TNG has achieved 71% of its 2023 revenue plan after 8 months.

DNHN - The TNG Investment and Trading Joint Stock Company reported a net profit of nearly 101 billion VND for the first half of 2023, an increase of more than 2 billion VND compared to the independent results.

TNG Investment and Trading Joint Stock Company (HNX: TNG) reported August revenue of VND 721 billion, a decrease of nearly 8% compared to July but an increase of 3% compared to the same time last year. In the first eight months of 2023, total accumulated revenue reached VND 4,837 billion, an increase of VND 132 billion (up 3%) over the same period in the previous year.

TNG's business plan for 2023 projects revenues of VND 6,800 billion and an after-tax profit of VND 299 billion, an increase of 2% compared to 2022. TNG has fulfilled 71% of the business plan after 8 months. The autumnal year.

Some projections from FPT Securities Company (FPTS) indicated that TNG's export revenue to the EU market in 2023 could be lower than the same period the previous year due to a decrease in orders from large customer Decathlon (responsible for 90% of sales). collected in the EU). TNG was able to maintain sales in the US market due to small orders, and orders from other markets helped to offset the decline in the EU.

Placement of new orders for TNG partners remains slower than in 2022. Until August, TNG had only received enough orders to last until the end of October and was still negotiating orders for the fourth quarter. However, by July 2022, TNG had received enough orders to cover its production and business plan for the entire year.

FPTS forecasts that TNG will reach 99% of its revenue target in 2023, or VND6,728 billion, which is equivalent to 2022, assuming it continues to accept low-margin orders to compensate. major markets are declining.

In terms of profit after tax, TNG can achieve 77% of the plan by reaching VND 230 billion, a decrease of more than 21% compared to the same period, primarily due to the anticipated gross profit of 12.7% in 2023. Due to the sluggish economic recovery, the profitability of orders in the second half of the year remains low. Interest expense is projected to increase by 14%, while selling and administrative expenses, which account for 5.5% of revenue, are expected to improve slightly.

Recent data from TNG indicates that the 2023 semi-annual result recorded a net profit of nearly 101 billion dongs, an increase of over 2 billion dongs compared to the self-made result. Reason: The cost of business administration decreased by over 8 billion VND (to 169 billion VND); financial revenue decreased by 2 billion dongs (to 50 billion dongs); and financial expenses increased by nearly 4 billion dongs (to 140 billion dongs).

P.V (t/h)