According to the consolidated financial statements for the second quarter of 2020 of Duc Giang Chemical Group (HNX: DGC), net revenue reached VND 1,576 billion, up 19% compared to the second quarter of 2019. The lower cost of goods sold boosted gross profit by 39% to VND 384 billion. Gross profit margin accordingly increased from 20.9% to 24.4%.
Source: DGC financial report. Unit: VND billion
Financial revenue nearly tripled to 36 billion dong and selling expense accounted for a large proportion, so the company reported EAT increasing 68% to 269 billion dong. This profit is higher than the figure of General Director Dao Duy Anh made at the Annual General Meeting of Shareholders at the end of May, which is also the highest quarterly interest rate since the company announced the financial statements.
Basic earnings per share increased less than profit, reaching VND 1,851 / share as the company conducted capital increase in the third quarter of 2019.
Profit after tax of DGC over the years. Unit: VND billion
In the first 6 months, chemical enterprises saw a revenue of 3,096 billion dong, up by 24.5%. Profit after tax was VND 469 billion, up 67%.
In 2020, the company targets revenue of VND 6,084 billion, an increase of 20% compared to the performance in 2019. Profit after tax of VND 700 billion, an increase of 22.6%. Thus, Duc Giang Chemicals fulfilled 51% of revenue plan and 67% of profit plan.
As of June 30, total assets were VND 5,498 billion, increased by more than 16% compared to the beginning of the year, mainly fixed assets. Short-term deposits more than doubled to VND 1,467 billion. Short-term financial debt is VND 1,142 billion, up 55% at the beginning of the period. Enterprises do not have long-term debt.
This year, the company plans to invest in the Duc Giang Nghi Son Chemical Complex project. The company leases 80 hectares of land in Nghi Son industrial park in Tan Truong commune, Tinh Gia district, Thanh Hoa province with the price of about 468 billion dong for 50 years to develop the project. The project consists of 3 phases. Phase 1 broke ground in September, completed in June 2022 but can be sold from the end of 2021. Total investment of phase 1 is VND 2,400 billion, average sales revenue of VND 1,900 billion, profit after tax of 344 billions dong.
Recently, this group has approved the first trading day on HoSE is July 28. DGC shares will have the last trading session on HNX on July 17.
- In quarter II / 2020, profit of DRH Holdings increased thanks to tax refund
- After 2 strong quarters, Lix Detergent reported a flat third quarter profit
- Nam Kim Steel earned 83 billion dong in Q313 times higher than the same period
- Profits Imexpharm Pharmaceutical (IMP) increased by 21% in the third quarter, boosting debt
- Vinataba tobacco profit nearly 500 billion after the first half of the year
- VSC completed 91% of its annual profit target after 9 months
- Fecon profits fell 74% in the second quarter
- Son La Sugar has completed 56% of its annual profit target in a quarter
- After review, KLF adjusted down 74% of profit
- 6-month interest rate Bao Viet mitigation