Thien Long has released its preliminary business results for the first five months of 2024, reporting a 7% year-on-year decrease in net revenue to VND 1,430 billion, equivalent to an average daily revenue of nearly VND 9.5 billion. Exports accounted for nearly 33% of this, with revenue increasing by 13% to VND 469 billion.
Meanwhile, domestic revenue for the five-month period decreased by 14% to VND 961 billion, mainly due to the challenging domestic market conditions and slow recovery, with distributors remaining cautious in their inventory purchases.
On a positive note, selling and management expenses decreased by 8% to VND 409 billion. After expenses, the company’s after-tax profit was VND 183 billion, a 10% increase compared to the same period in 2023. For the month of May alone, estimated after-tax profit was approximately VND 66 billion.
For the full year 2024, Thien Long aims to achieve record revenue of VND 3,800 billion and after-tax profit of VND 380 billion, representing a 10% and 7% increase, respectively, compared to 2023. After five months, the company has achieved 38% of its annual revenue target and 48% of its profit target.
According to Executive Director Tran Phuong Nga, speaking at the 2024 Annual General Meeting of Shareholders, the current growth drivers for Thien Long remain in the writing instruments and art materials segments, with potential for further investment. The company can increase prices for products that feature creative and eye-catching innovations, as opposed to traditional ones.
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