Leading stationer Thien Long's profit up 45% to $17 mln in 2022

Thien Long Group, Vietnam's top stationery sales and production company, reported an after-tax profit of VND401 billion ($17 million) in 2022, up 45% year-on-year, exceeding its target by 43.2%.

The corporation's net revenue reached VND3,521 billion ($149.96 million), up 32%, according to its consolidated financial statement.

In the fourth quarter of 2022, Thien Long recorded a revenue of VND740.52 billion ($31.54 million), down 6.2%, and a loss of VND2.78 billion ($118,400), while the same period last year saw a profit of VND97 billion ($4.13 million) mainly due to decreased gross profit and surged management, selling and financial expenses.

The corporation, listed on the Ho Chi Minh City Stock Exchange (HoSE) as TLG, said that the decrease in Q4 revenue compared to the same period last year was due to difficulties in the international market, with the currency exchange rates of countries fluctuating strongly against the U.S dollar, so the import of goods slowed down.

Thien Long also said that the increase in Q4 costs was due to its investment to strengthen brand image, competitiveness, and sales support programs at points of sale in the country as well as in the international market.

As of December 31, 2022, Thien Long's total assets were VND2,869 billion ($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.

At Monday's closing session, the TLG share price was VND52,000 ($2.2) per unit.