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Vicostone's (VCS) profit to soar 73% in Q2
Vicostone Joint Stock Company estimated its revenue and pre-tax profit in the second quarter of this year jumped 59.2 per cent and 73.2 per cent year-on-year to nearly VND1.8 trillion (US$77.3 million) and VND528 billion ($23 million), respectively.
In its Q2 earnings estimates, Vicostone attributed these positive outcomes to the Board of Management's sustainable development strategy, business sensitivity and determined leadership, as well as corporate risk management capabilities and proactive response to overcome unpredictable changes in the global economy, as well as the assistance of the parent firm – Phenikaa Group.
The positive performance in the April-June period allowed Vicostone to make the first dividend payment for 2021 in cash at the rate of 20 per cent, worth VND320 billion, the company said in a statement.
According to Vicostone, the first six months of 2021 was the time in which the policies on the localisation of input material production and enhancement of penetration into the global material supply chain, with technical and manpower support from Phenikaa Group, proved effective and appropriate to the company’s strategic direction.
Thank to these policies, Vicostone has almost achieved a full self-supply of input materials as the company managed to produce cristobalite and quartz, the two main materials, on its own.
Furthermore, polyester resin, one of the main ingredients for quartz production and accounting for about 40 per cent of the end-product, has been solely provided by Phenikaa Chemical Plant with superior qualities compared to the imported supplies.
By achieving these results, Vicostone has become less dependent on imported materials, limited the risks of currency exchange rates, optimised production costs, assured the quality of supplies and products, improved production efficiency and enhanced its market competitiveness.
As one of the three largest suppliers of engineered stone countertops to the global market, Vicostone always strives to initiate new trends, lead the market and stay creative and innovative.
Between January and June, Vicostone introduced to the international market five new brands for the two product series - Acqua Quartzite Series and Calacatta Series. The brands are to dominate the interior design sector in 2021-22 and have been well-received by customers and users on international markets.
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