Vicostone (VCS) targets more revenue and profit this year
Stone maker Vicostone JSC (VCS) targets to achieve total revenue of VND6.65 trillion (US$279.9 million) this year, an increase of 19.6 per cent compared to 2019.
Pre-tax profit is estimated to reach VND1.98 trillion, up by 19.8 per cent compared to the profit achieved in 2018.
In 2020, Vicostone plans to develop digital transformation comprehensively in all fields of production and corporate governance.
At the same time, the company will deploy a localisation strategy of raw materials to increase the input supply autonomy to over 95 per cent, besides improving productivity and quality of output products.
From the beginning of 2019, VCS shares rose from the price of VND55,000 per share to VND100,000 per share at the end of September. However, VCS then plummeted and is currently trading around VND53,000 per share, closing Tuesday at VND53,200 per share.
In 2019, VCS achieved total revenue of VND5.3 trillion, an increase of nearly 23 per cent year-on-year and pre-tax profit of VND1.65 trillion, up by 25 per cent compared to the previous year. Earnings per share (EPS) in 2019 reached VND8,114.
The company said from October 2018 onwards, the US imposed anti-dumping tax on Chinese quartz stone products, causing a fall in the US’ stone import volume from China.
This is an opportunity to increase exports of quartz stone products to the US market for exporters from other countries, including Viet Nam, VSC said.
In 2019, Vicostone focused on the expansion of new potential markets via its agency system, helping export turnover increase by nearly 30 per cent compared to 2018.
Vicostone's revenue mainly comes from the exports to major markets of North America, Australia and Europe. Revenue from these markets accounted for 98 per cent of Vicostone's total export revenue in the 2014-2019 period.