Quang Ngai Duong, the owner of Vinasoy soy milk, reported more than 7,300 billion VND in currency and equivalents by the end of March. This marked a 13% increase compared to the beginning of the year. The information was detailed in the financial report released by Quang Ngai Sugar Joint Stock Company (QNS).
The company had deposited 6,760 billion VND in the bank for a term of 3-12 months, an increase of 10% from the start of the year. Additionally, shorter-term deposits of 503 billion VND were also made. Apart from the Vietnamese dong, QNS had over 957,000 USD deposited in the bank, double the amount from the beginning of the year. The foreign currency amount was valued at over 24 billion VND according to Vietcombank’s exchange rate.
In total, QNS had more than 7,300 billion VND in cash and equivalents, accounting for 54% of total assets, which stood at over 13,577 billion VND by the end of March. The favorable business performance of Vinasoy contributed to a profit of nearly 532 billion VND in the first quarter of the year, a 68% increase from the previous year. The profit increase was mainly attributed to sugar production and business operations.
QNS also recorded an increase in beer and confectionery consumption despite challenging economic circumstances. Despite this challenge, QNS plans to invest heavily in markets and raw material areas particularly sugarcane and soybeans to achieve its revenue target of 9,000 billion VND and profit target
