Vietnam Cement Corporation (Vicem) lost money for the second consecutive year when 2024 consolidated profit was negative VND 1,400 billion.
This information is stated in the draft 2024 summary report of the Ministry of Construction.
Vicem is an enterprise under the Ministry of Construction, 45 years old. Vicem manages 10 factories across the country with 16 production lines, capacity of 20 million tons of clinker and 27 million tons of cement per year. The ecosystem is famous for cement brands Ha Tien, Hai Phong, Bim Son, Hoang Thach, But Son, Hoang Mai…
This is also the only unit among the 6 enterprises under the Ministry of Construction to lose money in 2024. Specifically, Vicem’s parent company profit was negative 236.8 billion VND and a consolidated loss of 1,400 billion due to the market. less positive. However, this result is still lower than Vicem’s plan of VND 59.6 billion and VND 177.5 billion, respectively.
This is the second consecutive year of losses for the Vietnamese cement industry giant. Last year, Vicem for the first time recorded a negative profit of about 1,129 billion VND due to a sharp decrease in demand since the information was announced in 2016. By the end of 2023, the company had an accumulated loss of about 2,240 billion VND.
Last month, the Ministry of Finance Inspectorate also announced the conclusion of the Vicem inspection, which pointed out that many of this corporation’s investments in a number of subsidiary businesses have the potential risk of losing capital when having to make provisions of more than 3,000 VND. billion VND. This agency requires Vicem to review and evaluate the finances of inefficient businesses.
On the contrary, the remaining 5 enterprises under the Ministry of Construction (Viglacera, Hancorp, Lilama, HUD, Coma) all exceeded the targets set at the beginning of the year. Among them, Viglacera had the biggest profit with a consolidated profit of 1,500 billion VND, exceeding the plan of 400 billion VND. Hancorp consolidated profit of 84.25 billion. The profits of Lilama, HUD, and Coma reached 70 billion, 386 billion and 14.15 billion VND respectively.
Mr. Tu