Vicostone Posts Higher Fourth Quarter Profit Despite COVID-19 Pandemic
VIETNAM, December 31 –
A Vicostone employee presents his products to a foreign customer. – Photo courtesy of the company
HÀ NỘI – Vicostone Joint Stock Company (HNX: VCS), part of the Phenikaa group, recorded increases of 11.76% and 2.48% respectively in net and pre-tax sales in the fourth quarter.
For the full year 2021, Vicostone estimates that its net sales and profit before tax will exceed 7 trillion yen (303 million US dollars) and 2,000 billion yen, respectively, or 3.9% and 9.2% more than its annual targets.
During the year, Vicostone’s revenues in major markets continued to grow steadily, particularly in Canada, where the company recorded the strongest revenue growth on record, 150% over the previous year. .
According to the company, in 2021, the world entered the phase of “living together” with COVID-19, and there had been new challenges globally, from inflation to disruption of the supply chain. ‘supply.
Several new strains of the coronavirus have also created new pressures on countries in their efforts to revive their economies.
Việt Nam has also faced complicated and unpredictable developments from the COVID-19 pandemic, which have hampered its economic recovery and forced many provinces and cities to take drastic measures to prevent and control the pandemic, such as social distancing, travel restrictions, and large-scale testing.
The country’s third-quarter GDP fell 6.17% year-on-year, the largest drop since 2000. Although the recovery in GDP in the fourth quarter brought annual growth to 2.58%, the COVID-pandemic 19 again had a heavy impact on socio-economic development at the national level.
Against such a difficult backdrop, Vicostone nonetheless recorded positive business results in 2021, demonstrating the company’s overall proactive and adaptive strategy in terms of people, systems and production amid the COVID-19 pandemic.
High-quality quartz-based reconstituted stones from Vicostone under the brand VICOSTONE® Quartz Surfaces are shipped to over 40 countries. – Photo courtesy of the company
With the support of the Phenikaa group, Vicostone has been completely self-sufficient in raw materials such as quartz, cristobalite and resin, thus minimizing the risks of dependence on imported raw materials, the risks of fluctuations in exchange rates. , price optimization, product quality improvement and effective control of production costs, many companies in the same industry struggling due to disruptions in the global supply chain.
At the same time, Vicostone has also developed production scenarios adapted to face each pandemic situation. The company has implemented the “3 in place” model and line work to ensure its stable production.
It also provided a third dose of a coronavirus vaccine to all employees, while performing regular health checks and providing employees with up-to-date information on the pandemic.
In addition, Vicostone has always partnered with government and local authorities to implement meaningful community activities.
With the efforts and results achieved during the difficult year of 2021, Vicostone has been appreciated not only by the Vietnam Business Council for Sustainable Development, but also through numerous awards from prestigious organizations, including the Top 50 listed companies in Việt Nam, Hà Nội’s 10 key industrial products, the 50 best performing companies in Vit Nam and the 500 largest companies in Việt Nam. – VNS