An Phat Plastic target profit up three times

Sunday, May 05, 2019 09:00

A factory of Plastic and Green Environment JSC (AAA). — Photo

An Phat Plastic and Green Environment JSC (AAA) plans to earn post-tax profit of VND510 billion (US$21.8 million) in 2019, 2.8 times higher than the previous year.

This year, AAA targets total revenue of VND10 trillion, an increase of 25 per cent compared to 2018.

It aims to earn pre-tax profit of VND200 billion in the second quarter of this year.

In the first quarter, the company achieved net revenue of VND2.6 trillion, two times higher than the same period last year. Gross profit was nearly VND375 billion, up by 153 per cent year-on-year.

Revenue from financial activities reached nearly VND53 billion, 7.6 times higher than last year, however, the cost of this activity also increased sharply from VND25.6 billion to nearly VND63 billion due to increasing internet costs.

Post-tax profit reached VND214 billion, four times higher than the same period of 2018.

Therefore, with the results achieved in the first quarter, AAA has achieved 26 per cent of the 2019 revenue target and 42 per cent of the profit plan.

The company attributed the increase in revenue and profit in the period to additional revenue earned from the land and factories leasing activities in An Phat Complex Industrial Park.

In Q2, AAA will continue to actively co-operate with airlines like Vietnam Airlines, Bamboo Airways and Vietjet to produce environmentally-friendly plastic products for these airlines.

Its parent company, An Phat Group, currently owns 46.62 per cent of AAA. In the coming annual general meeting (AGM), AAA will submit to shareholders the plan proposing An Phat Group raise their holding to 51 per cent.

On the stock market, AAA's price closed Friday at VND17,750. It has increased by nearly 30 per cent compared to the beginning of 2019. Capitalisation is currently VND3 trillion. — VNS

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