Sao Mai Group (ASM) has announced its business results in the second quarter of 2020 in its consolidated financial report, with its after-tax profit surging 34.5% to reach VND161.3 billion.
Sao Mai solar power plant in the Cam Mountain area in An Giang Province
Accordingly, its net revenue from the sale of goods and services hit nearly VND2.9 trillion in the three-month period, down 20.6% year-on-year. However, the cost price of goods decreased 24%, so the group’s gross profit in the period went up 18% to VND365 billion.
Its revenue from financial services was more than VND55 billion, double the figure recorded in the same period last year. However, its financial expenditures also rocketed 75%, so Sao Mai recorded after-tax profit of VND161.3 billion, including VND135.7 billion of the parent company.
The group generated total revenue of VND6.1 trillion in the first half of the year, marking a rise of 14.6% over the year-ago period.
Sao Mai has fulfilled 41% and 36% of the full-year revenue and profit targets, which were set at VND14.7 trillion and VND870 billion.
According to ASM, its after-tax profit surged in the second quarter as it earned VND139.1 billion in revenue from solar power, which had yet to help the company generate revenue in the second quarter of last year. In addition, its financial revenue surged 154.6%, or VND33.7 billion.
As a multisector firm, Sao Mai has achieved significant growth in the aquaculture, tourism, solar power and real estate sectors. It has recently started work on the Sao Mai Tay Cai Dau new urban area project, which requires over VND1.2 trillion in investment and 62 hectares of land.