Multinational Investment and Development Corporation (Code IDI) has just announced its 2023 business results with not very positive figures. In which, revenue in the 4th quarter of 2023 reached 1,883 billion VND, profit after corporate income tax reached only 20 billion VND.
IDI's profit dropped 87% due to a sharp decline in pangasius revenue (Photo TL)
By the end of the year, IDI's accumulated revenue reached VND7,221 billion, down 9% over the same period. Of which, revenue from selling goods, finished products, and pangasius decreased by 19% over the previous year, to only VND2,896 billion. Revenue from selling fishmeal and fish oil decreased by 2% to VND2,885 billion. In return, revenue from animal feed increased by 2% to VND1,372 billion.
Financial activities in the year recorded revenue of VND218 billion, up 30% over the same period. The company also recorded interest from dividends, distributed profits of VND11 billion, and interest from investments not recorded in the previous year of VND20 billion.
On the other hand, financial expenses also increased by 34%, to VND412 billion, with interest expenses accounting for VND362 billion. This shows that interest expenses are increasing sharply, putting great pressure on business revenue.
As a result, IDI recorded a net profit of only VND 72 billion in 2023, down 87% compared to the previous year.
At the end of 2023, IDI's total assets reached VND 8,277 billion, not much different from the beginning of the year. Cash and cash equivalents increased by 74% to VND 1,112 billion.
Notably, the company is recording liabilities at VND4,841 billion, up about 3% compared to the beginning of the year. Of which, short-term loans and financial leases account for VND4,090 billion, up about 5% compared to the beginning of the year. The amount of short-term debt is equivalent to nearly half of the current capital that IDI is using.
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