In the first 3 months of the year, 4 factories of Samsung Electronics (Korea) located in Vietnam earned more than 24 trillion won, equivalent to nearly 20.2 billion USD at the exchange rate at the end of March.
The first quarter financial report of Samsung Electronics Group (Korea) said that the electronics maker recorded over 77.781 billion won in revenue in the first quarter of this year, equivalent to 64.58 billion USD equivalent to exchange rate as at 31/3. Compared to the same period in 2021, the above-mentioned revenue increased by 19%.
Thanks to a significant improvement in gross profit margin from 36.5% last period to 39.5% this period, along with a 14% (approximately USD 1.45 billion) reduction in selling and administrative expenses, profit after tax of this electronics manufacturer increased by 59%, reaching nearly 5.93 billion USD.
Also in this report, Samsung Electronics announced the business results of 4 factories located in Vietnam, including Samsung Electronics Vietnam THAINGUYEN Co., Ltd. (SEVT); Samsung Electronics Vietnam Co., Ltd. (SEV); Samsung Display Vietnam Co., Ltd. (SDV) and Samsung Electronics HCMC CE Complex Co., Ltd. (SEHC).
Specifically, in the first quarter of this year, these 4 factories brought in a total of more than 24 trillion won for parent group Samsung Korea, equivalent to 20.19 billion USD at the exchange rate at the end of March. Last year, the revenue of four Samsung factories in Vietnam increased by 22%.
In which, the factory that contributes the most revenue for Samsung in Vietnam market is still Samsung Thai Nguyen (SEVT) with 8.89 billion USD in the first quarter, up 30% over the same period. This is also the highest level of revenue that this factory has recorded in a business quarter.
In addition to Samsung Thai Nguyen, the remaining 3 factories of this group in Vietnam market also recorded revenue growth in the first quarter of this year. In which, Samsung Bac Ninh’s revenue (SEV) increased by 9%, bringing in 4.89 billion USD; Samsung Display (SDV) increased by 28%, contributing USD 4.77 billion and Samsung HCMC CE (SEHC) brought in USD 1.64 billion, up 10%.
After deducting incurred costs, 4 factories in Vietnam brought the parent group more than 1.45 billion USD in profit, also up 21% over the same period last year.
With this target, Samsung Thai Nguyen is also the factory with the highest profit contribution with nearly 810 million USD in the first quarter, up 45% over the same period.
Still ranked second, but the profit of Samsung Bac Ninh factory in the last quarter decreased by 13%, reaching 361 million USD. Similarly, Samsung Display’s profit also decreased by 31%, contributing 111 million USD.
Meanwhile, Samsung HCMC CE brought in 170 million USD in profit in the quarter, up 155%.
By the end of March, the total assets of 4 Samsung factories located in Vietnam reached over 44 trillion won, equivalent to nearly 37 billion USD and increased by 9% over the same period last year. This balance is equivalent to nearly 15.4% of total assets of Samsung subsidiaries located globally.
@ Zing News
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Source: Vietnam Insider