Century Synthetic Fiber Corporation plans ‘huge’ growth and profit for 2024
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- Business
- 15:11 02/04/2024
DNHN - Century Synthetic Fiber Corporation’s management believes that the order situation will recover from the second quarter, with some brands having prepared for the spring-summer 2025 season.
Century Synthetic Fiber Corporation (stock code STK) successfully held its annual general meeting of shareholders on 28 March. At the event, shareholders approved the business plan targeting net revenue of VND2,703 billion in 2024 (an 89.7% increase compared to 2023), and after-tax profit of VND300 billion (a 242.3% increase compared to 2023).
The general meeting also approved the plan to issue shares to pay dividends, with the expected number of shares being 16,520,538, with a total expected value of over VND165 billion. The source of this share issuance will be taken from undistributed after-tax profit. The expected issuance time is in 2024 after the State Securities Commission has made an announcement.
During the meeting, shareholders raised questions about increasing liquidity for STK shares. Century Synthetic Fiber Corporation’s management said that the company is planning to issue 13.5 million shares privately and sell 1.5 million treasury shares on the market, to create more liquidity for STK shares.
Regarding the business situation, in the first quarter of 2024, sales volume and revenue were equivalent to the first quarter of 2023 (about 5,400 tonnes and VND272 billion). Sales volume in the second quarter of 2024 is expected to be better, at about 9,000 tonnes, and sales volume in the third quarter of 2024 and fourth quarter of 2024 could be at levels of 10,500 tonnes and 12,000 tonnes, respectively.
Although the market was not good in 2023, STK’s management believes that the order situation will recover from the second quarter, with some brands having prepared for the spring-summer 2025 season. These orders are expected to be delivered and recognised as revenue in the second half of 2024.
PV
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