VRG achieved a revenue of over $ 651.17 million after 9 months

Mr. Nguyen Hoang Anh, Chairman of the State Capital Management Committee at Enterprises, along with the Committee’s working delegation, recently held a meeting with the Vietnam Rubber Group (VRG) regarding the implementation of the 2024 plan and the direction for building the 2025 plan, aligned with the medium-term plan through the end of 2025.

In a report at the meeting, Mr. Le Thanh Hung, General Director of VRG, stated that the Group implemented its 2024 tasks amid a gradually recovering macroeconomy, with policies for investment gradually being unlocked. Based on assessments proactive analysis and forecasting, the Group put forth proactive, drastic, and synchronized solutions to achieve the highest completion of the 2024 plan.

In the first half of the year, due to objective factors such as climate change, particularly prolonged droughts that significantly impacted latex yield, and localized labour shortages in some areas, as well as continuously rising input costs, the Group’s production and business activities in the first half of the year faced difficulties, with business performance indicators not significantly higher than the same period in 2023.

Entering the third quarter, as the rubber industry entered its main harvesting season and rubber prices showed a more positive recovery than forecasted due to an unusual supply decline in major producing countries like Thailand and Indonesia, alongside increased demand from China and India, the rubber sector of VRG experienced many advantages.

For the first nine months of 2024, VRG’s consolidated revenue and other income reached $ 664.91 million, accounting for 64.83% of the plan. Consolidated pre-tax profit was $ 116.86 million, reaching 69.44% of the plan, and consolidated post-tax profit was $ 97.81 million, also 69.44% of the plan. For the entire year of 2024, it is estimated that consolidated revenue and other income will reach VND 26.307 trillion (USD 1.08 billion), 105.23% of the plan, consolidated pre-tax profit will be $ 182.52 million, 108.43% of the plan, and consolidated post-tax profit will be $ 153.67 million, 108.99% of the plan. With these results, the Group is expected to meet and exceed its production and business targets as agreed upon with the State Capital Management Committee and assigned by the General Meeting of Shareholders.

At the parent company – Group level, for the first nine months of 2024, revenue and other income amounted to $ 99.01 million, 60.51% of the plan; pre-tax and post-tax profit reached $ 41.48 million, or 69.53% of the plan. For the entire year of 2024, it is estimated that revenue and other income will reach $ 175.85 million, 107.5% of the plan, and pre-tax and post-tax profit will be $ 68.51 million, 114.87% of the plan.

For VRG’s consolidated production and business targets for 2025, revenue and other income are expected to reach $ 1.13 billion, or 110% of the 2024 plan and 104.5% of 2024’s performance. Consolidated pre-tax profit is projected to be $ 189.97 million, or 113% of the 2024 plan and 104.10% of 2024’s performance, and consolidated post-tax profit is projected at $ 159.88 million, or 113.5% of the 2024 plan and 104.1% of 2024’s performance.

Regarding the medium-term plan for the 2021-2025 period, based on the performance from 2021 to 2023, the estimated results for 2024, and the proposed plan for 2025, VRG is expected to surpass the targets set for the 2021-2025 period, as agreed with the State Capital Management Committee and assigned by the General Meeting of Shareholders, while ensuring the implementation of the Group Party Committee’s Resolution for the 2020-2025 term.

Speaking at the meeting, Mr. Nguyen Hoang Anh acknowledged and highly appreciated VRG’s efforts over the past period. With its extensive operational scope, spanning the entire country and extending to Laos and Cambodia, VRG has established itself as a strong economic group in agricultural activities.

Mr. Nguyen Hoang Anh emphasized, “In the coming period, VRG needs to focus on developing decisive solutions and mobilizing all resources to effectively implement the business plan. The Group should continue to operate efficiently and contribute to the nation’s economic development. Particularly, VRG needs to optimize the use of land and grey resources, considering practical conditions to maximize operational efficiency across various fields. Additionally, it should continue improving corporate governance in a modern and advanced manner, aligned with international standards and best practices”.