Vietnam Engine and Agricultural Machinery Corporation – VEAM (Stick Code: VEA) announced its consolidated financial statements for the first quarter of 2022 with net revenue of VND 1,139 billion, an increase of 17% and profit after tax of VND 1,479 billion. VND, a slight increase of 2.3% over the same period last year.
VEAM’s profit mainly came from joint ventures and associates when it brought in VND 1,322 billion, up more than 3% over the same period last year. VEAM currently holds 30% of shares of Honda Vietnam, 20% of shares of Toyota Vietnam, 25% of shares of Ford Vietnam, these are the “golden egg” joint ventures for VEAM and almost all profits come from the companies. this joint venture or association.
In addition, financial revenue (mainly interest on deposits) of VEAM in the period reached VND 176 billion, down 6% compared to the same period last year. By the end of the first quarter of 2022, VEAM had VND 14,442 billion in cash and equivalents (including bank deposits), an increase of VND 2,362 billion compared to the beginning of the year. Having tens of trillions of billions deposited in banks also brings steady profits of hundreds of billions of billions per year for VEAM.
Another positive point is that VEAM’s main business (selling trucks, agricultural machines) continues to record profits. In the first quarter of 2022, VEAM’s core activities brought in nearly VND 144 billion in gross profit, up 8% over the same period last year.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here