Binh Minh Plastic Joint-Stock Company (stock code: BMP) announced its Q3/2024 consolidated financial statements with net revenue of VND 1,407 billion, a 52% increase compared to the same period last year and a 22% increase compared to Q2.
In addition to lower revenue in Q3 last year (dropping below VND 1,000 billion), the revenue growth in Q3 this year also came from the company’s large promotional program.
Notably, this promotion focused on payment discounts, leading to financial expenses of VND 71 billion, a 180% increase compared to the same period last year and a 119% increase compared to Q2.
Meanwhile, the gross profit margin remained high at 43% as the input PVC plastic resin prices continued to be low. In Q3/2024, the average PVC resin price increased by 2% compared to the previous quarter but decreased by 6.4% compared to the same period last year.
Binh Minh Plastic’s selling expenses also increased significantly to VND 165 billion due to the organization of the “2024 Distribution System Conference” in Thailand for more than 2,000 distributors in mid-July 2024. This trip is held once every two years to reward and strengthen relationships with the company’s network of distributors.
Finally, Binh Minh Plastic reported a net profit of VND 290 billion, a 39% increase compared to the same period last year.
While Q3 results showed strong growth, the first two quarters of the year were lower, resulting in a 4% decrease in net revenue for the first nine months of the year to VND 3,563 billion, and a 3% decrease in net profit to VND 760 billion. Earnings per share (EPS) were VND 9,282.
