Coal companies announce strong profit results in Q4
Coal companies simultaneously announced strong growth results in the fourth quarter of 2022.
Cọc Sáu Coal (TC6) achieved the strongest growth in the quarter with a 10-fold increase over the same period last year. This is due to a sharp increase in profit margin of 33 per cent in the fourth quarter of 2022, while in the same period of 2021 it reached only 9 per cent.
It was followed by Cao Sơn Coal (TCS), seeing net profit of VNĐ168 billion (US$7.2 million), up 154 per cent over the same period of 2021. Gross profit margin also increased sharply by 13 per cent.
Meanwhile, Vàng Danh Coal (TVD)’s net profit reached VNĐ148 billion, doubling the same period of 2021.
Hà Tú Coal (THT) and Núi Béo Coal (NBC) also recorded an increase in net profit of 96 per cent and 70 per cent in Q4, respectively. Đèo Nai Coal (TDN) also had a profit of VNĐ37 billion, a sharp increase compared to the loss of VNĐ1 billion in the fourth quarter of 2021.
In particular, there was the case of Hà Lầm Coal (HLC) reporting a net profit rise of 85 per cent to VNĐ12 billion.
Explaining this impressive business result, most coal enterprises attributed the profit growth to the strong increase in coal production, consumption and TKV Group's adjustment of coal selling prices.
Except for Cao Sơn Coal (CST) whose revenue decreased by 27 per cent in the fourth quarter, the remaining enterprises all had high revenue growth, in which the most impressive was the revenue growth of Vinacomin - Coal Import Export Joint Stock Company (CLM). Net revenue of CLM in the fourth quarter reached VNĐ3.2 trillion, up 391 per cent year-on-year.
Mông Dương Coal (MDC) and Vàng Danh Coal (TVD) experienced revenue growth rates of 69 per cent and 49 per cent, respectively.
Although Cao Sơn Coal (CST) led in profit in terms of value, the most impressive growth belonged to Vinacomin - Coal Import Export Joint Stock Company (CLM) as this company's profit after tax was VNĐ337 billion, 11 times higher than the same period in 2021. Basic earnings per share (EPS) of CLM in 2022 was VNĐ30,672, among the top companies with the highest EPS on the stock exchange.
Although Cọc Sáu Coal (TC6) recorded high profit in the fourth quarter, it was not enough to make up for the large loss in the third quarter, making the whole year’s profit reach only VNĐ400 million.
Thanks to the high profit results, the majority of coal enterprises together far exceeded the business targets of 2022.