustainable development in environmental, social, and governance aspects, improving human resource quality, increasing labour productivity in addition to optimising costs and operational efficiency, and enhancing risk management, it said.
Promoting the use of local raw materials, reducing dependence on external supplies, proactively controlling quality and optimising raw material costs will be also included. — VNS