Multi-sector firm REE reports highest quarterly profit

Vietnam's leading multi-sector corporation REE reported an after-tax profit of VND1.06 trillion ($44.97 million) in this year's first quarter, up 10.5% year-on-year, a quarterly record high in the firm's history.

The company, listed on the Ho Chi Minh Stock Exchange as REE, posted consolidated net revenue of nearly VND2.37 trillion ($100.98 million) in the period, up 16%, according to its financial statement.

With this result, REE has fullfilled 22% of its revenue plan and 39% of its profit target.

REE said revenue and profit growth in Q1 mainly came from the hydropower segment thanks to favorable hydrological factors. They offset the decline of other business activities in the quarter like wind power and solar power.

As of March 31, 2023, REE's total assets reached VND34.32 trillion ($1.46 billion). Liabilities were VND14.52 trillion ($619.08 million), mainly long-term debt, while the company's equity hit VND19.8 trillion ($843.89 million).

Closing Friday morning's session, REE was traded for VND66,500 ($2.83) per share.

REE is targeting revenue of VND10.96 trillion ($464.79 million) in 2023, and after-tax profit of VND2.7 trillion ($114.48 million), up 17% and 0.3% year-on-year, respectively.

The energy sector is expected to earn the company a revenue of VND5.2 trillion ($220.34 million), down 3.1% year-on-year, and after-tax profit of VND1.35 trillion ($57.27 million), down 18.9%.

Refrigeration and mechanical engineering is forecast to record revenue of VND3.38 trillion ($143.41 million), up 20.1%, and after-tax profit of VND160 billion ($6.78 million), up 20.2%.

The real estate sector is looking to post revenue of VND2.23 trillion ($94.53 million), up 115.1%, and after-tax profit of VND930 billion ($39.42 million), up 60.7%.

The clean water and environment sector is expected to reach revenue of VND151 billion ($6.4 million), down 1.8%, and after-tax profit of VND335 billion ($14.2 million), down 1.1%.