Major agri producer Hoang Anh Gia Lai delivers highest profit in 7 years
Hoang Anh Gia Lai (HAGL) reported an after-tax profit of VND1,180 billion ($50.32 million) in 2022, an almost six-fold increase year-on-year and a record high since 2015.
This positive figure was supported by a full-year 2021 provision of more than VND1,561 billion ($66.57 million).
In 2022, the corporation's net revenue was VND5,081 billion ($216.7 million), a year-on-year two-fold rise. Of this, fruit and pork sales reached VND3,819 billion ($162.86 million), equal to 75% of the total.
HAGL's business cash flow in 2022 recorded a negative VND206.4 billion ($8.8 million). This is the fifth consecutive financial year the corporation has suffered the situation. This means it is facing pressure to seek additional capital sources by searching for more loans or selling some assets.
In the fourth quarter of 2022, HAGL's net revenue reached VND1,609 billion ($68.61 million), and after-tax profit was VND288 billion ($12.28 million), up 119% and up 195% year-on-year, respectively.
As of December 30, 2022, the company's total assets were VND19,951 billion ($850.8 million), up 8% compared to the beginning of the year. Total liabilities stood at VND14,710 billion ($627.3 million), up 6%.
Specifically, short-term loans were VND3,460 billion ($147.55 million), up 37%, while long-term loans reached VND4,818 billion ($205.46 million), down 16%.
Its bond loans, with issuance costs deducted, at issuers hit VND5,742 billion ($244.87 million), equivalent to 39% of the company's total debts, down 10.7% compared to the end of 2021.
HAGL already has three bond issues. The first is for VND5,271 billion ($224.78 million), issued by BIDV and the lender's securities company on December 30, 2016, to be due on December 30, 2026. Another is VND200 billion ($8.53 million) issued by TPBank on October 28, 2020, to be due on October 28, 2024. The third is for VND300 billion ($12.79 million) issued by ACB Securities Co. on April 25, 2012, to be due on June 18, 2023.
The Ho Chi Minh Stock Exchange announced on October 11, 2022 a change in the status of HAG shares of Hoang Anh Gia Lai from “controlled” to “warning” because its after-tax profit in 2021 was VND203.3 billion ($8.42 million) and the undistributed after-tax profit as of December 31, 2021 was a negative VND4,467 billion ($185 million).
- Read More
Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits
Shunsin Technology (Bac Giang, Vietnam) Limited, a subsidiary of Taiwanese giant Foxconn, will invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).
Industries - Mon, November 4, 2024 | 10:44 am GMT+7
Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup
Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.
Finance - Mon, November 4, 2024 | 9:31 am GMT+7
Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept
Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.
Companies - Mon, November 4, 2024 | 8:00 am GMT+7
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province
Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.
Politics - Sun, November 3, 2024 | 7:45 pm GMT+7
Thailand seeks FTA negotiations with Eurasian Economic Union
Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Southeast Asia - Sun, November 3, 2024 | 7:20 pm GMT+7
Indonesia attracts foreign investment in technology sector
As many as 19 Australian companies have expressed an interest in investing in Indonesia's technology sector, Communication and Digital Affairs Minister Meutya Hafid said on Thursday.
Southeast Asia - Sun, November 3, 2024 | 7:18 pm GMT+7
Robots work hard, don’t argue: Viettel exec counsels effective use of technology
Small businesses in logistics should look to use existing tools, software and technology solutions effectively, says Dinh Thanh Son, deputy CEO of Viettel Post.
Companies - Sun, November 3, 2024 | 4:30 pm GMT+7
Vietnamese multi-sector group Masan uses AI to forecast product sales: executive
AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.
Companies - Sun, November 3, 2024 | 2:51 pm GMT+7
Vietnam needs large, specialized logistics centers to compete better: official
Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.
Economy - Sun, November 3, 2024 | 11:00 am GMT+7
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7
Former Government Office chairman receives $7,900 bribe from property project
Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.
Society - Sat, November 2, 2024 | 9:13 pm GMT+7
Thai food giant CP enters public-private partnership to promote food system transformation
Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.
Companies - Sat, November 2, 2024 | 7:16 pm GMT+7
Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year
Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.
Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7
Vietnam likely to grow 6.5% in 2024-2025: VinaCapital
VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.
Economy - Sat, November 2, 2024 | 2:00 pm GMT+7
Major Vietnamese developer Novaland appoints new CEO
Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.
Companies - Sat, November 2, 2024 | 10:24 am GMT+7