Multi-sector firm Nagakawa posts record revenue in 2022

Vietnam's leading multi-sector corporation Nagakawa has reported a record-high net revenue of VND1.9 trillion ($81.05 million) in 2022, up 36% year-on-year, with air conditioners accounting for 70%.

The company, listed on the Hanoi Stock Exchange (HNX) as NAG, earned after-tax profit of nearly VND24 billion ($1.02 million), up 53% compared to 2021.

Nagakawa, formerly known as Nagakawa Vietnam Joint Venture Company, was established in 2002. The company's main business is manufacturing and trading in electronic products, refrigeration and kitchen equipment.

Nagakawa's main refrigeration product chain includes a full line of residential and commercial air conditioners.

The company has also expanded its business into the kitchen equipment sector. Under its plans for 2022-2026, Nagakawa expects to dominate the domestic market and become a leading supplier in this field.

From 2019 to 2022, Nagakawa maintained a steady revenue of over VND1 trillion ($42,600) per year.

On a quarterly basis, it recorded a steady revenue of VND200-500 billion ($21.3 million) from 2020-2022. However, profits fluctuated somewhat at only a few billion dong.

In the first quarter of 2023, Nagakawa recorded after-tax profit of nearly VND10 billion ($426,000), the highest figure in its history.

The company has targeted net revenue of VND2.02 trillion ($85.82 million) in 2023, up 6% compared to the previous year, and post-tax profit of VND35 billion ($1.49 million), up 47%.

Nagakawa's annual general meeting of shareholders on May 4 approved a plan to switch from the Hanoi bourse to the Ho Chi Minh Stock Exchange (HoSE) in order to increase liquidity.

On September 22, 2009, NAG shares were listed on the HNX. At the end of 2022, NAG suddenly became popular among traders with consecutive sessions of strong gains. This stock doubled in just over two months, reaching VND20,500 ($0.87) per share in mid-February this year.

Closing Thursday's session, NAG traded at VND17,300 ($0.74).