In the second haft of 2023, Agriseco nearly doubled its profit after tax.

DNHN - During the second quarter, Agriseco recorded a profit of approximately 2 billion dongs from financial assets available for sale (AFS), which was not recorded during the same period last year.

According to the separate financial statements for the second quarter of 2023, Agribank Securities Joint Stock Company (Agriseco, AGR/HoSE) reported a slight increase in operating revenue, but a near doubling of profit after tax compared to the same period in the previous year.

In particular, Agriseco's operating revenue in the second quarter of 2023 reached VND 87 billion, a slight increase of 1% compared to the same period the previous year. With 37 billion dong, down 6%, profit from lending and receivable activities accounted for the largest portion. Profit from financial assets recognized through profit/loss (FVTPL) and securities brokerage revenue decreased by 11% and 33%, respectively, to VND 8.2 billion and VND 13 billion.

Notably, the return on investments held until maturity increased by 82% to VND24 billion. In addition, Agriseco recorded a profit of approximately 2 billion dongs from financial assets available for sale (AFS) during the second quarter, whereas this profit was not recorded during the same period last year.

However, Agriseco's operating expenses decreased by 88 percent to over 5 billion Vietnamese dong. As a result, Agriseco's profit after taxes in the second quarter was nearly 42 billion dong, nearly double that of the same period.

In the first half of 2023, Agriseco's operating revenue totaled VND 172 billion, a 9% decline from the same period the previous year. However, after-tax profit increased by 19% to exceed 85 billion dong.

By the end of the second quarter of 2023, Agriseco's total assets reached VND 3,045 billion, an increase of 9 percent from the beginning of the year. Meanwhile, the company's liabilities increased to 610 billion dong, doubling in size.

In terms of the structure of its financial assets, Agriseco owns more than 40 billion VND of FVTPL financial assets, the majority of which are listed stocks worth nearly 31 billion VND. Additionally, the company holds hold-to-maturity investments consisting of VND 1,107 billion in term deposits and over VND 5 billion in unlisted bonds.

At the end of the second quarter, Agriseco's portfolio of available-for-sale (AFS) securities included VND240 billion worth of certificates of deposit.

The company's margin balance increased by 37% from the beginning of the year to over VND 1,314 billion by the end of the second quarter.

P.V (t/h)