25.10.2020, 11:26

Son La Sugar has completed 56% of its annual profit target in a quarter

Son La Sugar Joint Stock Company (Ma: SLS) achieved 13.3% of the revenue plan and over 56% of the profit target after the first quarter of the fiscal year 2020-2021.

Son La Sugar Joint Stock Company (Ma: SLS) has just announced its first quarter business results of fiscal year 2020-2021 (from July 1 to September 302020) with revenue reaching nearly 108.7 billion, down 30.3% over the same period last year.

During the period, SLS’s COGS dropped strongly by 33.5% to 86.3 billion dong; interest expense also decreased by 25.7% to 9 billion dong; Selling expenses are reduced by more than half compared to the first quarter of fiscal year 2020.

While revenue from financial activities increased by 48.2%, SLS helped record after-tax profit of 1458 billion dong, up 7.5% YoY to 1356 billion dong.

In the company’s revenue structure, revenue from sugar products, molasses is the main contributor with more than 99% of total revenue, reaching 108.3 billion VND. The rest is from kiln ash, fresh mud, agricultural products, petroleum.

Business results of the first quarter of fiscal year 2020-2021 of SLS. Source: SLS’s Financial Statements.

According to the document of the Annual General Meeting of Shareholders 2020 for the period of 2020 – 2021 SLS set a target of 816 billion dong of revenue, 26 billion dong of profit after tax; decreasing by 22% and 78% compared to the previous year.

Thus, with the current results, SLS has fulfilled 13.3% of its revenue plan and more than 56% of its profit target after the first quarter of fiscal year 2020-2021.

At the end of September, the SLS Board of Directors issued a resolution on paying dividends in 2019 – 2020 at the rate of 70% /share, that is, for each owned share, shareholders receive 7000 VND. Time to pay dividends from 11/10. The disbursed capital is the remaining undistributed after-tax profit in 2019-2020.

Previously, in the fiscal year of 2019-2020 Son La Sugarcane reached 1048 billion VND in revenue, up 19.5% over the previous year and exceeding 21.3% of the year plan. Profit after tax reached 119.3 billion, up 88.8% over the same period and 4.7 times higher than the target for the whole year.

P. Duong

Source: vietnambiz.vn – Translated by fintel.vn