Tien Phong Plastic has unprecedentedly high profits

According to the recently announced financial report, Thien Nien Tien Phong Plastic Joint Stock Company (NTP) has revenue of more than 2,167 billion VND, an increase of nearly 9% over the same period last year. This is the largest number ever recorded in a single quarter.

Revenue increased but cost of goods sold decreased slightly by 0.3%. Thanks to that, the company’s gross profit improved by 28% to more than 818 billion VND.

In addition, NTP also has nearly 51 billion VND in financial revenue, mainly from 2,713 billion VND in bank deposits. Affiliated companies and joint ventures also brought in nearly 18 billion VND in profit for this enterprise.

Regular cost groups are reduced over the same period, especially financial and sales costs. The largest amount is 179 billion VND for sales activities.

In total, Tien Phong Plastic has a profit after tax of nearly 478 billion VND, 49% higher than the second quarter of 2025. This is a record profit in the history of this company.

Management said strong sales revenue was the main driver. At the same time, the company used raw materials stored from the first quarter of the year at low prices, supporting this period’s profits.

This year, NTP is expected to achieve revenue of 7,330 billion VND thanks to selling 148,000 tons of products. Pre-tax profit can be recorded at 900 billion VND. After the first half of the year, they have completed nearly half of their revenue target and are only about 3% away from their profit plan.

Tien Phong Plastic is more than 65 years old and has been listed on HNX since 2006. The company owns 3 factories in Hai Phong, Nghe An and Ho Chi Minh City with a total capacity of more than 260,000 tons per year. This is the leading manufacturer in the field of manufacturing and trading construction plastic pipes and parts, accounting for 60% of the market share in the North and more than 30% nationwide.

The company has state capital with 37.1% held by the State Capital Investment and Trading Corporation (SCIC). SCIC has put NTP on the list of divestments, estimated to be worth about 480 billion VND. In the shareholder structure, Sekisui Chemical group stands out – one of the largest manufacturers of plastic construction materials in Japan. This group became a strategic shareholder after The Nawaplastic Industries (part of Thailand’s SCG Group) withdrew in 2017 and currently holds 15% of capital in NTP.

Since the second half of the 2000s, the company has had profits of over a hundred billion and maintained an almost continuous increase. In the 2017-2018 period, the above results somewhat stagnated after changes in shareholder structure and escalating raw material prices. From 2019 until now, NTP has always reported higher profit after tax each year than the previous year, including the peak of the epidemic in 2021.