Leading stationer Thien Long forecasts flat profit in 2023

Thien Long Group, Vietnam's top stationery sales and production company, is targeting after-tax profit of VND400 billion ($17.06 million) in 2023, flat compared to the previous year.

The corporation, listed on the Ho Chi Minh City Stock Exchange (HoSE) as TLG, is aiming for net revenue of VND4 trillion ($170.58 million), up 13.6% year-on-year, according to documents slated for release at its 2023 annual general meeting.

A proposal on 2023 dividend at 35% per par value is expected to be submitted to the meeting on April 27. The firm also plans to raise the cash dividend for 2022 from 30% to 35%.

Thien Long will present to shareholders a plan to issue shares under the Employee Stock Ownership Plan (ESOP). The expected number is 800,000 shares at a price of VND10,000 ($0.43).

The proceeds, estimated at VND8 billion ($341,200), will be used to supplement working capital for the company's business activities.

Thien Long reported an after-tax profit of VND401 billion ($17 million) in 2022, up 45% year-on-year, and exceeding its target by 43.2%. The corporation's net revenue reached VND3.52 trillion ($149.96 million), up 32%, according to its consolidated financial statement.

As of December 31, 2022, its total assets stood at VND2.87 trillion ($122.19 million), up 17.3% compared to the beginning of the year, of which inventory hit VND914.1 billion ($38.9 million), accounting for 31.9%.

By the end of 2022, total short-term and long-term loans increased by 33.2% compared to the beginning of the year to VND246.5 billion ($10.5 million), accounting for 8.6% of total capital.

TLG shares closed Thursday at VND50,500 ($2.15).