Damsan Joint Stock Company operated smoothly and achieved good results in the first quarter

DNHN - In the first quarter of 2023, Damsan Joint Stock Company's gross profit reached nearly 33 billion dongs, and its gross profit margin remained 11% higher than the industry average.

According to the consolidated financial statements of Damsan Joint Stock Company (ADS/HoSE) for the first quarter of 2023, the company generated VND 296 billion in net revenue from yarn exports to Japan, Korea, and Japan. China.

The Company has not yet recorded the remaining revenue from leasing the An Ninh Industrial Complex and the revenue from transferring a portion of the Phu Xuan Damsan Urban Area project during the first three months of the year.

The gross profit reached nearly 33 billion dongs, and the gross profit margin remained 11% above the industry average. As a result of a policy to reduce costs to optimize business operations, selling, and administrative expenses decreased by 6%. The consolidated profit before taxes exceeded 16 billion dongs. The net profit margin remained above the industry average at 5%.

The Company's total assets reached VND 2,362 billion as of March 31, 2023, an increase of nearly 8% over the same period. In which short-term assets increased by 13% relative to the period's beginning. In comparison to the beginning of the year, inventories reached VND 497 billion, an increase of 11%; cotton inventories increased by 47%. During the period of low prices at the beginning of the year, the company actively collected cotton, its primary raw material. The current cost of ADS's cotton inventory is only $2/kg, which is 40% less than the current cotton price. This is regarded as a significant advantage for lowering COGS and boosting profits shortly.

In 2022, Damsan's net revenue reached nearly VND 1,693 billion, an increase of 12 percent compared to 2021. Consequently, the after-tax profit was just over VND 71 billion, a decrease of 29% and equivalent to 57% of the plan. gain for the entire year.

On December 31, 2022, Damsan's total liabilities increased to 1,558 billion, or 2.4 times its equity, with nearly 1,400 billion in short-term debt.

The company also announced its business plan for 2023, with projected revenue and profit before taxes of VND2,984 billion and VND110 billion, respectively, representing increases of 76% and 33% over 2022 levels.

P.V (t/h)