Vinasoy Owner Quang Ngai Duong Surges Financial Growth Amid Challenging Economic Times
Quang Ngai Duong reported a whopping 7,300 billion VND in currency and equivalents by the end of March, marking a staggering 13% increase from the beginning of the year. This information was revealed in the financial report of 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, which was an impressive 10% increase from the beginning of the year. Additionally, QNS also had shorter term deposits of 503 billion.
Apart from the dong currency, QNS also had over 957,000 USD saved in the bank, which doubled compared to the beginning of the year. This foreign currency amount is equivalent to more than 24 billion VND based on Vietcombank’s exchange rate. Duong Quang Ngai, the owner of Vinasoy soy milk company, also stored a total of four tael of gold bars and one tael of SJC gold ring purchased in specific prices. Calculated at today’s gold price, this amount is valued at nearly 40.5 million VND.
Furthermore, QNS had more than 15.6 billion VND in cash on hand by March-end. Despite having less cash compared to December-end (2024), it still made up around half of its total assets which stood at over 13,577 billion VND by March-end – reflecting an impressive growth from December-end (2023). The revenue and profit targets set for QNS for this year have not been disclosed yet but are expected to be achieved given its current financial position and business prospects.
Despite facing challenging economic conditions during Covid-19 pandemic period(Quarterly Profit Report), Vinasoy still reported a remarkable profit increase by nearly 68% compared with previous year and maintained stable production operations throughout their business activities with support from trade defense measures . Moreover , beer and confectionery consumption has shown positive trend as well . Looking ahead , QNS plans to invest heavily into markets and raw material areas especially sugarcane and soybeans with optimistic outlook on their business prospects .
