Phuoc Hoa Rubber profit soars on land compensation from VSIP industrial park

Phuoc Hoa Rubber JSC, a leading rubber producer in Vietnam, made an after-tax profit of VND431.82 billion ($18.41 million) in Q4/2022, up 149% year-on-year.

The firm attributed its high Q4 profit growth to land compensation from the Vietnam-Singapore Industrial Park III (VSIP III) project in Tan Uyen township and Bac Tan Uyen district in Binh Duong province.

Total compensation from VSIP for Phuoc Hoa Rubber's 691 hectares at its Hoi Nghia rubber plantation was estimated at VND898.3 billion ($38.3 million).

The firm, listed on the Ho Chi Minh Stock Exchange (HoSE) as PHR, posted Q4/2022 revenue of VND576.71 billion ($24.6 million), a decrease of 13.4% against the same period last year, according to its financial statement.

For the whole year 2022, Phuoc Hoa Rubber recorded revenue of over VND1.708 trillion ($72.8 million), down 12.2% year-on-year, and after-tax profit of more than VND927 billion ($39.5 million), up 80.6%.

By December 31, 2022, the total assets of Phuoc Hoa Rubber JSC had expanded 4.8% compared to the beginning of the year to nearly VND6.318 trillion (269.4 million).

On the HoSE, PHR shares closed the last day before the country's Lunar New Year holiday at VND43,500 ($1.86).

VSIP is a joint venture between Singapore’s energy and urban developer Sembcorp Industries and the Binh Duong-based major industrial property and urban developer Becamex.