Quang Ngai Duong reported more than 7,300 billion VND in currency and equivalents, including gold and US dollars by the end of March, marking a 13% increase compared to the beginning of the year. This information was disclosed in the financial report of Quang Ngai Sugar Joint Stock Company (QNS). The company had deposited VND 6,760 billion in the bank for a term of 3-12 months, which was a 10% increase from the beginning of the year. Additionally, QNS also had shorter term deposits of VND 503 billion.
Apart from the dong currency, the company also had over 957,000 USD saved in the bank, which doubled compared to the beginning of the year. This foreign currency amount is equivalent to more than 24 billion VND based on Vietcombank’s exchange rate. Duong Quang Ngai, the owner of Vinasoy soy milk company, also stored 4 tael of gold bars and one tael of SJC gold ring, which were purchased in 2023 at specific prices. Calculated at the current gold price, this amount is valued at nearly 40.5 million VND.
Furthermore, the company had more than 15.6 billion VND in cash in the fund, showing an 11% decrease from the beginning of the year. In total, QNS had more than 7,300 billion VND in cash and equivalents, making up 54% of its total assets, which stood at over 13,577 billion VND by the end of March, reflecting a 13% increase from the beginning of the year.
Despite the challenging economic context, Vinasoy reported a profit of nearly 532 billion VND in the first quarter of 2024, a 68% increase from the previous year. The rise in profit was attributed to increased sugar production and business activities, with production operations running smoothly and trade defense measures supporting the business. QNS also experienced growth in beer and confectionery consumption.
Looking ahead, the company plans to invest in markets and raw material areas, especially sugarcane and soybeans, with revenue and profit targets set for the year. Despite the perceived difficulty in the economy, QNS remains optimistic about its business prospects.