Image: May Sông Hồng factory worker carrying pillows. Photo: May Sông Hồng
May Sông Hồng – Nghĩa Hưng Co., Ltd. is a subsidiary of May Sông Hồng JSC (HOSE: MSH), established in 2013 with a charter capital of 250 billion VND (51% owned by MSH). The company is headquartered in Nghĩa Hưng district, Nam Định province, specializing in garment production.
In the afternoon of February 1st, the Fanpage of May Sông Hồng – Sông Hồng Nghĩa Hưng posted a status update “A special day of May Sông Hồng Nghĩa Hưng’s employees” with a series of photos showing hundreds of smiling workers carrying pillows home after work.
According to representatives of May Sông Hồng, following the company’s management policy, more than 2,000 pillows have been sent to employees of Sông Hồng Nghĩa Hưng 1 and 2 areas since the afternoon of January 31st.
This year, in addition to the 13th and 14th monthly salaries, the company also gifts Sông Hồng pillows, which are 7cm thick, to its employees. The value of each pillow is around 4 million VND.
“This is the first year the company has given pillows to all employees. Although it is possible to convert gifts into cash, the company wants workers to bring home products they have produced themselves to give to their loved ones, which is more meaningful,” said a representative of May Sông Hồng.
May Sông Hồng workers receiving the products they have produced as gifts
In addition to the pillows and bonuses, workers also receive other gifts worth about 400,000 VND. For those in difficult circumstances, the factory’s leadership will visit their homes to deliver the gifts.
The workers of the company said that they had been informed that pillows would be given to employees, and they had also registered the pillow sizes with their supervisors to receive the appropriate ones.
To ensure safety during the gift transportation process, female drivers with weak driving skills or far-away homes can have their relatives come and pick them up or hire a car. The rest of the workers will be supported by the Youth Union of the company to carefully package the products for convenient transportation.
May Sông Hồng Youth Union helping to package products for workers
In the context of many businesses having to close or reduce their workforce, owing salaries, and cutting year-end bonuses, the fact that May Sông Hồng workers receive salaries, bonuses, and gifts is something to be happy about.
The profit highlights of the textile and garment industry in the fourth quarter of 2023
In fact, May Sông Hồng is one of the few textile and garment businesses that have shown growth in business results in the fourth quarter of 2023 compared to the same period last year. Specifically, MSH achieved net revenue of 1,157 billion VND, a slight increase of 1% compared to the same period last year. Due to higher cost prices, the gross profit margin decreased from 15% to 14%.
The positive point is the financial revenue increased by 23% to 69 billion VND, while financial costs decreased by 69% to only 12 billion VND. Similarly, selling expenses decreased by 14% compared to the same period last year.
As a result, MSH’s net profit reached 81 billion VND, an increase of 47% compared to the same period last year. The company said that in the fourth quarter, it signed more orders and had additional revenue from the Sông Hồng BSS Logistics JSC, contributing to increased revenue and profit.
For the whole year 2023, May Sông Hồng’s net revenue reached 4,542 billion VND, a decrease of 18% compared to the previous year; achieving 95% of the revenue plan. The pre-tax profit was about 307 billion VND, a decrease of 30% and reaching 88% of the annual profit target. The net profit was nearly 245 billion VND, a decrease of nearly 28%.
|Business results for the period 2018-2023 of MSH