At the end of the third quarter of Financial Year (FY) 2023-2024, Thanh Thanh Cong Bien Hoa Joint Stock Corporation (TTC AgriS, Hose: SBT) recorded a cumulative net revenue of VND 19,544 billion, an increase of 9% compared to the same period, completing 95% of the annual plan. Cumulative profit before tax for the first 9 months reached VND 682 billion, up 17% year-on-year, completing 80% of the yearly plan. In Quarter 3, the B2C channel grew impressively by more than 58% compared to the same period, the B2B channel also recorded a positive increase in this quarter by nearly 34% year-on-year. As a result, in the first 9 months, TTC AgriS recorded a total sugar output of over 910,000 metric tons. This is a positive sign in the context of Vietnam’s economy after a year of “persistence” in overcoming the “headwinds” from the world economy and sugar consumption demand is also significantly improved.
In Quarter 3 alone, the Company’s gross profit reached VND 785 billion, an increase of more than 19% compared to the same period, Gross profit margin is also a highlight with positive improvements at ~13%, an increase of 1.2% compared to the same period, This result is due to the positive shift in the proportion of product structure – gradually shifting to products with high added value. In addition, net profit from operating activities also increased sharply, reaching VND 188 billion, up 44% year-on-year. Profit before tax reached VND 201 billion, up 32% year-on-year and profit after tax reached VND 188 billion, up more than 23% compared to the same period.
As of March 31, 2024, TTC AgriS’s scale has also expanded with total assets strongly increased to VND 34,198 billion (>USD 1.4 billion), an increase of more than 14% compared to the beginning of the fiscal year, continuing to affirm the Company’s strong financial potential.
TTC AgriS continues to be a “green” destination for the world’s leading financial institutions
According to Ms. Dang Huynh Uc My – Vice Chairman of TTC AgriS’s Board of Directors: “Currently, TTC AgriS is in the process of urgently completing the final steps to officially sign an USD 80 million capital sponsorship contract from a leading international financial institution in Asia, the deal is expected to be completed and signed in May.
It is known that this capital will be used by TTC AgriS for the purpose of investing, expanding the Company’s operations and adhering to the core strategic objectives of the 2021-2025 period and towards realizing the vision to 2030. Previously, sharing at the Annual General Meeting of Shareholders in October 2023, Ms. Uc My emphasized: “TTC AgriS continues to adhere to the orientation of applying the Circular Commercial Value Chain model with the goal of becoming a high-tech agricultural solution provider, participating in the global food and beverage (F&B) value chain, aiming for a revenue of VND 60,000 billion by 2030”.
Ms. Dang Huynh Uc My – Vice Chairman of TTC AgriS’s Board of Directors affirmed: “The Company continues to adhere to the orientation of applying the Circular Commercial Value Chain model and aims for a revenue of VND 60,000 billion by 2030”.
If the deal is successful, TTC AgriS is expected to raise the amount of capital successfully mobilized to USD 220 million in less than a year from reputable financial institutions. Previously, in June and July 2023, TTC AgriS raised USD 140 million from large international financial institutions such as IFC, SMBC, FCB Bank, a group of 9 financial institutions in Taiwan, …
As a multinational agricultural enterprise, TTC AgriS has affirmed its competitive advantage when successfully establishing strategic relationships with leading financial institutions in the region, thereby creating a common playground for financial institutions and credit institutions to participate in the sustainable agricultural economic value chain, resonate values and promote investment in the development of the circular economy.
