By the end of March, Quang Ngai Duong had more than 7,300 billion VND in currency and equivalents, including gold and US dollars, an increase of 13% compared to the beginning of the year.
The above information appears in the recently released financial report of Quang Ngai Sugar Joint Stock Company (QNS). Of which, the company deposited VND 6,760 billion at the bank for a term of 3-12 months, an increase of 10% compared to the beginning of the year. In addition, QNS also sent shorter term deposits of VND 503 billion.
In addition to dong, this company has “savings” of more than 957,000 USD deposited in the bank, doubling compared to the beginning of the year. Calculated according to Vietcombank’s current exchange rate, this foreign currency amount is equivalent to more than 24 billion VND.
In particular, Duong Quang Ngai – the owner of Vinasoy soy milk company, also stored 4 tael of gold bars and one tael of SJC gold ring. This amount of gold has been “pocketed” by QNS since 2023, with an initial purchase price of 6.6 million per gold bar and 5.3 million per plain ring. Calculated at the current gold price, this amount is equivalent to nearly 40.5 million VND.
In addition, the company has more than 15.6 billion VND in cash in the fund. This amount decreased by 11% compared to the beginning of the year.
In total, QNS has more than 7,300 billion VND in cash and equivalents, accounting for 54% of total assets. As of the end of March, the company had total assets of more than 13,577 billion VND, an increase of 13% compared to the beginning of the year.
Abundant cash in the context of soy milk company Vinasoy’s favorable business. The company reported a profit of nearly 532 billion VND, an increase of 68% compared to the first quarter of 2023.
Profit increased mainly from sugar production and business activities. In particular, consumption increased by 38% over the same period, prices decreased thanks to the development of raw material areas. The production line operates stably, helping to save costs and bring profits to the company. In addition, the State’s trade defense measures and good control of smuggled sugar also help sugar production and business achieve high efficiency.
QNS also recorded an increase in beer consumption by 14% and confectionery by 15%. The management board said that production of these products is stable compared to the difficult economic context and purchasing power has not recovered.
This year, the company wants to invest heavily in markets and raw material areas, especially sugarcane and soybeans. They set a revenue target of 9,000 billion VND, profit after tax of 1,341 billion VND, going backwards 14% and 39% respectively, due to the perception that the economy is still difficult.
After the first three months of the year, the owner of Vinasoy soy milk company completed 28% of its revenue target and nearly 40% of its profit plan.