In the first quarter of 2024, QNS recorded net revenue of over VND 2,522 billion, an 18% increase compared to the same period last year. After deducting cost of goods sold and expenses, the company’s net profit was nearly VND 532 billion, a sharp increase of 68%. Gross profit margin improved to 32%, compared to 28%. in the same period last year.
Examining each core business segment, the sugar product segment grew the strongest, contributing 48% of revenue and 40% of QNS profit, corresponding to VND 1,124 billion (a 51% increase compared to the same period last year) and VND 325 billion (a 95% increase).
The company said that sugar business operations were highly effective in the first quarter, mainly due to a 38% increase in sugar consumption volume compared to the same period last year, lower production costs, along with trade defense measures by the State and good control of smuggled sugar.
For other business operations, in the context of the economy still facing difficulties and purchasing power has not fully recovered, revenue of soy milk products decreased by 3% compared to the same period last year to VND 789 billion and gross profit was VND 308 billion, down 6%. Revenue from the subsidiary Thanh Phat was over VND 628 billion but only brought in VND 10 billion in gross profit.
In 2024, QNS set a target of VND 9,000 billion in total revenue and VND 1,500 billion in pre-tax profit, down 14% and 39% respectively compared to the previous year. By the end of the first quarter, the company’s pre-tax profit was over VND 579 billion, equivalent to 39% of the annual profit target.
On the balance sheet, as of March 31, 2024, QNS‘s total assets were over VND 13,577 billion, an increase of more than VND 1.5 trillion (equivalent to a 13% increase) compared to the beginning of the year. This is due to inventories nearly doubling since the beginning of the year, reaching VND 1,861 billion, finished products accounting for 78%.
Cash and cash equivalents were VND 7,301 billion, up 12% and accounting for 54% of total assets. In which, QNS holds 4 SJC gold bars; a gold ring and over USD 957,000 in cash. In the first quarter, interest income from deposits and loans brought in VND 66 billion for QNS.
On the other side of the balance sheet, payables were over VND 4,788 billion, an increase of over VND 1.3 trillion (equivalent to an increase of 38%) compared to the beginning of the year. Short-term borrowings and financial lease payables increased by 51% to over VND 3,632 billion, the largest loan was from BIDV – Quang Ngai Branch with over VND 1.1 trillion. In the first quarter, QNS‘s interest expense was over VND 27 billion.
