**Vietnamese Companies Break Profit Records in 2024**
A number of Vietnamese companies have defied the odds and reported impressive financial results for 2024, marking a strong recovery from the challenges posed by the COVID-19 pandemic.
**Vietnam Airlines Takes Flight:**
Vietnam Airlines, the national flag carrier, has officially turned a corner, recording a remarkable turnaround in its financial performance. In 2024, the airline generated VND 106,753 billion in revenue, a 17% increase from 2023. This impressive feat was accompanied by a net profit of VND 7,267 billion, in sharp contrast to the VND 5,632 billion loss incurred in the previous year. This marks the highest revenue and profit for Vietnam Airlines since its listing, signaling an end to four consecutive years of losses.
However, the airline still faces the challenge of addressing its accumulated losses, which stand at VND 34,307 billion, significantly exceeding its charter capital of VND 22,144 billion. To rectify this, Vietnam Airlines has received approval from the National Assembly to proceed with a share offering to existing shareholders, with a maximum value of VND 22,000 billion, to be executed in two phases.
**ACV Soars to New Heights:**
The Vietnam Airports Corporation (ACV) has also excelled, achieving impressive financial results. In 2024, ACV recorded a pure revenue of VND 22,555 billion and a net profit of VND 11,563 billion, marking a 13% and 37% increase, respectively, from the previous year. This performance represents the highest profit for ACV since its inception.
**FPT’s Technological Triumph:**
In the private sector, the FPT Corporation, a leading technology conglomerate, continued its stellar performance. In 2024, FPT reported a total revenue of VND 62,849 billion and a pre-tax profit of VND 11,071 billion, reflecting increases of over 19% and 20%, respectively, compared to 2023.
FPT’s net profit reached VND 7,849 billion, a 21% increase, marking the sixth consecutive year of record-breaking profits for the company.
**FOX Joins the Ranks:**
FPT Telecom (FOX), a subsidiary of the FPT Group, also had a remarkable year. FOX recorded a pure revenue of VND 17,610 billion and a net profit of VND 2,861 billion, representing increases of over 11% and 18%, respectively, compared to the previous year. These figures stand as the highest revenue and profit in the company’s history.
**PNJ Shines Brightly:**
With gold prices reaching record highs in 2024, PNJ, a leading jewelry company, benefited significantly. The company reported total revenue of VND 37,823 billion, a 14% increase from 2023. PNJ’s net profit also rose by over 7% to VND 2,115 billion, marking the highest revenue and profit in the company’s history.
**Gelex’s Electrifying Performance:**
Gelex, a diversified conglomerate, recorded impressive financial results, with a pure revenue of VND 33,759 billion, a nearly 13% increase from 2023. This growth was driven by a strong performance in the electrical equipment sector, which saw a 31% increase in revenue, offsetting declines in revenue from building materials and industrial real estate rentals.
Gelex’s net profit soared to VND 2,667 billion, triple the amount from the previous year and breaking the previous record of VND 1,666 billion set in 2021 when Gelex consolidated its business results with the Vietnam Glass and Ceramic Corporation (Viglacera).
**IDC’s Industrial Strength:**
The industrial park giant, Idico Corporation (IDC), also achieved remarkable results, reporting a record profit of nearly VND 2,000 billion in 2024. Despite a setback in the fourth quarter, IDC’s full-year pure revenue for 2024 reached VND 8,846 billion, a 22% increase from 2023. This growth was driven by a nearly VND 3,373 billion revenue from its core electricity business, a 15% increase, and a one-time contribution of nearly VND 3,140 billion from land and infrastructure rentals in industrial parks, a 22% increase.
IDC’s pre-tax profit for 2024 reached VND 2,993 billion, with a net profit attributable to the parent company of over VND 1,996 billion, representing increases of 46% and 43%, respectively, compared to the previous year. These results exceeded the company’s consolidated revenue plan of VND 8,466 billion and pre-tax profit of over VND 2,500 billion by 7% and 20%, respectively.
**PAN Group’s Appetizing Performance:**
PAN Group, a leading diversified conglomerate, reported impressive financial results for 2024. The group achieved a pure revenue of VND 16,184 billion, reflecting a 23% increase from 2023 and surpassing its plan by 9%. Notably, PAN’s net profit surpassed the VND 1,000 billion milestone, reaching VND 1,148 billion, a 41% increase from the previous year. This marks the third consecutive year of record-breaking profits for the group.
PAN attributed the strong profit growth to improved input costs (transportation, raw materials, and animal feed) compared to 2023, as well as strategic inventory management and opportunistic procurement of raw materials at lower prices by its subsidiaries.
**QNS Stays on Course:**
QNS, a leading sugar and dairy company, maintained its strong performance with a pure revenue of VND 10,243 billion, similar to the previous year. The company’s net profit increased by nearly 9%, reaching VND 2,377 billion. These figures represent the highest revenue and profit for QNS since its establishment.
**SIP’s Steady Growth:**
SIP, an investment company, reported impressive financial results for 2024. The company achieved a pure revenue of over VND 7,800 billion, a 17% increase from 2023. SIP’s net profit surpassed VND 1,278 billion, a 27% increase and the highest in its history. This performance was primarily driven by its utility services business, which generated more than VND 6,547 billion in revenue, a 15% increase.
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