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Viglacera (VGC) – A subsidiary of GELEX has exceeded 96% of the profit target for the first quarter of 2023
Closing session 5/4, Viglacera stock (VGC) rocketed by 5.87% to VND 36,100/share.
At the March briefing, Viglacera Corporation (HOSE: VGC) summarized the evaluation on the production and business activities results in the first quarter of 2023 and implemented the tasks and plans for the second quarter.
Accordingly, VGC recorded positive business results despite the product consumption market was narrowed and reduced, and manufacturing enterprises were directly affected by fluctuations from the increase in input material prices, tightened credit was difficult to access capital flows, especially in the business of building materials and real estate.
Specifically, VGC has exceeded 96% of the profit plan for the first quarter of 2023; revenue reached 125% of the set target. In which, the industrial park real estate business segment together with dividends collected from associates contributed a large part to the total revenue and profit in the first quarter of 2023. It is known that VGC owns and operates 12 industrial real estate parks with a total area of more than 4,000 hectares.
Speaking at the briefing, Mr. Nguyen Anh Tuan, General Director of VGC, said that the economy in the second quarter of the country continues to confront difficulties, there has not been a breakthrough in growth but will improve compared to the first quarter thanks to the signal of reducing bank interest rates for real estate and loosening policies from the Government. These are positive signs for Viglacera to continue to make efforts and fulfill the assigned targets.
In 2023, Viglacera sets a target of total consolidated revenue of VND 16,000 billion, an increase of 10% compared to 2022. However, the target of profit before tax is modest with VND 1,300 billion, down by 44% compared to the realized profit in 2022.
Regarding VGC, the company has a charter capital of VND 4,483 billion, of which GELEX (GEX) holds 50.21% of charter capital through GELEX Infrastructure JSC.
