Chemical group Duc Giang posts $201 mln profit in 9 months
The Duc Giang Chemicals Group, Vietnam's leading chemical company, has reported an after-tax profit of VND4,917 billion ($201 million) in the first nine months of the year.
This is 3.4 times last year’s figure for the same period and more than 40% of the profit target set for this year.
The company's net revenue in the period was VND11,333 billion ($463 million), up 86% year-on-year, fulfilling 94% of the year's plan.
The firm attributed its significant growth in revenue to increased output, sales and selling prices. Sales of yellow phosphorus rose 171% year-on-year, while the growth figure for fertilizers and extracted phosphoric acid - WPA was 32% and 68%, respectively. Income from financial activities soared 217%. Meanwhile, costs of goods only climbed up 29%.
The company owns the largest phosphorus factory with an annual capacity of 40,000 tons. In addition, it holds a 51% stake of Vietnam Apatite-Phosphorus JSC, with a capacity of 20,000 tons of yellow phosphorus per year, in Tang Loong Industrial Park, Lao Cai province.
In the third quarter, Duc Giang recorded a net revenue and after-tax profit of VND3,696 billion ($151 million) and VND1,514 billion ($61.86 million), up 75% and 3.1 times year-on-year, respectively.
At the end of Q3, the group's total asset value was VND12,752 billion ($521 million), up nearly 50% from the beginning of the year. The increase mostly came from bank deposits of 3-12 month terms worth more than VND7,382 billion ($301.6 million), compared to VND3,631 billion at the beginning of the year.
These deposits brought the company profits of over VND195 billion ($7.97 million) during Jan-Sept.
Short-term receivables increased by 58% to VND1,236 billion ($50.5 million), mainly from international customers like Mitsubishi, Sun International FZE, Agrifields DMCC and Itamatch Chemicals S.P.A.
By September 30, the company's equity was VND10,975 billion ($448.4 million), up 73% compared to the beginning of the year, of which capital contribution reached VND3,798 billion after 200 million shares were issued to pay dividends in 2021.
The company targets a revenue of VND12,117 billion ($494.07 million) this year, up 26% year-on-year, and an after-tax profit of VND3,500 billion ($142.71 million), up 39%. The main driving force comes from production and trading of yellow phosphorus.
Duc Giang Chemicals Group is listed on the Ho Chi Minh City Stock Exchange as DGC. At the closing session on October 19, the DGC share price was VND81,500 ($3.3).
- Read More
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031
The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.
Energy - Thu, November 21, 2024 | 10:41 pm GMT+7
Indonesia, France step up cooperation in economy, defence
Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.
Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7
Thai economy to maintain upward momentum in 2025
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7
Former parliament chairman Vuong Dinh Hue warned for violations
The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.
Politics - Thu, November 21, 2024 | 10:10 pm GMT+7
Sumitomo insists on building LNG power plant in central Vietnam
Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.
Energy - Thu, November 21, 2024 | 8:53 pm GMT+7
Vietnam’s Vinhomes fulfils 67% of record buyback plan
Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.
Finance - Thu, November 21, 2024 | 8:43 pm GMT+7
Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers
Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.
Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7
Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership
Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.
Politics - Thu, November 21, 2024 | 5:21 pm GMT+7
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants
PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.
Energy - Thu, November 21, 2024 | 4:40 pm GMT+7
Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister
Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.
Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7
Bamboo Capital wins kudos for transparent reports, good governance
Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).
Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7
VAFIE to organize workshop on amendments to horse racing, football betting rules
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.
Economy - Thu, November 21, 2024 | 2:38 pm GMT+7
Vietnam Politburo okays international, regional financial centers in HCMC, Danang
Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.
Economy - Thu, November 21, 2024 | 1:50 pm GMT+7
Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.
Finance - Thu, November 21, 2024 | 11:29 am GMT+7
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7
Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta
The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.
Industries - Thu, November 21, 2024 | 10:31 am GMT+7