Fertilizer firm Camau reports fourfold increase in profit

PetroVietnam Camau Fertilizer JSC, a Petrovietnam subsidiary, has reported after-tax profits of VND3,272 billion ($131.7 million) in the first nine months of the year, a fourfold year-on-year increase.

The company's net revenue reached VND11,466 billion ($461.5 million) during the period, up 90% year-on-year.

After the nine months, the company, listed on the Ho Chi Minh Stock Exchange as DCM, had exceeded the year's revenue and profit targets by 27% and 538%, respectively.

Its third-quarter net revenues of VND3,307 billion ($133 million) marked a year-on-year increase of 82.5% .

The company said that Q3 sales of its products increased by more than 30% compared to the same period last year and fertilizer selling prices continued to remain high.

The average price of Urea and NPK fertilizer products in Q3 reached VND13,781 ($0.55) and VND14,045 ($0.56) per kilogram, up more than 32.7%, and 20.4% year-on-year, respectively.

Costs of production, selling goods and management all increased amidst fluctuations in the price of input materials. However, thanks to the increased sales volume and favorable fertilizer prices, the parent company's after-tax profit and the consolidated after-tax profit rose 6.53% and 95.48%, respectively.

By September 30, DCM's total assets were valued at VND13,436 billion ($540.8 million), up 21% compared to the beginning of the year. Of this, cash and deposits climbed up 60% to VND7,684 billion ($309.3 million). The company's equity hit VND9,741 billion ($392 million), up 30% compared to the beginning of the year.

On the Ho Chi Minh Stock Exchange, the DCM share closed Tuesday’s session at VND31,950 ($1.29).

Meanwhile, state-run group Vinachem recorded a profit of VND5,404 billion ($224 million) in the first nine months of the year, nearly triple the year's target, as fertilizer prices remained high. This is the Vietnamese giant's record-high profit since it started publishing its financial indices in 2014.