KIDO Group earned VND 21.7 billion in revenue in Q1/2024. Illustrative photo.
KIDO Corporation (MCK: KDC) has just released its consolidated financial statement for Q1/2024, reporting net revenue of VND 1,815.4 billion, a 28% decrease compared to the same period last year. After deducting the cost of goods sold, KDC’s gross profit was VND 359.2 billion.
During the period, KIDO’s financial revenue decreased by 60% year-on-year, to VND 41.9 billion. Financial expenses also decreased by 67% to VND 29.2 billion, mainly including interest expenses of VND 27.8 billion; selling expenses fell by more than 22% to VND 241.9 billion; and administrative expenses increased by 14.5% to VND 103.6 billion.
In this period, the profit from associated companies and joint ventures increased by 7.7 times, reaching VND 18.4 billion.
Consequently, in Q1/2024, KIDO reported after-tax profit of VND 21.7 billion, while in the same period last year, it had a loss of VND 150.6 billion.
On the balance sheet, as of March 31, 2024, KIDO’s total assets decreased by 9% compared to the beginning of the year, down to VND 11,278.6 billion. Of which, cash and cash equivalents and short-term financial investments decreased by almost 27%, to VND 2,052.6 billion. Short-term receivables were recorded at VND 2,797.7 billion, a 5.4% decrease. Inventories also decreased by 15.6%, to VND 904.7 billion.
As of March 31, 2024, KIDO’s total financial debts were recorded at VND 2,722 billion, a decrease of more than VND 605 billion compared to the beginning of the year. Of which, there are VND 250 billion of bonds maturing; VND 245.54 billion of long-term bonds.
According to the explanatory notes, as of March 31, 2024, the bonds were secured by 30 million shares of Vocarimex and 17 shares of Tuong An – subsidiaries of the Group.
