Battery manufacturer Habaco posts $1.6 mln profit in 2022

Hanoi Battery JSC (Habaco), the first battery company to open in northern Vietnam, reported after-tax profit of VND36.7 billion ($1.56 million) in 2022, up 21% year-on-year and exceeding its target by 5%.

Habaco, listed on the Hanoi Stock Exchange (HNX) as PHN, achieved net revenue of VND461 billion ($19.62 million), up 26% and exceeding its target by 12%, according to the company's audited financial statement for 2022.

As of December 31, 2022, Habaco's total assets stood at VND147 billion ($6.26 million), down 13% compared to the beginning of the year. Of this, short-term debt decreased by 64% to VND22 billion ($936,300).

The PHN share price hit VND36,500 ($1.55) per unit at Tuesday's close.

Habaco, formerly known as Van Dien Battery Factory, was established in early 1960. This was the first and only factory in northern Vietnam at that time to manufacture and supply batteries for national defense, security and other purposes of the national economy.

GP Batteries (Singapore) Limited Liability Company (GPBI) under GP Batteries International Limited is the company's foreign strategic partner. Habaco has been the exclusive importer and distributor of GPBI in Vietnam since 2010.

In 2023, Habaco, owner of the Rabbit Battery brand, targets production and consumption of 365 million batteries of all kinds, and revenue and pre-tax profit of VND444 billion ($18.9 million) and VND37.6 billion ($1.6 million), respectively.