Thaco Agri starts to make a profit

In a report sent to the Hanoi Stock Exchange (HNX), Truong Hai Agriculture Joint Stock Company (Thaco Agri) recorded a profit after tax of more than VND 41.5 billion. This is the company's first reported profit since announcing the information.

Thaco Agri had suffered losses for the previous two consecutive years. Mr. Tran Ba ​​Duong - Chairman of the Board of Directors of Thaco, once expected the company to be profitable in 2022, but the result was a deficit of more than VND 868.5 billion in profit. In 2021, this business will lose more than VND 513.6 billion.

Improved profits in 2023 also increased the company's equity by 26%, reaching more than VND 14,300 billion. At the same time, total liabilities increased by 31% to nearly VND 37,182 billion, 2.6 times higher than capital. Outstanding bond debt accounts for a low proportion of about VND 2,860 billion.

Thaco Agri is a member of Truong Hai Group (Thaco Group), with Mr. Tran Ba ​​Duong as the legal representative. The company was established in 2018 to develop the agricultural segment through strategic cooperation with Hoang Anh Gia Lai. This business took over Hoang Anh Gia Lai Agriculture Joint Stock Company (HAGL Agrico) in 2021 and is trying to erase accumulated losses of nearly VND 8,150 billion after 12 consecutive quarters of poor business.

At the business summary conference earlier this year, Mr. Tran Ba ​​Duong said that Thaco Agri introduced an integrated, circular crop and livestock production model last year. 2024 will be an important and pivotal year for the business.

In the coming time, Thaco Agri needs to focus on investing in banana cultivation and developing cow herds, going deeper into techniques, disease control and prevention, seed development, and plant protection. In addition, the company will boost output and revenue in three complexes in Cambodia and Laos to gain a foothold in the international market.

Thagrico will continue to focus on developing crop and livestock production. According to the plan, the new planting area will reach more than 7,200 hectares of bananas and 350 hectares of pineapples, and the area of ​​rubber care and harvesting will be more than 9,500 hectares. In the livestock sector, the company wants to increase the total herd of cows to more than 150,000 cows and the total area of ​​fruit trees combined with cow farming to 7,100 hectares; The total herd of pigs reached more than 136,600 heads. Regarding animal feed, the proposed production target is 120,000 tons.