Binh Minh Plastic JSC (stock code BMP) announced its Q3/2024 consolidated financial statements with net revenue of VND 1,407 billion, up 52% year-on-year and 22% quarter-on-quarter.
In addition to the lower revenue in Q3 last year (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, up 180% year-on-year and 119% quarter-on-quarter.
Meanwhile, the gross profit margin remained high at 43% as PVC plastic resin prices remained low. In Q3/2024, the average PVC resin price increased by 2% quarter-on-quarter but decreased by 6.4% year-on-year.
Selling expenses also increased significantly to VND 165 billion due to the company organizing the “2024 Distribution System Conference” in Thailand for more than 2,000 distributors in mid-July 2024. This trip is organized 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, up 39% year-on-year.
Although Q3 results showed strong growth, the low figures in the first two quarters of the year resulted 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.
