Phước Hòa Rubber to acquire $11.26 million of rubber latex from Cambodian subsidiary
Phước Hòa Rubber to acquire $11.26 million of rubber latex from Cambodian subsidiary
The plan will be carried out over the next 12 months.
Workers at a processing plant of Phước Hòa Rubber. — Photo phr.vn |
Phước Hòa Rubber JSC, listed on the Hồ Chí Minh Stock Exchange (HoSE), has outlined a plan to procure rubber latex from its subsidiary in Cambodia over the next 12 months.
The company aims to purchase processed rubber latex from Phước Hòa Kampong Thom Rubber Development Co., Ltd., with a total value of around VNĐ282.86 billion (US$11.26 million), under a 12-month contract.
As of December 31, 2024, Phước Hòa Rubber held a 100 per cent stake in Phuoc Hoa Kampong Thom Rubber Development Co., Ltd., representing an investment of over VNĐ917.8 billion.
The subsidiary, located in Boeung Lavea Commune, Santuk District, Kampong Thom Province, Cambodia, primarily engages in the cultivation and processing of natural rubber.
In the fourth quarter of 2024, Phước Hòa Rubber recorded revenue of over VNĐ626 billion, up 35.8 per cent year-on-year.
Its profit after tax reached VNĐ242 billion, reflecting a 55.1 per cent rise from the previous year, with gross profit margins improving from 18.4 per cent to 33.5 per cent.
The significant increase in profit during the quarter was attributed to a rise in rubber latex prices from 2023, leading to increased gross profits from rubber production and business activities.
For the whole of 2024, the company reported revenue of over VNĐ1.63 trillion, a 20.9 per cent increase from the previous year, while profit after tax amounted to VNĐ494.95 billion, a 25.2 per cent decrease year-on-year.
