SCG-backed Binh Minh Plastics reports highest quarterly profit in 6 years

By Trang Nguyen
Fri, July 21, 2023 | 3:12 pm GMT+7

Binh Minh Plastics JSC reported a post-tax profit of VND294.6 billion ($11.94 million) in the second quarter of 2023, a new record since it became a subsidiary of Nawaplastic Industries, a member of Thailand’s Siam Cement Group (SCG), in 2018.

The figure was 2 times higher year-on-year and extended its positive growth cycle to six consecutive quarters.

The company, listed on the Ho Chi Minh Stock Exchange (HoSE) as BMP, earned net revenue of VND1.34 trillion ($61.24 million) in Q2, down 14%, according to its Q2 consolidated financial statement.

Plastic pipe products of Binh Minh Plastics JSC. Photo courtesy of the company.

Plastic pipe products of Binh Minh Plastics JSC. Photo courtesy of the company.

In the first six months of this year, Binh Minh Plastics recorded net revenue of more than VND2.78 trillion ($117.4 million), down 4%, and after-tax profit of VND575.4 billion ($24.3 million), up 111%.

As of June 30, BMP's total assets had stood at VND3.53 trillion ($149 million), up 16% compared to the beginning of the year. Of which, cash and bank deposits accounted for nearly 60%, equivalent to VND2.05 trillion ($86.7 million), while inventories were at VND449 billion ($18.98 million), down 22%.

The company only has VND55 billion ($2.33 million) of financial debt, all of which are short-term loans.

Ho Chi Minh City-based BMP aims to reach a revenue of VND6.36 trillion ($270.3 million) this year and an after-tax profit of VND651 billion ($27.7 million).

In 2022, BMP's after-tax profit hit VND696 billion ($29.7 million), up 224%, and net revenue reached VND5.81 trillion ($247.7 million), up 27% over the previous year.

At Thursday's close, the BMP share price stood at VND102,700 ($4.34) per unit.

Meanwhile, another major player Tien Phong Plastic JSC (NTP) reported net revenue of VND1.22 trillion ($51.7 million) and after-tax profit of VND128 billion ($5.4 million) in Q2, down 27% and 29% year-on-year, respectively.

The company said that sales of semi-finished products fell in the quarter, so profits fell.

In the first six months of this year, Tien Phong Plastic posted net revenue of VND2.52 trillion ($106.7 million), down 9%, and after-tax profit of VND246.5 billion ($10.4 million), down 24%.

As of June 30, the company's assets had stood at nearly VND4.97 trillion ($209.9 million), down 2% compared to the beginning of the year. Of which, cash and cash equivalents reached nearly VND456 billion ($19.28 million), up 2.7 times.

In 2023, Tien Phong Plastic has set a revenue target of VND5.88 trillion ($249.9 million), up 3%, and a pre-tax profit of VND535 billion ($22.8 million), down 5% compared to 2022.

In 2022, the company's net revenue reached VND5.69 trillion ($242.4 million) and after-tax profit hit VND480 billion ($20.5 million), up 18% and 3%, respectively.

On the Hanoi Stock Exchange (HNX), the NTP share price hit VND43,300 ($1.83) per unit at Thursday's close.

In early 2012, also through its subsidiary Nawaplastic Industries (Saraburi) Co., Ltd, SCG purchased a 23.84% stake of Tien Phong Plastic. However, at the end of 2017, Nawaplastic entirely divested from this company.

In a construction plastic industry report, Vietcombank Securities (VCBS) predicts that the price of PVC resin, the main material used for making plastic pipes and wires, in the second half of 2022 and in 2023 will remain at a low price level in the range of $800-1,000 per ton, helping to improve profit margins among plastics enterprises.

Comments (0)
  • Read More
China’s Luxshare-ICT to invest $209 mln more in central Vietnam

China’s Luxshare-ICT to invest $209 mln more in central Vietnam

China’s Luxshare-ICT, a supplier of Apple, will invest an additional $208.5 million in Vietnam’s central province of Nghe An, according to a recent project report.

Industries - Wed, December 25, 2024 | 5:27 pm GMT+7

Vietnamese companies fully tap livestreaming to boost sales

Vietnamese companies fully tap livestreaming to boost sales

Vietnamese businesses are increasingly mastering social media platforms like TikTok to boost revenue and drive sales growth, especially as e-commerce continues to trend upwards.

Companies - Wed, December 25, 2024 | 5:07 pm GMT+7

Some Vietnamese banks post big profits for 2024

Some Vietnamese banks post big profits for 2024

Some Vietnamese banks have reported a profit growth of up to 16-60% year-on-year for 2024.

Banking - Wed, December 25, 2024 | 4:53 pm GMT+7

Vietnam gov't investment arm SCIC expects $438 mln pre-tax profit for 2024, a record high

Vietnam gov't investment arm SCIC expects $438 mln pre-tax profit for 2024, a record high

The State Capital Investment Corporation (SCIC), Vietnam’s government investment arm, is set to achieve a record profit in 2024, driven by strong dividend income from its diverse investment portfolio.

Companies - Wed, December 25, 2024 | 3:49 pm GMT+7

Hue, Hanoi among 50 best food cities by TasteAtlas

Hue, Hanoi among 50 best food cities by TasteAtlas

Hue and Hanoi are two Vietnamese destinations making it into the list of the 50 must-visit food cities in the world in 2024-2025 by food magazine TasteAtlas.

Travel - Wed, December 25, 2024 | 2:02 pm GMT+7

China’s Goertek to double UAV production in Vietnam to 60,000 units

China’s Goertek to double UAV production in Vietnam to 60,000 units

Chinese electronics giant Goertek will double its unmanned aerial vehicle (UAV) production in Vietnam to 60,000 units a year, according to a recent project report.

Industries - Wed, December 25, 2024 | 1:33 pm GMT+7

Thailand WHA to build $55 mln industrial park in central Vietnam from Q4/2025

Thailand WHA to build $55 mln industrial park in central Vietnam from Q4/2025

Thailand’s top industrial park (IP) developer WHA will commence the construction of its $55 million IP in Vietnam’s central province of Thanh Hoa from the fourth quarter of next year.

Industrial real estate - Wed, December 25, 2024 | 11:21 am GMT+7

VND/USD exchange rate surges again

VND/USD exchange rate surges again

The VND/USD exchange rate has risen sharply since the end of last week, now reaching VND25,900 in the free market, an increase of 4.5% from the beginning of 2024.

Finance - Wed, December 25, 2024 | 9:35 am GMT+7

Vietnam seen as favourite New Year destination for int’l travellers: Agoda

Vietnam seen as favourite New Year destination for int’l travellers: Agoda

With inbound accommodation searches up 30% compared to last year, Vietnam is set to sparkle as a favourite for international revelers looking to welcome New Year 2025, according to Agoda.

Travel - Wed, December 25, 2024 | 9:27 am GMT+7

Navigating risks from AI adoption

Navigating risks from AI adoption

Developing trustworthy AI solutions is essential for senior leaders to successfully navigate the risks of rapid AI adoption and fully embrace and integrate this transformative technology. write Deloitte analysts.

Consulting - Wed, December 25, 2024 | 8:20 am GMT+7

Vietnam telecom giant VNPT posts over $239 mln pre-tax profit in 2024

Vietnam telecom giant VNPT posts over $239 mln pre-tax profit in 2024

State-owned Vietnam Posts and Telecommunications Group (VNPT) reported a consolidated pre-tax profit of VND6.09 trillion ($239.3 million) in 2024, according to its newly released business report.

Companies - Tue, December 24, 2024 | 10:01 pm GMT+7

Vietnam's PVI Insurance achieves historic VND20 trillion revenue milestone in 2024

Vietnam's PVI Insurance achieves historic VND20 trillion revenue milestone in 2024

PVI Insurance has made history as the first and only non-life insurance company in Vietnam to exceed VND20 trillion (roughly $786.2 million) in revenue in 2024.

Southeast Asia - Tue, December 24, 2024 | 9:18 pm GMT+7

Malaysian fund sues Amicorp for allegedly facilitating $7 bln fraud

Malaysian fund sues Amicorp for allegedly facilitating $7 bln fraud

Malaysian state fund 1Malaysia Development Berhad (1MDB) has filed a legal claim against corporate services provider Amicorp Group and its CEO Toine Knipping, alleging it facilitated over $7 billion in fraudulent transactions, the fund said on Monday.

Southeast Asia - Tue, December 24, 2024 | 9:11 pm GMT+7

Vietnam's e-commerce market exceeds $25 bln

Vietnam's e-commerce market exceeds $25 bln

Vietnam's retail e-commerce market is estimated to surpass $25 billion in 2024, marking a 20% increase compared to the previous year, according to the Ministry of Industry and Trade.

Southeast Asia - Tue, December 24, 2024 | 9:06 pm GMT+7

Philippines’ outstanding external debt hits record high

Philippines’ outstanding external debt hits record high

The Philippines’ outstanding external debt stood at $139.64 billion as of end-September, up 17.5% against the same period last year, says its central bank Bangko Sentral ng Pilipinas (BSP).

Southeast Asia - Tue, December 24, 2024 | 8:59 pm GMT+7

Vietnam ministry to ease direct power purchase agreement rules

Vietnam ministry to ease direct power purchase agreement rules

Vietnam’s Ministry of Industry and Trade is drafting amendments to Decree 80/2024 on direct power purchase agreement (DPPA) mechanism, with easier terms on large consumers.

Energy - Tue, December 24, 2024 | 5:17 pm GMT+7