TCM’s recently released financial report for July 2024 revealed impressive results, with revenue surpassing $17 million and net profit reaching nearly $1.2 million, reflecting a 36% and 48% year-on-year growth, respectively.
In July, TCM’s exports to the Asian market accounted for 62% of their total, with South Korea as the leading destination at 36%, followed by Japan at nearly 13%. The North American market contributed 37%, including 24.7% from the US and 11.4% from Canada. Meanwhile, the European market represented over 1% of their exports.
The company shared that they have secured approximately 90% of their Q3 revenue plan and about 82% of their Q4 2024 plan. They estimate to achieve around 87% of their full-year 2024 plan.
Previously, TCM announced their consolidated financial statements for Q2 2024, showcasing an extraordinary surge in profit. Specifically, their net profit exceeded VND 71 billion, marking a remarkable 3,685% increase compared to the same period last year—the highest in almost two years. It is worth noting that the comparative figures for 2023 were relatively low, with the company’s profit barely reaching VND 2 billion.
In a statement to the author, TCM’s Chairman of the Board of Directors, Tran Nhu Tung, reaffirmed the growth of the textile industry in the first half of 2024 compared to the previous year, partly attributed to the low base in 2023.
“Last year was the bottom, and we are gradually recovering, but we haven’t reached the level of 2022 yet, so we can’t be too optimistic about the textile industry. However, the recovery momentum is a positive sign, and TCM has also achieved significant growth compared to last year. But from now until the end of the year, there are still many stories to tell,” said the leader of TCM.
According to the latest preliminary statistics from the General Department of Vietnam Customs, the country’s textile and garment exports reached $4.29 billion in July 2024, up by over 12% year-on-year and 16% month-on-month.
This marks the first month in 2024 that Vietnam’s textile and garment exports surpassed the $4 billion mark and the highest monthly export value since August 2022. Cumulative exports for the first seven months stood at $23.9 billion, reflecting a nearly 6% increase compared to the same period last year.
The Vietnam Textile and Apparel Association (VITAS) stated that, with the upcoming peak shopping season, businesses are striving to introduce new products in terms of materials and designs, meeting the stringent standards of partners, to attain the industry’s export target of $44 billion for 2024.
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