Building material maker Viglacera gains $97 mln in 2022 profit

Viglacera, Vietnam's leading producer of building materials, reported a consolidated pre-tax profit of VND2.28 trillion ($97.2 million) in 2022, an all-time high.

The tally exceeded its target by 35% and rose 48% year-on-year, according to the corporation's year-end report.

Viglacera, listed on the Ho Chi Minh Stock Exchange as VGC, has the state as majority shareholder with a 53.97% stake.

In 2022, Viglacera recorded an estimated pre-tax profit of VND1,622 billion ($69.11 million) from its real estate business, accounting for 71% of the total.

In the fourth quarter of 2022, Viglacera's pre-tax profit was estimated at VND240 billion ($10.23 million), down 52% year-on-year and the lowest quarterly result since the first quarter of 2021.

Previously, top broker SSI forcast that Viglacera's net revenue and profit after tax in the fourth quarter of 2022 reached VND2.5 trillion ($106.52 million) and VND211 billion ($8.99 million), respectively, due to reduced demand for construction materials and challenges facing the real estate market.

From 2022-2023, according to its plan, the corporation will survey and develop a number of new industrial parks (IPs). By 2025, the corporation will have increased its total number of IPs under the Viglacera brand to 20 with over 10 new IPs covering 2,000-3,000 hectares.

Viglacera said that in the past year, in order to expand its markets and supply products directly to the southern region, the corporation has produced sanitary ware (Viglacera My Xuan porcelain, Viglacera Binh Duong porcelain), ceramic tiles (Viglacera Eurotile brick factory, My Duc brick factory), and building glass (Viglacera Float Glass Binh Duong Company and Phu My Ultra Clear Float Glass Co., Ltd).

VGC shares closed Friday at VND37,000 ($1.58).