Cancel
Companies

REE reports a record-breaking profit of $150 mln

Bao Dai Tuesday | 01/31/2023 10:13

Photo: Internet

The Refrigeration Electrical Engineering (HoSE: REE) had a successful year in 2022, earning a profit after taxes of $150 million, up 64% from the year before and exceeding the target by 70%.

In the fourth quarter of 2022, net sales reached VND3,070 billion ($130 million), gaining 62% from the same time the previous year, according to REE's consolidated financial records. 

The electricity and water infrastructure segment and the refrigeration and mechanical segment both experienced significant increases in revenue (up 43% and 2.3 times, respectively, to VND1,647 billion ($70 million) and VND1,160 billion ($50 million), respectively), while the real estate segment's production increased more slowly (up 5% to VND263 billion ($11 million)).

Large revenue led to a gross profit of VND1,351 billion ($57 million), a 57% increase over the same time the previous year.

REE reported VND59 billion ($2.5 million) in finance income and VND313 billion ($13 million) in profit from joint ventures and associates during the quarter.

Therefore, REE still reported an increase in profit before tax of 3%, reaching VND1,060 billion ($45 million); profit after tax increase of 5%, reaching VND968 billion ($41 million), despite an increase in expenses (financial expenses of VND247 billion ($10.5 million), up 22%; administrative expenses of VND304 billion ($12.9 million), doubled); and other losses of VND85 billion ($3.6 million).

The quarterly profit after tax for REE has already surpassed VND900 billion ($38.2 million) three times, making it the highest quarterly profit after tax in the history of the business.

In 2022, REE's net income increased by 61% to VND9,372 billion ($398 million), while its gross profit increased by 86% to VND4,315 billion ($1835 million). The gross profit margin increased significantly from the previous year's 39.76% to 46%.

Profits from joint ventures and affiliates increased by 39% to VND1,077 billion ($35.7 million) during the course of the year. Financial revenue fell 56% to VND202 billion ($8.5 million).

With the largest revenue in its history, REE was able to cover all expenses (financial expenses of VND943 billion ($40 million), up 33%; selling expenses of VND89 billion ($3.7 million), up 5%; administrative expenses of VND580 billion ($24.6 million) up 56%), including other losses of VND107 billion ($4.5 million).

By the end of 2022, REE will have increased its pre-tax profit by 61% to VND3,876 billion ($164 million) and its after-tax profit by 64% to VND3,513 billion ($149 million). This is the most money REE has ever made.

Source: VietnamFinance

Same category news

Hot news of the day

Latest news