Vicem's Pre-Tax Loss Exceeds 500 Billion VND in 2023 Amidst Toughest Phase in History

Vietnam Cement Corporation (Vicem) reported a massive pre-tax loss in 2023, marking its most challenging period in history.

Photo by Mitch Harris / Unsplash

In 2023, Vicem faced unprecedented challenges, leading to a significant pre-tax loss of over 500 billion VND. The total consumption of cement and clinker for the year was 22.58 million tons, achieving only 90.2% of the planned target and a decrease of 18% compared to 2022.

The revenue stood at 30.169 trillion VND, reaching 86% of the plan and a decline of over 23% from the previous year. The company's profit before tax, excluding exchange rate differences, was a negative 502 billion VND, a stark contrast to the 1.476 trillion VND earned in 2022.

High fixed costs per ton of product, along with high prices for raw materials, contributed to these results. The shift in demand from bagged to bulk cement also affected Vicem's profitability due to the brand value associated with bagged cement.

Source: Stockbiz.vn