Tuesday, May 21 2019

VietNamNews

An Phát Plastic target profit up three times

Update: May, 04/2019 - 09:00
A factory of Plastic and Green Environment JSC (AAA). — Photo soha.vn

HÀ NỘI — An Phát Plastic and Green Environment JSC (AAA) plans to earn post-tax profit of VNĐ510 billion (US$21.8 million) in 2019, 2.8 times higher than the previous year.

This year, AAA targets total revenue of VNĐ10 trillion, an increase of 25 per cent compared to 2018.

It aims to earn pre-tax profit of VNĐ200 billion in the second quarter of this year.

In the first quarter, the company achieved net revenue of VNĐ2.6 trillion, two times higher than the same period last year. Gross profit was nearly VNĐ375 billion, up by 153 per cent year-on-year.

Revenue from financial activities reached nearly VNĐ53 billion, 7.6 times higher than last year, however, the cost of this activity also increased sharply from VNĐ25.6 billion to nearly VNĐ63 billion due to increasing internet costs.

Post-tax profit reached VNĐ214 billion, four times higher than the same period of 2018.

Therefore, with the results achieved in the first quarter, AAA has achieved 26 per cent of the 2019 revenue target and 42 per cent of the profit plan.

The company attributed the increase in revenue and profit in the period to additional revenue earned from the land and factories leasing activities in An Phát Complex Industrial Park.

In Q2, AAA will continue to actively co-operate with airlines like Vietnam Airlines, Bamboo Airways and Vietjet to produce environmentally-friendly plastic products for these airlines.

Its parent company, An Phát Group, currently owns 46.62 per cent of AAA. In the coming annual general meeting (AGM), AAA will submit to shareholders the plan proposing An Phát Group raise their holding to 51 per cent.

On the stock market, AAA's price closed Friday at VNĐ17,750. It has increased by nearly 30 per cent compared to the beginning of 2019. Capitalisation is currently VNĐ3 trillion. — VNS

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