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In April 2024, Thanh Cong Textile Garment Investment Trading JSC (TCM) estimated its revenue at over 11.9 million USD (approximately 304 billion VND) and its post-tax profit at more than 0.9 million USD (over 23 billion VND), increasing by 13% and 400%, respectively, compared to the same period last year.
In terms of structure, revenue from garment products accounted for 75% of the total April revenue, followed by fabric revenue at 14%, fiber at 8%, and the remaining 3% from other activities.
In April, TCM’s exports to the Asian market accounted for nearly 63%, led by the Korean market at over 24%. The American and European markets followed with over 32% and approximately 4%, respectively.
In the first four months of 2024, TCM recorded revenue of about 51.7 million USD (over 1,315 billion VND) and post-tax profit of more than 3.4 million USD (around 87 billion VND), increasing by 8% and 36%, respectively, compared to the same period in 2023.
For the full year 2024, the company plans to achieve a revenue of 3,707 billion VND and a post-tax profit of over 161 billion VND, representing a 12% and 21% increase compared to the previous year. After the first four months, TCM has accomplished over 35% of its annual revenue target and 54% of its profit goal.
Receiving 83% of Q3 Revenue Plan
TCM’s management revealed that the company has received approximately 88% of the revenue plan for Q2 orders and 83% for Q3 2024. Based on this year’s textile export situation and the current order intake, TCM is optimistic about a favorable export order situation and expects to meet its set goals.
Anticipating opportunities, TCM completed the acquisition of SY Vina Textile and Garment Co., Ltd. in the first quarter, with a transaction value of 468 billion VND. Song Jae Ho, CEO of TCM, stated that the primary purpose of acquiring SY Vina was to obtain a dyeing license and expand its fabric product lines. The company expects to receive more fabric orders and produce more woven clothing after the acquisition.
CEO Song Jae Ho speaking at the 2024 Annual General Meeting of Shareholders of TCM. Photo: Tuan Tran
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Additionally, TCM signed a contract with its strategic partner, the E-Land Group, for an order of 10 million products, double that of the previous year. “If we perform well this year, we will have a better agreement next year. If the results are not satisfactory, we will consider whether to increase our order intake,” shared CEO Song Jae Ho at the TCM shareholders’ meeting earlier in April 2024.
