An assembly line of VEAM (Photo congthuong.vn) In the consolidated financial statement of the fourth quarter, VietnamEngine and Agricultural Machinery Corporation (VEAM) said that its net revenuereached over 4.7 trillion VND (200.4 million USD) in 2022, up 18% year-on-year.Its earnings per share (EPS) reached an unprecedented high at 5,713.4 VND.
VEAM is one of the major components suppliers for Honda Vietnam.In 2022, the company’s sales for Honda Vietnam jumped 33% on-year to 1.22trillion VND, accounting for nearly 26% of its total revenue.
Pho Yen Mechanical JSC (Fomeco), a subsidiary of VEAM, is also apartner supplying spare parts for Honda Vietnam. Last year, Fomeco's revenuereached 1.31 trillion VND, a gain of 23% over 2021. Of which, the sales forHonda Vietnam reached 358 billion VND, accounting for more than 27% of totalrevenue.
Fomeco's main products are ball bearings, motorcycle parts,auto parts, conveyor rollers, spare parts for the construction industry andother mechanical products. Other major customersof Fomeco are Yamaha, Suzuki, Hanwa, Nippo, Piaggioand Panasonic.
Its profit after tax doubled over 2021 to nearly 66 billion VND.The company’s EPS was also at a high level of 9,942 VND.
Fomeco has spent about 29 billion VND of its profit after tax onthe bonus and welfare fund, which is almost half of the company's annualprofit.
The Machinery Spare Part No.1 JSC (FUTU1), another subsidiary ofVEAM, specialises in distributing spare parts for Honda Vietnam. In 2022, FUTU1posted a net revenue of 1.06 trillion VND, a 36.5% increase compared to 2021,resulting in a record profit after tax of 76 billion VND, up 58%.
Established in 1996, Honda Vietnam is one of the leading companiesin the field of motorcycle and automobile manufacturing in the Vietnamesemarket.
Last year, the vehicle giant sold more than 2.4 millionmotorbikes, up 20.9% over 2021 and occupies more than 80% of the Vietnamesemotorcycle market shares. Honda's automobile segment also recorded outstandinggrowth with more than 30,600 vehicles sold, a rise of 41.2%year-on-year./.
VNA
