Viglacera: Firmly overcoming challenges, breaking through in Q1/2024
Viglacera Corporation has held the monthly meeting to summarize and evaluate the results of production and business activities in the first quarter of 2024, as well as to deploy tasks and plans for the second quarter of 2024.
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Meeting overview
As one of the leading enterprises in the construction materials industry in Vietnam, Viglacera always recognizes the sensitivity of this industry to the business cycles of the macro economy. Since the end of 2023, the market for product consumption has experienced bottlenecks and significant declines, directly impacting manufacturing enterprises. Increasing fluctuations in input material prices have created significant pressure on the construction materials and real estate business sectors.
To overcome these challenges, Viglacera has reshaped its business strategy, sought new opportunities, and enhanced flexibility to adapt to the current difficult business environment.
Despite the general market difficulties, Viglacera recorded a consolidated pre-tax profit estimated to reach 133%, consolidated revenue estimated to reach 104%, and construction materials inventory value estimated to reach 100% compared to the Q1/2024 plan.
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"Thuan Thanh Eco-Smart IP" Industrial Park
The real estate sector remains a bright spot with a profit growth higher than the Q1/2024 plan by 48%. Moreover, being approved by the government to invest in Construction and Infrastructure Business Projects at Sông Công II Industrial Park, phase 2, Thai Nguyen province, and at Dốc Đá Trắng Industrial Park, Khanh Hoa province, has affirmed Viglacera's expansion direction in the industrial park sector. Meanwhile, implementing the Green - Smart Industrial Park model as at Thuan Thanh Eco-Smart IP, Bac Ninh province.
Q1/2024 export turnover increased by 25% compared to the same period, affirming Viglacera's position in the international market. The tile sector stands out with high growth contributing 52% to Viglacera's total export turnover.
Key Tasks for Q2/2024
To continue the growth momentum and breakthroughs in Q2/2024, Viglacera has identified some key solutions. In terms of market development, business units will focus on increasing coverage by developing additional distributors. Maximizing display of sanitary ware and tiles covering existing showroom systems, distributors, and stores.
A specific requirement for the Manufacturing sector is to focus on inventory control, evaluate inventory, enhance warehouse and finished product inventory management; continue to tighten management, reduce production costs - lower product prices, enhance product quality control, and create competitive strengths.
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Mr. Nguyen Anh Tuan, General Director of Viglacera Corporation directed at the meeting
Speaking at the meeting, Mr. Nguyen Anh Tuan, General Director of Viglacera Corporation, remarked and directed: "In Q2, the domestic economy continues to face many difficulties and has not achieved significant growth, therefore, business units need to delve deeper into the market and carefully assess competitors to provide information support for leadership in making decisions in building production and business strategies."
Chairman of the Board of Directors of Viglacera Corporation, Mr. Nguyen Van Tuan requested: Market evaluation and competitor assessment are essential, not only understanding customer needs but also an opportunity for units to identify and leverage their competitive advantages. He also shared views on cooperating with professional consulting units to restructure, evaluate business models, and optimize operations to ensure Viglacera's sustainable development and competitiveness."
With promising results in Q1/2024 and a clear development strategy for Q2/2024, Viglacera promises to continue harvesting success and affirming its leading position in the construction materials industry in Vietnam.
