Hanoi Plastics profits 2.5 times higher than year on year in the third quarter

Hanoi Plastics Joint Stock Company (HOSE: NHH) announced its third quarter consolidated financial statements with revenue increasing by 71% reached VND 495 billion (~$ 21.5 million); profit increased 90% to VND 99 billion (~$ 4.3 million).

Despite the impact of the pandemic in the third-quarter of 2021, Hanoi Plastics remains maintained regular production activities. The company’s business results highly increased due to the recovery of the high-tech plastic engineering and the promotion of exporting plastic panels and flooring to the US market. The high-tech architectural plastic, which has a high-profit margin, helped NHH’s overall profit margin increase for the fourth quarter to 20%.

Financial revenue increased sharply from VND 1 billion (~$43,000) to VND 36 billion (~$ 1.5 million) due to the income from share transfer. Financial expenses reached VND 12 billion (~$ 521,000), up 25%. However, selling costs increased about 8 times to VND 67 billion (~$ 2.9 million), and administrative costs reached VND 16 billion (~$695,000 million), up 67%.

However, NHH reported a profit after tax to shareholders of the parent company VND 37 billion (~$ 1.6 million), 2.5 times higher than last year on year. The accumulated 9 months of 2021, net revenue reached VND 1,515 billion (~$65,8 million), double the same period last year; after-tax profit for shareholders of the parent company is VND 57 billion (~$ 2,4 million), up 67%.

Hanoi Plastics specializes in supplying plastic components to the biggest companies such as Honda, Toyota, Samsung, Piaggio, LG, Panasonic… In addition, in 2020, the merging unit An Cuong High – tech Building Materials., JSC – a member company that owns the AnPro brand, specializes in manufacturing plastic flooring, PVC Wall Panels, decorative moldings… The merging of An Cuong has brought about strong growth in revenue and profit, it’s the basis for Hanoi Plastics diversifying into the export market. Therefore, the enterprise has a strategy to promote the maximum production capacity of the flooring factory, increase exports to the US market; expanding FDI customers in the field of engineering plastics and precision molds.

In 2021, Hanoi Plastics plans to have a revenue of VND 1,900 billion (~$ 82.6 million), profit after tax of VND 150 billion (~$ 6.5 million); an increase by 65% ​​and 33% respectively compared to the previous year.

(Source: ndh.vn)

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