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| Workers sew clothes for export at TNG’s Đại Từ Garment Factory. — VNA/VNS Photo |
HÀ NỘI — By the end of the third quarter of 2024, TNG Investment and Trading JSC reported revenue of VNĐ2.35 trillion (US$94.32 billion), with net profit reaching VNĐ111 billion, reflecting year-over-year increases of 12 per cent and 63 per cent, respectively.
According to TNG’s leadership, the company’s order book is full through to the end of the year, positioning it well to meet annual business targets.
Orders have surged from traditional clients, including Asmara, Decathlon and Sportmaster and are now complemented by new partnerships with brands such as H&M and Walmart. This diversification strategy helps mitigate reliance on any single market.
Notably, the ties with Decathlon, the world’s largest sporting goods retailer, continues to elevate its strategic partnership and places the company among its top three global suppliers. TNG leadership anticipated an increase in orders which could drive future growth.
To keep pace with rising demand, TNG recently expanded production capacity by adding 45 new production lines, boosting overall output by 15 per cent.
In an analysis by DSC Securities, TNG’s enhanced capacity could enable them to handle more orders as demand in the textile sector rebounds.
Additionally, with potential shifts in global order distribution, TNG may see more contracts from clients like H&M and Decathlon, currently manufacturing in Bangladesh, should political challenges persist in that region.
TNG’s profitability is also gradually improving, with its gross profit margin reaching 14.5 per cent in Q3, a rise of over 700 basis points compared to the same period last year, thanks to the robust recovery of high-margin FOB orders.
DSC Securities forecasts TNG’s net profit for the year could reach VNĐ303 billion, up 38 per cent from 2023. — VNS
Source: Vietnam News/ Vietnam Insider