Top companies report robust profit in 2010

Most listed firms have already announced their 2010 business performance report, of which there were 133 listed companies who reached a pre-tax profit of more than 100 billion dong each in 2010, amounting to total over 74.6 trillion dong.

Among 20 top profit makers, 17 businesses gained a huge profit of more than 1 trillion dong per company, led by VCB with 5.509 trillion dong and CTG 4.598 trillion dong. Following is ACB with 3.106 trillion dong, STB posting 2.591 trillion dong, and EIB with 2.383 trillion dong.

Of the following 10 companies, there were MSN, BVH, and SSI operating in finance, four including PXV, PVS, PVD and DPM in field of petroleum, VNM, FPT and HPG.

Total profit made by these 20 companies jumped 42 percent against 2009′s 32.078 trillion dong to 45.59 trillion dong last year.

The highest year-on-year profit growth was performed by OGC with 1,581 percent. The figure did not reflect properly because OGC just implemented its restructure in 2010. The second highest rate was MSN with 328 percent attributed to commercial profit of 1.615 trillion dong from buying Nui Phao project and the sharp increase of profits of the investment MSN bought into Techcombank and Masan Food.

Other two companies that had three-digit growth rates were PVX (273 percent) and VIC (127 percent).

Among 5 representatives of real estate group, the lowest profit growth against 2009 was posted by ITA, at 58 percent, and HAG and KBC with over 70 percent.

Regarding banks, the best profit performance was EIB with 55 percent, the lowest was ACB with 9.4 percent of profit growth rate between 2009 and 2010.

SSI was the only firm in top 20 listed shares seeing a reduction of 5.3 percent in 2010 profit from 956 billion dong to 903 billion dong.

The listed companies suffering a profit growth rate of below 10 percent were ACB, HPG 3.6 percent and BVH 6.6 percent. BVH is due to publicise official business results on March 30, 2011.

Most of the firms reached a price to earning (P/E ratio) of less than 10 times. Some of the highest cap stocks also saw a very high P/E ratio, such as BVH with P/E ratio of approximately 50 times, VIC 18 times, MSN 15 times and CTG 14 times.

Tags: Vietnam business, Vietnam enterprises