The price of raw materials is low, the old asymptotic revenue helps Tien Phong plastic profit of nearly 736 billion dong in 2024.
The consolidated financial statements for the fourth quarter of 2024 showed that Tien Phong Tue Plastic Joint Stock Company (NTP) recorded the annual revenue of more than 5,656 billion VND, an increase of more than 9% compared to 2023. More to help the company accumulate an additional 14% gross profit, reaching nearly VND 1,770 billion. The company also has nearly 92 billion dong of financial activities, about 39% higher than the same period thanks to the deposit and loan interest.
Tien Phong plastic secreted 13% of financial expenses due to cutting interest. However, business management costs increased by 19%. During the period, NTP also recorded an additional 9.2 billion dong of other income but not specific explanations.
In total, this business has about 735.6 billion dong of profit after tax, up more than 31%. This is also the highest level since the information publication.
The Board of Directors said that in the end of the year, the results came from sales increased sharply, the price of raw materials decreased. The company also makes good use of money and equivalent amounts to support profits.
By the end of 2024, the total assets of Tien Phong plastic reached nearly 6,415 billion dong, an increase of nearly 18%. In particular, idle money is nearly 533 billion. Inventory is more than 1,005 billion, the largest is the material.
Tien Phong Plastic is about 65 years old, listed on HNX from 2006. Enterprises owning 3 factories in Hai Phong, Nghe An and Binh Duong with a total capacity of more than 260,000 tons per year. This is the leading manufacturer in the field of manufacturing and trading in construction plastic pipes and plastic parts, accounting for 60% of the Northern market share and more than 30% across the country.
The company is with state capital by the State Capital Investment and Business Corporation (SCIC). 37.1%. SCIC has included NTP on the list of clean capital, estimated at about 480 billion. In the shareholder structure, the prominent Sekisui Chemical – one of the largest plastic construction materials manufacturers in Japan. The group became a strategic shareholder after The Nawaplastic Industries (of Thailand’s SCG Group) withdrew from 2017 and accounted for 15% of the capital at NTP.
Right from the second half of the 2000s, the company was profitable over hundreds of billion and maintained almost continuously. In the period of 2017-2018, the above results slowly slowed down the fluctuations in shareholder structure and escalating material prices. From 2019 until now, NTP has always reported interest after taxes next year higher than the previous year, including the peak period of 2021.
In the recent report of Mirae Asset Vietnam Securities (MASVN), the analysis group said that the low PVC bead price maintained at a low level will help the profit margin of this business improve. In addition, the business results will be further supported when the Northern Civil Real Estate Area (the main market share of NTP) is recovering positively.