The Industrial Printing and Packaging Corporation Liksin, a limited liability company, has released its consolidated financial report for the first half of 2024, boasting impressive figures. The company recorded a net revenue of 806 billion VND, marking a 12% increase from the previous year. After deducting the cost of goods sold, Liksin’s gross profit stood at over 168 billion VND, reflecting a significant 27% surge compared to the first half of 2023.
During this period, Liksin experienced a 44% decline in financial income, reaching nearly 11.4 billion VND. Financial expenses also decreased by 59%, amounting to 2.2 billion VND. Meanwhile, selling expenses increased by 10%, totaling 31.5 billion VND, while administrative expenses remained relatively stable compared to the same period last year.
As a result of these financial movements, Liksin posted an impressive after-tax profit of 94.3 billion VND, representing a remarkable 50% jump from the first half of 2023.
As of June 30, 2024, Liksin’s balance sheet displayed total assets of over 1,700 billion VND, indicating a decrease of approximately 158 billion VND from the beginning of the year. The company’s cash and bank deposits stood at 275 billion VND, reflecting a 25% reduction from the start of the year.
The company’s payables amounted to 526 billion VND, an increase of 110 billion VND from the previous year. Short-term financial loan obligations witnessed a notable 3.2-fold increase during the same period, surpassing 152 billion VND. The total short-term and long-term loan liabilities amounted to nearly 183 billion VND.
Notably, Liksin allocated over 65 billion VND towards equity investments, with the most significant investment being 31.2 billion VND in the Vietnam Self-Adhesive Materials Joint Stock Company. However, the company had to make a 100% provision for this investment.
Additionally, Liksin invested over 5.5 billion VND in DongA Commercial Joint Stock Bank and is currently provisioning nearly 4 billion VND, equivalent to 72% of the original investment value. According to the parent company’s financial statements, Liksin holds 552,664 shares of DongA Commercial Joint Stock Bank.
The Industrial Printing and Packaging Corporation Liksin is a wholly-owned enterprise of the Ho Chi Minh City People’s Committee. The corporation specializes in the production and trading of prepress, printing, packaging, ink, printing chemicals, and logistics, as well as paper and paper raw materials. They also engage in real estate business, land use right transfers, and leasing of houses, workshops, warehouses, and retail stalls. Their construction projects encompass industrial, civil, and yard infrastructure.
Liksins’ primary products include complex packaging, single-sheet packaging, and paper packaging. According to their website, some of their notable partners include well-known brands such as Colgate, Knorr, P&G, Rohto, and Traphaco.
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