Vicostone posts higher profit in Q4 despite COVID-19 pandemic

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A Vicostone employee introduces its products to a foreign customer. — Photo courtesy of the company

HÀ NỘI — Vicostone Joint Stock Company (HNX: VCS), a member of Phenikaa Group, posted respective year-on-year increases of 11.76 per cent and 2.48 per cent in its net revenue and pre-tax in the fourth quarter.

For the whole of 2021, Vicostone estimates its net revenue and pre-tax profit to surpass VNĐ7 trillion (US$303 million) and VNĐ2 trillion respectively, 3.9 per cent and 9.2 per cent higher than its yearly targets.

During the year, Vicostone’s revenue from major markets continued to grow steadily, especially in Canada where the company recorded the highest ever revenue growth, 150 per cent compared to the previous year.

According to the company, in 2021 the world entered the phase of “living together” with COVID-19, and there had globally been new challenges from inflation to supply chain disruption.

Several new strains of the coronavirus have also created new pressures on countries in efforts to revive their economies.

Việt Nam also faced complicated and unpredictable developments from the COVID-19 pandemic, which have hindered its economic recovery and forced many provinces and cities to take drastic measures in pandemic prevention and control such as social distancing, travel restrictions and large scale testing.

The country’s GDP in the third quarter fell by 6.17 per cent year-on-year, the deepest decline since 2000. Although fourth-quarter GDP recovery brought the full-year growth to 2.58 per cent, the COVID-19 pandemic still had a heavy impact on socio-economic development on a national scale.

In such a difficult context, Vicostone still recorded positive business results in 2021, demonstrating the company’s comprehensive and adaptive proactive strategy in terms of people, systems and production amid the COVID-19 pandemic.

Vicostone ‘s high-quality quartz-based engineered stones under the VICOSTONE® Quartz Surfaces brand shipped to more than 40 countries. — Photo courtesy of the company

With support from Phenikaa Group, Vicostone has been completely self-sufficient in raw materials such as quartz, cristobalite and resin, thereby minimising risks of dependence on imported raw materials, risks of exchange rate fluctuations, optimising prices, and improving product quality and effectively controlling production costs, with many enterprises in the same industry encountering difficulties due to global supply chain disruptions.

At the same time, Vicostone has also drawn up suitable production scenarios to cope with each pandemic situation. The company has implemented the “3-on-the-spot” model and online work to ensure its stable production.

It has also provided a third dose of a coronavirus vaccine shot for all employees, while regularly conducting health checks and providing employees with updated information about the pandemic.

Additionally, Vicostone has always joined hands with the Government and local authorities to implement meaningful community activities.

With the efforts and results achieved in the challenging year of 2021, Vicostone has been appreciated by not only the Vietnam Business Council for Sustainable Development, but also through many awards from prestigious organisations, including the Top 50 best listed companies in Việt Nam, Hà Nội’s 10 key industrial products, Việt Nam’s 50 best-performing companies, and the Top 500 largest enterprises in Việt Nam. — VNS

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