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Viglacera’s earnings better than expected this year

Increasing demand for green, environmentally-friendly materials and devices may help Viglacera earn higher-than-expected pre-tax profits this year.
Viglacera’s earnings better than expected this year ảnh 1At the annual general meeting of shareholders of VGC (Photo cafef.vn)

Hanoi (VNA) - Increasing demand for green, environmentally-friendlymaterials and devices may help Viglacera earn higher-than-expected pre-taxprofits this year.

Thelargest ceramic and tile producer by market value expected actualfull-year pre-tax profit to beat projections by nearly 16 percent, heard thefirm’s annual shareholder meeting on June 26.

Viglacerahad previously set a 2019 target of 9.3 trillion VND (399.2 million USD) in totalrevenue and 950 billion VND (40.8 million USD) in pre-tax profit. The figures wouldmark an increase of 5.5 percent and 12.2 percent year-on-year.

Butactual earnings this year may reach 1.1 trillion VND (47.2 million USD) in pre-tax profit, 15.8 percenthigher than the original forecast.

Accordingto the firm’s management board, pre-tax profit of 1.1 trillion VND was feasible.

In thefirst half of the year, the group estimated pre-tax profit of its parentunit was 422 billion VND, accounting for 65 percent of theannual target. 

Thecompany attributed its confidence in future growth to high demand for greenbuilding materials and said it would make further investments in thisarea.

Thecompany acknowledged difficulties ahead as the property market was showingsigns of slowing down and Chinese products were becoming more competitive.

However,the signing of the Europe Union-Vietnam Free Trade Agreement (EVFTA) may offerthe firm new opportunities abroad for glass exports.

Inaddition, chances will come from stronger market purchases of solar energy. Thesolar energy sector has grown strongly in recent years, especially in thesouth central region.

TheMinistry of Construction will continue to sell the State capital it holdsin Viglacera to zero percent by early 2020 in accordance with the PrimeMinister’s Decision 1232/QD-TTg dated August 17, 2017.

Theconstruction ministry is holding 173 million Viglacera shares, equal to a 38.6 percentstake in the company.

Theministry sold 69 million Viglacera shares – accounting for 85 percent of totalshares offered for sale – at an auction on March 29 for 1.58 trillion VND.

In 2018,Viglacera posted 8.8 trillion VND (377.8 million USD) in total revenue, down 4.2 percentyear-on-year. Its post-tax profit last year fell 10.7 percent to 667 billionVND (28.6 million USD).-VNA

VNA
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