Quang Ngai Duong reported more than 7,300 billion VND in currency and equivalents by the end of March, including gold and US dollars. This marked a 13% increase compared to the beginning of the year. The information was disclosed in the financial report of Quang Ngai Sugar Joint Stock Company (QNS).
The company had deposited VND 6,760 billion in the bank for a term of 3-12 months, which was a 10% increase from the beginning of the year. Additionally, QNS also had shorter term deposits of VND 503 billion. Apart from the dong currency, the company also had over 957,000 USD saved in the bank, which doubled compared to the beginning of the year. This foreign currency amount is equivalent to more than 24 billion VND based on Vietcombank’s exchange rate.
Furthermore, QNS had more than 15.6 billion VND in cash in its fund, showing an 11% decrease from the beginning of the year. In total, QNS had more than 7,300 billion VND in cash and equivalents by March 2024, making up around half of its total assets that stood at over 13,577 billion VND by March-end. Despite challenging economic conditions earlier this year due to global uncertainties and supply chain disruptions caused by COVID-19 pandemic restrictions and lockdowns across many countries worldwide.
Despite these challenges, Vinasoy reported a profit of nearly 532 million dong ($22 million) in Q1-24 – an impressive growth from previous years due to increased sugar production and business activities with production operations running smoothly despite trade defense measures supporting it. Furthermore, there was growth in beer and confectionery consumption too. Looking ahead to next year’s targets for revenue and profits set by QNS remain optimistic about its business prospects with plans to invest heavily into markets and raw material areas especially sugarcane and soybeans.
