ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
084
085
To achieve these results, the BOM proactively and flexibly implemented the strategic directives set forth by the BOD. An Cuong maintained steadfast focus on core business activities, including the production and distribution of wood panels, solutions, and industrial wood-based furniture. The Company strategically diversified target markets by consolidating our presence in the domestic market while deepening our penetration into key export markets such as the United States and neighboring countries. This expansion was reflected in enhanced performance of showrooms in Cambodia, Malaysia, and Laos etc. As a result of these focused market expansion efforts, export revenue for 2024 reached VND 663.3 billion, marking a 12.4% growth
Profit margins during 2020 – 2024
Expanding Export Markets
Source: An Cuong
31.4%
12.4% compared to 2023 Revenue growth
29.9%
29.4%
27.1%
27.2%
10.9%
13.8%
13.7%
13.1%
10.5%
compared to 2023. Export revenue accounted for 16.7% of the Company’s total revenue in 2024, up from 15.7% in 2023.
2024
2020
2021
2022
2023
Net profit margin
Gross profit margin
Revenue breakdown by Client groups in 2024
Source: An Cuong
Business Results during 2020 – 2024
Source: An Cuong
3.3%
Net Revenue
In VNDbn
10.1%
4,475.5
Designers & Contractors, Distributors & Agencies
3,980.9
3,753.6
3,762.1
3,293.5
Export
16.7%
Consumers
69.9%
Real estate developers
2020
2021
2022
2023
2024
NPAT
In VNDbn
Gross margin reached 31.4%—the highest level in the past five years—thanks to the Company’s continued optimization of procurement activities, restructur- ing processes, and implementation of various production efficiency measures. However, net margin experienced a significant decline compared to 2023 and preceding years, dropping to 10.5% (down from the consistent level of over 12.9% during the previous four years), primarily due to the impact of provisions and other extraordinary expenses.
Gross Margin
31.4% in the past five years the highest level
615.6
492.0
451.3
420.0
411.2
2020
2021
2022
2023
2024
Powered by FlippingBook