ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
108
109
Evaluation of The Board of Directors Evaluation on the Company’s performance With the theme TOGETHER IN BELIEF, LEADING IN INNOVATION , the Company has showcased remarkable advancements in product research, process optimization, and the strategic reorganization of production workflows. By integrating cutting-edge technologies, the Company has enhanced the customer experience, maximized sales performance, boosted operational efficiency, and effectively streamlined cost structures. Regarding export activities, the Company has actively engaged export clients in the U.S. market through business forums and trade exhibitions. Concurrently, the Company has expanded the presence in high-potential neighboring markets, including Cambodia and Singapore. These solutions significantly driven the growth of export revenue, making a substantial contribution to the overall performance of the Company. By the end of 2024, the Company recorded Net Revenue of VND 3,980.9 billion, posting a growth of 5.8% yoy and exceeding the full year guidance by 5.2%. NPAT was reported at VND 420.0 billion, reflecting a growth of 2.1% yoy and achieving 95.4% of full year profit target. The extraordinary expense incurred from provisioning for receivables related to Novareal significantly impacted the Company’s profitability for the year. However, as the Executive Management has actively worked with relevant parties to recover the receivable, this one-off expense has the potential to be reversed in the near future. Excluding this non-recurring expense, the Company’s net profit after tax for 2024 would have reached VND 591.4 billion, representing an impressive 35.4% year-over-year growth compared to 2023. This adjusted figure highlights the Company’s strong growth trajectory and operational efficiency, despite short-term challenges.
Pertaining To the Business Results
Consolidated Net Revenue 3,980.9 VND bn Growth 5.8% compared to 2023 Achieved 105.2% of the annual target
Export Revenue in 2024
Export sales set a new record of VND 663.3 billion in 2024, representing a 12.5% yoy growth while the dedicated production line operated at full capacity throughout the year. Notably, gross margin for export sales showed significant improvement, surging to 27.1% from 20.6% in 2023.
663.3
VND bn
Growth 12.5% compared to 2023
Gross profit margin of the export
NPAT
Factory operated at 27.1% 100%
compared to 20.6% in 2023
420.0
VND bn
Growth
2.1% 95.4% Achieved
capacity
compared to 2023
The BOD highly appreciates the efforts of the BOM and An Cuong team at all levels for their unity and determination in transforming and tackling the challenges of 2024. These efforts enabled the Company to successfully achieve its business targets while establishing a strong foundation for future strategic goals. Additionally, the Company's focus on driving innovation, streamlining operations, and adopting advanced technologies has reinforced its competitive edge and strengthened its position as a market leader.
of the annual target
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