Plastic firm Binh Minh reaps highest quarterly profit in 6 years

Binh Minh Plastics JSC, Vietnam's leading plastics company, recorded an after-tax profit of VND175 billion ($7.05 million) in the third quarter of the year, the highest since Q4/2016.

The latest figure compares with a loss of VND26 billion ($1.05 million) in the same quarter last year.

The company's Q3 net revenue reached VND1,496 billion ($60.21 million), 2.8 times higher than the same period last year.

In the first nine months of the year, it reported net revenues and after-tax profits of VND4,400 billion ($177.09 million) and VND448 billion ($18.03 million), up 40% and up 348% year-on-year, respectively.

After the nine months, Binh Minh Plastics (BMP) had fulfilled 77% and 100% of the year's revenue and profit plan, respectively.

At the end of Q3, BMP's total asset value was more than VND3,064 billion ($123.32 million), up 8% compared to the beginning of the year. Of this, cash, cash equivalents and bank deposits accounted for 41% at more than VND1,255 billion ($50.51 million).

Inventories hit VND608 billion ($24.47 million) and short-term receivables reached VND313 billion ($12.6 million), accounting for 20% and 10% of total assets, respectively, almost unchanged compared to the beginning of the year.

On the Ho Chi Minh Stock Exchange, the BMP share closed Wednesday’s session at VND59,000 ($2.4).

BMP became a subsidiary of Nawaplastic Industries (Saraburi) Co., Ltd., a member of Thailand's SCG Group in early 2018. The SCG Group, through Nawaplastics Industries, holds 54.4% of BMP's charter capital.

Meanwhile, the Tien Phong Plastic JSC recorded net revenues and after-tax profits of more than VND1,321 billion ($53.17 million) and VND83.8 billion ($3.37 million) in Q3, up 24% and 8% year-on-year, respectively.

In the first nine months of 2022, the company earned net revenues and after-tax profits of VND4,123 billion ($165.95 million) and VND410 billion ($16.5 million), up 23% and 18%, respectively.