TTC Sugar fiscal year profit up 26% as price hits 5-year record high

By Trang Nguyen
Thu, August 4, 2022 | 9:24 am GMT+7

Vietnam’s leading sugar company, Thanh Thanh Cong-Bien Hoa JSC (TTC Sugar), reported an after-tax profit of VND817.8 billion ($35 million) in the 2021/22 fiscal year that ended in June 30, up 25.7% year-on-year.

Its consolidated net revenue reached $783.2 million in the period, a 22.7% increase and exceeding the year’s revenue plan by 8%, according to the company's financial statement.

TTC Sugar's good performance was driven by both output and selling prices. It sold more than one million tons of sugar in the fiscal year. And despite starting with a slight downward adjustment in recent months, sugar prices have been at their highest level in five years.

In the fourth quarter of the fiscal year (April-June), the company's consolidated net revenue and after-tax profit hit $235.4 million and $7.27 million, up 32% and almost flat year-on-year, respectively.

In terms of revenue structure, its main source of income came from selling sugar at $211.8 million, accounting for 90%, followed by molasses, fertilizer and electricity.

TTC Sugar's Nuoc Trong sugarcane farm in Tay Ninh province, southern Vietnam. Photo courtesy of the company.

TTC Sugar's Nuoc Trong sugarcane farm in Tay Ninh province, southern Vietnam. Photo courtesy of the company.

As of June 30, 2022, TTC Sugar's total assets stood at VND27.457 billion ($1.17 billion), up 34% year-on-year. It’s the only company in Vietnam's sugar industry with billions-dollars in assets. Its cash balance hit $108 million, a 38.5% increase.

TTC Sugar currently harvests sugarcane cultivated on more than 66,000 hectares in Vietnam, Laos and Cambodia. In its agricultural development strategy in 2021-2025, the firm aims to establish raw material areas in Australia totalling 20,000 hectares and develop Industry 4.0 agriculture.

The company expects the investment in Australia would bring its total global raw material area to nearly 90,000 hectares, achieving an output of two million tons of sugar and revenues of $1.5 billion in the 2024/2025 fiscal year.

TTC Sugar is listed on the Ho Chi Minh City Stock Exchange as SBT. At the closing session on August 3, SBT shares were priced at VND19,000 ($0.81) per unit.

Comments (0)
  • Read More
Apple supplier Luxshare-ICT seeks recruitment support in central Vietnam

Apple supplier Luxshare-ICT seeks recruitment support in central Vietnam

China’s Luxshare-ICT, a supplier to Apple, has asked authorities in Nghe An province for support in tackling labor recruitment challenges.

Companies - Thu, July 3, 2025 | 12:44 pm GMT+7

US agreement on 20% tariff for goods imported from Vietnam 'a success': expert

US agreement on 20% tariff for goods imported from Vietnam 'a success': expert

Reaching agreement with the U.S. on 20% tariff for goods imported from Vietnam and even 40% for transshipping is a success for the Southeast Asian country, said Ho Quoc Tuan, a senior lecturer of accounting & finance at University of Bristol, the UK.

Economy - Thu, July 3, 2025 | 9:55 am GMT+7

Malaysia diversifies trade partners to stay economically resilient

Malaysia diversifies trade partners to stay economically resilient

Malaysia’s economy remains resilient thanks to its long-term and comprehensive economic strategy, despite geopolitical tensions in the Middle East that have raised concerns about the possible closure of the Strait of Hormuz and disruption to global energy supplies, according to the Ministry of Trade, Investment and Industry (MITI).

Southeast Asia - Thu, July 3, 2025 | 8:44 am GMT+7

Vietnam Airlines launches first direct air link between Vietnam and Italy

Vietnam Airlines launches first direct air link between Vietnam and Italy

National-flag carrier Vietnam Airlines officially launched its first direct flight connecting Hanoi and Milan on Tuesday, establishing direct air link between Vietnam and Italy for the first time.

Travel - Thu, July 3, 2025 | 8:28 am GMT+7

Makara Capital Partners wants to mobilize $5-7 bln for investments in Vietnam: exec

Makara Capital Partners wants to mobilize $5-7 bln for investments in Vietnam: exec

Singapore's Makara Capital Partners is eyeing investment opportunities in Vietnam, including those in the biological and pharmaceutical industries and the International Financial Center project.

Economy - Thu, July 3, 2025 | 12:52 am GMT+7

Vietnam, US reach agreement on landmark trade deal framework

Vietnam, US reach agreement on landmark trade deal framework

Vietnam's Party chief To Lam and U.S. President Donald Trump on Wednesday stated that they welcome the agreement reached by the two countries' negotiating teams on the Joint Vietnam-United States Statement on a Fair, Balanced, and Reciprocal Trade Agreement Framework.

Economy - Wed, July 2, 2025 | 11:28 pm GMT+7

Vietnam's ACV expects 17% profit drop, plans $1.52 bln investment in Long Thanh airport this year

Vietnam's ACV expects 17% profit drop, plans $1.52 bln investment in Long Thanh airport this year

State-owned Airports Corporation of Vietnam (ACV), which operates 22 airports nationwide, expects its 2025 pre-tax profit to decline 17% year-on-year to VND10.53 trillion ($402.56 million) due to foreign exchange losses.

Companies - Wed, July 2, 2025 | 4:08 pm GMT+7

Two mega urban area projects in central Vietnam get greenlight

Two mega urban area projects in central Vietnam get greenlight

Two major urban projects in Quang Ngai province's Dung Quat Economic Zone, with a total investment of over VND54 trillion ($2.06 billion), have received in-principle approvals from Deputy Prime Minister Tran Hong Ha.

Real Estate - Wed, July 2, 2025 | 4:02 pm GMT+7

Roadmap for cleaner fuel transition launched for Vietnam’s first oil refinery Dung Quat

Roadmap for cleaner fuel transition launched for Vietnam’s first oil refinery Dung Quat

Binh Son Refining and Petrochemical JSC (BSR) and PV Gas D, a subsidiary of PV Gas, have signed an MoU on LNG trading principles, marking a significant step in BSR’s roadmap to transition from traditional fuels to cleaner alternatives at Dung Quat Oil Refinery.

Economy - Wed, July 2, 2025 | 3:52 pm GMT+7

EPC contracts signed for Vietnam’s offshore Block B - O Mon gas pipeline

EPC contracts signed for Vietnam’s offshore Block B - O Mon gas pipeline

Southwest Pipeline Operating Company (SWPOC), a subsidiary of Vietnam’s state-owned Petrovietnam, on Monday signed EPC contracts for two key packages (PC1 and PC2) of the Block B – O Mon gas pipeline project.

Economy - Wed, July 2, 2025 | 2:01 pm GMT+7

Major Vietnamese developer Sun Group proposes riverfront road, metro line projects in HCMC

Major Vietnamese developer Sun Group proposes riverfront road, metro line projects in HCMC

Sun Group, a leading real estate developer in Vietnam, is seeking Ho Chi Minh City authorities’ permission to invest in a riverfront road along the Saigon River and a 40-kilometer metro line under the build-transfer (BT) model in the former Cu Chi district.

Infrastructure - Wed, July 2, 2025 | 1:32 pm GMT+7

Vietnam stock market to enjoy favorable 'tailwinds' in H2: experts

Vietnam stock market to enjoy favorable 'tailwinds' in H2: experts

While external challenges are persistent, domestic economic stimulus policies will be a key driver helping Vietnam's stock market become more positive in the remaining six months of 2025, according to experts.

Finance - Wed, July 2, 2025 | 8:20 am GMT+7

Agro-forestry-fishery exports rise over 14% in H1

Agro-forestry-fishery exports rise over 14% in H1

Vietnam’s total agro-forestry-fishery trade in the first half of 2025 is estimated at $57 billion, with exports reaching $33.5 billion, up 14.3% year-on-year, according to the Ministry of Agriculture and Environment.

Companies - Tue, July 1, 2025 | 10:33 pm GMT+7

Banks end magnetic cards, require biometrics for firms from July 1

Banks end magnetic cards, require biometrics for firms from July 1

From July 1, banks across Vietnam have stopped using magnetic stripe cards and now require biometrics for company accounts to prevent fraud and improve security.

Banking - Tue, July 1, 2025 | 10:17 pm GMT+7

Data Law aims to protect data and unlock value

Data Law aims to protect data and unlock value

The 2024 Data Law, which aims to regulate the collection, sharing and commercial use of data, creating a trusted marketplace while enhancing personal data protection and cybersecurity, takes effect on Tuesday, July 1.

Companies - Tue, July 1, 2025 | 10:06 pm GMT+7

Thailand attracts large investment in data centers, digital services

Thailand attracts large investment in data centers, digital services

The Thailand Board of Investment (BOI) has approved investment applications worth a total of THB 28.6 billion (about $870 million) in digital infrastructure and travel sector projects, as well as incentives for the use of local content in the manufacturing of electric vehicles (EV) and hybrids, as well as electrical appliances (E&E).

Southeast Asia - Tue, July 1, 2025 | 9:55 pm GMT+7