Results for the first 7 months of the year show that Viglacera has exceeded the profit target set for the year 2023.
On July 31st, Viglacera Corporation - JSC (HoSE: VGC) held a meeting to evaluate the business performance for the month of July, the cumulative 7 months of the year, and to discuss the plan for the remaining months of 2023.
In July 2023 alone, the consolidated pre-tax profit reached 296 billion VND, achieving 150% of the monthly plan. The pre-tax profit of the Parent Company reached 323 billion VND, exceeding the monthly plan by 149%.
Full view of the meeting
For the cumulative 7 months of the year, the consolidated profit reached 1,321 billion VND, achieving 109% of the yearly plan and surpassing the 2023 profit target set by the Shareholders' General Meeting. The Parent Company's profit reached 1,514 billion VND, achieving 116% of the yearly plan set by the Board of Directors and 103% compared to the same period in 2022.
As a result, considering the pre-tax profit target of the entire corporation being 1,210 billion VND and the Parent Company's target being 1,310 billion VND, by the end of July, the Consolidated Profit of the Corporation exceeded 9%, and the Parent Company's profit surpassed the Shareholders' Meeting's plan by 16%.
These results were achieved as Viglacera leveraged its strengths in the real estate business sector. The cumulative pre-tax profit for the Real Estate division reached 1,495 billion VND, surpassing the 2023 plan by 110% and increasing by 118 billion VND compared to the same period in the previous year. The profit from business of industrial zones reached 87% of the yearly plan, accounting for 96% of the total profit and increasing by 151 billion VND compared to the same period in 2022.
Viglacera's export of building materials was also a bright spot. During the first 7 months of the year, the cumulative export value increased by over 36% compared to the same period in 2022. Tiles and Construction Glass were two categories that experienced higher growth rates compared to the same period in 2022, with values exceeding 124% for Tiles and 10% for Glass, respectively. The Tiles division achieved a revenue growth of 224%, doubling compared to 2022 and currently holding the largest share in the total export revenue of the entire corporation, equivalent to 55%.
Viglacera Industrial Park - Yen Phong II-C
For the plan in the remaining months of the year, in the real estate sector, Viglacera will focus on infrastructure construction at various industrial park projects, aiming to attract both domestic and foreign businesses. The company plans to hand over approximately 218 hectares of land throughout the year, contributing significantly to the overall revenue of the corporation. They will also expedite procedures for expanding industrial park projects, upgrading services at industrial parks to meet the land and investment demands of foreign investors in Vietnam.
However, the building materials sector is facing short-term difficulties due to a lack of significant market improvements. To address this, Viglacera will proactively implement measures to maintain business efficiency, such as adjusting production output according to market demand, reducing production costs, and conducting strong corporate management restructuring. The company will continue to research and develop new product designs based on consumer and investment trends, upgrading modern production lines at some factories, particularly focusing on environmentally friendly products like Energy-saving Glass, Aerated Concrete Blocks, and Fired Bricks, to meet the current global demand for sustainable construction materials.
In other sectors, Viglacera will closely monitor the market to ensure monthly consumption plans are met, adjust production output to match market demands, and reduce inventory levels at some units.
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