Agriculture major HAGL reports 31-fold profit increase

Hoang Anh Gia Lai JSC (HAGL) recorded after-tax profits of VND892 billion ($35.92 million) in the first nine months of the year, a 31-fold year-on-year increase.

The company's net revenues during the period reached VND3,472 billion ($139.8 million), up 150%.

After the nine months, the corporation had fulfilled 72% and 80% of the year's revenue and profit target, respectively.

In the third quarter of the year, HAGL recorded net revenues and after-tax profits of VND1,441 billion ($57.99 million) and VND369.5 billion ($14.87 million), up 160% and 17 times, respectively.

Of its revenue structure, fruit accounted for the largest proportion at VND577 billion ($23.22 million), up 162% over the same period last year. The sales of pigs increased nearly 200% to VND540 billion ($21.73 million), and sales of other products and goods was VND241 billion, up 184%.

By September 30, 2022, HAGL's total assets reached VND19,338 billion ($778.35 million), up 5% compared to the end of 2021.

The company’s liabilities rose by 5% over the end of 2021 to VND14,404 billion ($580 million), accounting for more than 74% of total assets and 2.9 times the firm’s equity.

The Ho Chi Minh Stock Exchange has announced a change in status of HAG shares of Hoang Anh Gia Lai from “controlled” to “warning” from October 11, 2022 as its after-tax profit in 2021 was VND203.3 billion ($8.42 million) and the undistributed after-tax profit as of December 31, 2021 was negative VND4,467 billion ($185 million), subject to warning.