Vinatex’s net profit rises sharply last year

Vinatex’s post-tax profit in the last quarter of 2021 was nearly 500 billion VND. (Photo: VNA)

Hanoi (VNA) - Vietnam National Textile and Garment Group (Vinatex)’s post-tax profit in the last quarter of 2021 was nearly 500 billion VND (22.03 million USD), tripling the figure recorded in the same period of the previous year.

The group reported net revenue of over 16.09 trillion VND last year, up nearly 16 percent year-on-year, and net profit of 857 billion VND, representing a 2.6-fold rise.

The marked results in the fourth quarter are attributable to the acceleration of production after disruptions due to the COVID-19 pandemic, and material stockpiling since mid-2021 in anticipation of soaring prices, a representative from the group explained.

The group’s net revenue from sales and services in the last three months of 2021 reached over 4.98 trillion VND, a year-on-year increase of 39 percent.

Its turnover from financial activities also jumped by 44 percent to 94.7 billion VND.

Last year, Vinatex completed 93 percent of its pre-tax revenue target, and its pre-tax profit also doubled the set target, reaching 1.46 trillion VND./.

VNA