Accordingly, the first quarter revenue of Nam Kim Steel reached VND 4,852 billion, an increase of 97.9% over the same period in 2020. COGS increased more slowly at 89%, bringing the gross profit of Nam Kim Steel to more than 610 billion in the first quarter of the year, nearly 2.9 times higher than the gross profit earned in the first quarter of 2020.
Gross profit margin improved by 3.92 percentage points to 12.57%.
Financial activities still reported a loss of more than 54 billion dong in this quarter, but less than the same period in 2020 (a loss of more than 83 billion dong).
The strong increase in revenue caused selling expenses to remain high at 173 billion dong, up 179% compared to the first quarter of last year. General and administrative expenses also increased sharply at 42%, reaching over VND 26.9 billion.
Notably, Nam Kim Steel recorded a surprisingly high other profit of more than 10 billion while the same period last year, this item only recorded a modest amount of less than 1 billion dong.
Closing the first quarter, Nam Kim Steel stormed after-tax profit of more than 318 billion dong, nearly 7.7 times higher than the same period in 2020.
In terms of asset structure, by the end of the first quarter of 2021, the total assets of Nam Kim Steel increased by 30% compared to the end of 2020 to VND 10,101 billion. In which, cash and cash equivalents increased by more than 517 billion dong to 737 billion dong. Inventory also increased by more than 1,129 billion dong, at the end of the first quarter reaching a value of over 3,500 billion dong.
Moving in the same direction with assets, total liabilities of Nam Kim Steel also increased 44% compared to the end of last year to 6,601 billion. In which, short-term debt increased by 22% to 3,081 billion dong.
In 2021, Nam Kim Steel plans to submit to the AGM a business plan with target revenue of 16,000 billion VND, an increase of more than 37% compared to 2020. Expected profit after tax is 600 billion VND, the increase Expected growth is 103%.
The results obtained in the first quarter of Nam Kim Steel have completed 30% of the revenue plan and 53% of the profit plan.
NKG shares of Nam Kim Steel closed on April 19 at the price of 27,000 dong / share. Market capitalization is estimated at over 4,600 billion VND.
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