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).
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