“Aloe vera king” GCF had a positive first quarter of 2024 with net revenue of nearly VND 119 billion, an increase of 9% year-on-year, due to increased output, equivalent to revenue of nearly VND 40 billion per month or nearly VND 1.3 billion per day.
After deducting cost of goods sold and expenses, the company’s net profit was nearly VND 8 billion, an increase of 18%, and the highest first-quarter profit since GCF announced information to date. The gross profit margin was 26%.
Speaking at the 2024 Annual General Meeting of Shareholders, Mr. Nguyen Van Thu – Chairman of the Board of Directors of GCF said that the company has made many changes by promoting sustainable development, mastering a large raw material area. In 2024, GCF‘s key customers, in addition to maintaining their output, many businesses also increased their purchases by over 10% over the same period.
Regarding the market expansion plan, GCF will export to potential countries with large populations and young people accounting for over 40%, such as China, India, Indonesia, and Malaysia.
In the period of 2024-2026, GCF aims to develop a high-tech company, controlling 100% of the supply chain from input materials to production. The goal is to achieve a 30% compound growth from now to 2028, gradually completing the aloe vera raw material area with an area of up to 500 hectares.
On that basis, the 2024 GCF General Meeting of Shareholders approved the revenue target of nearly VND 573 billion and after-tax profit of over VND 52 billion, up 21% and double that of the previous year, respectively. At the end of the first quarter, the company achieved 21% of its revenue target and 15% of its profit target for the year.
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On the balance sheet, as of March 31, 2024, GCF‘s total assets were over VND 668 billion, a slight decrease of VND 4 billion compared to the beginning of the year. Cash decreased by more than VND 3 billion to VND 11.5 billion, but a new bank deposit of nearly VND 59 billion was recorded. Inventories decreased by VND 6 billion to VND 68 billion.
On the other side of the balance sheet, accounts payable were over VND 290 billion, a decrease of VND 12 billion compared to the beginning of the year. Short-term borrowings and finance lease liabilities accounted for 78% of total debt, equivalent to VND 227 billion, while long-term borrowings and finance lease liabilities were over VND 3 billion.
