Source: VietstockFinance
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Ricons Investment Corporation (OTC: Ricons) announced its consolidated financial statements for the fourth quarter of 2023 with net revenue reaching VND 2,270 billion, a 25% decrease compared to the same period. Thanks to improved cost of goods sold, gross profit reached over VND 97 billion, three times higher than the same period. Gross profit margin also increased from 1% to 4%.
A highlight of Ricons’ quarter was a significant increase in financial operating revenue to nearly VND 229 billion, nearly 10 times higher than the same period, mainly due to dividend payment of VND 195 billion.
Source: Ricons
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However, Ricons’ total expenses during the period amounted to VND 289 billion, 5.5 times higher than the same period. The majority of the expenses, nearly VND 252 billion, was attributed to the cost of business management, as Ricons set aside provision for difficult-to-collect receivables amounting to over VND 213 billion.
 Source: Ricons
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Furthermore, Ricons incurred a loss in its associated company of over VND 44 billion, resulting in a net loss of VND 8 billion from its core business activities. However, thanks to an additional profit of VND 23 billion from warranty provisions, the company was able to report a net profit of nearly VND 6 billion, a 44% decrease compared to the same period.
Source: Ricons
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For the entire year of 2023, Ricons achieved net revenue of nearly VND 7,575 billion and net profit of VND 79 billion, a 33% and 13% decrease respectively compared to 2022. The company surpassed its annual revenue target by 26% and its after-tax profit target by 58%.
It also reduced its workforce by 184 employees throughout the year.
As of December 31, 2023, Ricons’ total assets amounted to over VND 7,866 billion, a 4% decrease compared to the beginning of the year, with a focus on short-term assets of nearly VND 6,829 billion, accounting for 87%. Notably, short-term receivables amounted to over VND 4,137 billion, an 11% decrease, accounting for 53% of total assets. The provision for difficult-to-collect short-term receivables increased 13 times to over VND 250 billion.
 Source: Ricons
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The company’s inventory decreased by 18% throughout the year, reaching VND 758 billion, with the Long Thanh Airport project accounting for nearly VND 94 billion. Meanwhile, basic construction costs increased significantly to VND 288 billion, 22 times higher than the beginning of the year.
Source: Ricons
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It’s worth noting that Ricons’ cash and cash equivalents increased significantly to VND 1,343 billion, accounting for 17% of its total assets. This includes cash and equivalents of VND 689 billion and term deposits held until maturity of nearly VND 654 billion, 2.5 times higher than the beginning of the year.
On the liabilities side, Ricons’ total liabilities amount to nearly VND 5,404 billion, a 7% decrease compared to the beginning of the year. Short-term financial loans decreased by 19% to over VND 609 billion.
Source: Ricons
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Notably, short-term customer advances reached nearly VND 791 billion, 2.5 times higher than the beginning of the year, with nearly VND 503 billion coming from Airports Corporation of Vietnam – JSC (UPCoM: ACV).
As of the end of 2023, Ricons has a total of 851 employees, a decrease of 184 compared to the beginning of the year.
By Thanh Tu
