Vicostone JSC estimates pre-tax profit reaches 80% of full-year target in Q3

The Covid-19 pandemic has had negative impacts on the global scale, resulting in the increase of infection cases and fatalities. In face of the outbreak, social distancing measure has been enforced in different areas and production activities have been halted, causing the disruption of the global supply chain and impeding the global market demand for goods and services.

In Vietnam, the third outbreak of the Covid-19 pandemic, which started in late April 2021 and spread across most of the provinces and cities, has triggered a series of effects on local areas, especially Hanoi and HCM City.

By virtue of strong adaptive capacity, timely transformation in connection with market changes and solid corporate governance in pursuance of sustainable development, Vicostone has overcome the challenges and uncertainties created by the outbreak. At September end, the Company recorded net revenue and pre-tax profit were about VND1.86 trillion and VND574.6 billion, respectively, up 23.5% and 22.4% on-year. After nine months, the figures have reached 76.5% and 80.2% of the full-year goals.

Under the support of Phenikaa Group, Vicostone has successfully mastered the technology, which allows the Company to self-supply and localize the making of Cristobalite, Quartz and Resin as main inputs for stone engineering. The success has also enabled Vicostone to reduce the dependence on imported materials, limit the risks of foreign exchange rates, optimize costs and prices, deliver satisfactory outcomes and improve market competitiveness while others have been struggling with the downturn and disruption of the global supply chain.

Based on the profound financial strength, efficient material self-supply and determined actions to fight the disease, Vicostone has executed a number of policies and measures to stabilize the production and secure jobs for the employees, such as the “3 on-site acts” that encourage the employees being asked to work at the factory and those being required to work from home, and provide immunization for all employees at the Company.

In addition, Vicostone and Phenikaa Group have done charity works to support Vietnamese people amid the pandemic. Phenikaa Group and its members have donated nearly VND50 billion worth of cash, commodities and technological products such as disinfection robots and Covid tracking maps to assist local people and authorities in the fight against the pandemic. Those actions are the proof for the idea of “a conscious business” at Phenikaa Group and Vicostone in efforts to fulfill all commitments and responsibilities to make things better for all concerned parties.

Vicostone will keep striving and hasten the production in the fourth quarter to beat the target set by the shareholders at the Annual General Meeting of Shareholders 2021.