911 Group (NO1) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached VND 445.96 billion, up 190% year-over-year, with net profit after tax at VND 14.65 billion, a sixfold increase from the same period last year.

• Gross profit margin improved to 8.6% from 4.1% year-over-year, driven by strong sales growth in machinery and equipment.

• The company maintained a stable capital structure, with equity at VND 323.2 billion and total assets at VND 584.8 billion as of June 30, 2024.

• No significant post-balance sheet events or adjustments were required after June 30, 2024.

Financial highlights

• Operating profit for H1 2024 was VND 17.87 billion, up from VND 4.31 billion year-over-year.

• Financial income dropped to VND 2.3 billion from VND 17.7 billion year-over-year, while financial expenses decreased to VND 6.27 billion.

• Cash and equivalents rose to VND 167.3 billion from VND 47.1 billion at the start of the year.

• Total liabilities increased to VND 261.6 billion, mainly due to higher short-term payables and borrowings.

• Basic EPS for H1 2024 was VND 610, up from VND 103 in H1 2023.

Outlook and guidance

• The company continues to focus on wholesale machinery and equipment, with a positive outlook supported by robust domestic demand.

• Management expects continued growth in sales and profitability, leveraging increased working capital and expanded customer base.