Image: TNG
|
TNG Investment and Trading Corporation (HNX: TNG) has announced its business results for February 2023, with revenue of VND 347 billion, down 7.5% compared to the same period, mainly due to the Tet holiday falling in February this year (revenue decrease has been forecasted in advance). Accumulated revenue for the first two months of the year increased by nearly 13% to VND 871 billion.
TNG has achieved positive results amidst the recovery of Vietnam’s textile and garment exports in the early months of 2024, contrary to the bleak situation of the previous year.
|
2023 was a challenging year for the textile and garment industry with the export turnover reaching only $33.33 billion, a decrease of 11.4% (equivalent to a decrease of $4.27 billion) compared to 2022. In 2024, the textile and garment industry aims to strive for the total export turnover of the whole industry to reach $44 billion, an increase of 9.2% compared to 2023. |
According to preliminary statistics from the General Department of Customs, in the first half of February 2024 (01-15/02/2024), textile and garment exports earned $960 million. This result brings the total export turnover from the beginning of the year to 15/02 to nearly $4.1 billion, an increase of over 18% compared to the same period (equivalent to an additional $630 million in export turnover).
By the end of January, textile and garment exports to various market regions have all achieved positive growth. Specifically, the United States remains the most important market, reaching $1.32 billion, an increase of 33.5% compared to the same period; followed by the Japanese market with $387 million, an increase of 55.2%; South Korea with $285 million, an increase of 17%…
Responding to positive signals, TNG’s leadership team revealed that the company has secured export orders until the end of the first half of 2024 thanks to large customers having sold out their inventories, and Decathlon is increasing orders to serve the Olympic Games taking place in June 2024 in France.
Therefore, in 2024, TNG plans to increase total capacity by an additional 15% by deploying 45 more production lines and recruiting an additional 3,000 workers, starting from March 2024. In addition, the company will relocate the Viet Duc and Viet Thai garment factories to the Son Cam Industrial Zone to enhance its connection with supporting factories, thereby improving overall efficiency.
In 2024, TNG expects to capture additional orders from new partners. The company targets a 13% growth in revenue and profit compared to the previous year.
At the end of the session on March 1st, TNG stock price reached VND 21,400/share, equivalent to the short-term peak at the end of September 2023. Compared to the beginning of 2024, the stock price has increased by 9%, with an average trading volume of nearly 1.8 million shares/day.
| TNG stock price from the beginning of 2023 |
|
On April 21st, TNG is scheduled to hold its 2024 annual general meeting of shareholders at the Viet Thai Garment Branch – Son Cam 1 Industrial Zone, Son Cam Commune, Thai Nguyen City, according to the list of shareholders finalized on March 21st, 2024. |
