VICEM Ha Tien Cement submits targets for 2020

Vietnam’s VICEM Ha Tien Cement reported a five per cent YoY rise in net revenue to VND8839bn (US$379.79m) and profit before tax of VND928bn (up 14 per cent YoY) in 2019.

However, Dinh Quang Dung, company chairman, stated that the company is projected to face risks in the form of COVID-19 and other factors in 2020. Therefore, several targets have been submitted to shareholders for the current year, including a production of 7.33Mt (level with 2019), revenue of VND8584bn (down three per cent YoY) and profit after tax of VND830bn (down 11 per cent YoY).

Cement consumption declined in the first quarter and reportedly continued to decrease in April and May, according to Vietnam News. In the 1Q20 the company saw a net revenue of VND1732bn, falling 13 per cent YoY. Profit before tax rose 3.5 per cent to VND139bn.