Net Profit of Q1 2024 of CQN has not yet exceeded 30 billion VND since 2017
At the end of the first quarter of 2024, CQN recorded net revenue of 163 billion VND, down 36% year-on-year, mainly due to no longer recording revenue from goods trading activities, while in the same period it brought in nearly 140 billion VND and led the revenue structure with a proportion of 55%. In contrast, wharfage fees increased by 40% to 106 billion VND.
In fact, CQN’s goods trading activities are related to agricultural products, only recorded in the business results of the first quarter of each year since 2021.
Eliminating goods trading activities, which accounted for a high proportion but had almost no gross profit, helped CQN’s gross profit margin increase by 21.7 percentage points to 34.4%, thereby resulting in a gross profit of 56 billion VND, an increase of 72%. Finally, CQN’s net profit in the first quarter of 2024 reached 30 billion VND, 2.5 times higher than the same period and the highest in the past 8 years.
CQN explained that in the first quarter of 2024, the Company cut its entire trading business and focused on boosting its port business, in addition to implementing cost-saving policies, reducing outsourcing costs due to self-management, leading to a significant increase in efficiency compared to the same period.
 CQN recorded no trading goods revenue and cost of goods sold in the first quarter of 2024 – Source: CQN’s Q1 2024 financial statement
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CQN’s business results in the first quarter of 2024 (Unit: billion VND)
Unit: billion VND
Source: VietstockFinance
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As of March 31, 2024, CQN’s total assets reached 1,101 billion VND, a slight increase of 4% compared to the beginning of the year, most of which is the value of financial investment, including 269 billion VND of short-term and 487 billion VND of long-term, accounting for 24% and 44% respectively, the most notable being the long-term investment of nearly 375 billion VND in the General Company of Vegetables and Agricultural Products (Vegetexco).
 Source: CQN’s Q1 2024 financial statement
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Regarding capital structure, CQN has 124 billion VND of debt, accounting for 11%, entirely short-term debt, mainly obligations to employees and infrastructure rental costs.
