Vinatex’s net profit rises sharply last year

Vinatex's net revenue from sales and services in the last three months of 2021 reached over VNĐ4.98 trillion, a year-on-year increase of 39 per cent. — Photo vinatex.com.vn

Vietnam National Textile and Garment Group (Vinatex)’s post-tax profit in the last quarter of 2021 was nearly VNĐ500 billion (US$22.03 million), tripling the figure recorded in the same period of the previous year.

The group reported net revenue of over VNĐ16.09 trillion last year, up nearly 16 per cent year-on-year, and net profit of VNĐ857 billion, 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 VNĐ4.98 trillion, a year-on-year increase of 39 per cent.

Its turnover from financial activities also jumped by 44 per cent to VNĐ94.7 billion.

Last year, Vinatex completed 93 per cent of its pre-tax revenue target, and its pre-tax profit also doubled the set target, reaching VNĐ1.46 trillion. — VNS