DGC’s Jan-Sept profit falls by half

HCMC – Duc Giang Chemicals Group JSC, which trades its DGC shares on the Hochiminh Stock Exchange (HOSE), has announced that its net profit in the first nine months of 2023 dropped by half compared to the same period last year.

In its third-quarter financial report, the company reported revenue of over VND2.4 trillion, up by a substantial VND1.2 trillion over the same period in 2022.

Its gross profit totaled over VND1.6 trillion, down by VND400 billion year-over-year, marking the third consecutive quarter of year-on-year profit decline.

In the first nine months of this year, the company recorded net profit of over VND2.5 trillion, down a whopping 49% year-on-year.

Several factors contributed to the decline in profit, including a drop in revenue from various products, resulting from changing dynamics in both domestic and global markets.

Although its revenue decreased by around 35%, the company’s sales costs slid by only 19.8%, and it managed to curtail input costs, including those for raw materials and energy.

DGC shares edged down by 3.74% to VND87,500 per share today, October 23, with more than 3.8 million shares changing hands.

Losers vastly outnumbered winners by 397 to 91 on the Hochiminh Stock Exchange, which, in turn, sent the VN-Index down 1.31%, shedding 14.5 points to 1,093.53 points.

Stock trade dropped by 14% over the previous session at 563.1 million shares worth VND12.1 trillion. Block deals contributed VND2 trillion to the overall value, with 62.6 million shares transacted.

The VN30 group, with the 30 largest-cap stocks on the HCMC exchange, weighed heavily on the market, with 27 bluechips dipping and two others advancing.

The two advancers were SSB, which rose by 1.4% to VND24,800 per share, and VIC, which inched up a slight 0.1% to VND43,400 per share. VHM stayed at its reference price of VND44,500 per share.

VCB was down by only 0.4%, which translated into a negative 0.41 point to the main index. GAS took away 1.46 points from the benchmark index, while VNM and MSN drove up one point each.

There were 74 advancers and 100 decliners on the Hanoi Stock Exchange. The HNX-Index fell by 2.19 points, or 0.96% to 226.26 points, with 63.53 million shares valued at over VND1.2 trillion changing hands.

The post DGC’s Jan-Sept profit falls by half appeared first on The Saigon Times.