Vinasoy’s Parent Company Quang Ngai Sugar Joint Stock Company Boasts Record Cash Reserves Despite Economic Challenges

According to financial reports released by Quang Ngai Sugar Joint Stock Company (QNS), the company had more than 7,300 billion VND in cash and equivalents by the end of March, representing a 13% increase from the beginning of the year. This includes gold and US dollars deposited in banks.

QNS deposited 6,760 billion VND in the bank for a term of 3-12 months, an increase of 10% from the start of the year. Additionally, shorter-term deposits of 503 billion VND were also made. The company had over 957,000 USD deposited in the bank, double the amount from the beginning of the year. The foreign currency amount was valued at over 24 billion VND according to Vietcombank’s exchange rate.

The owner of Vinasoy soy milk, Duong Quang Ngai, also held 4 tael of gold bars and one tael of SJC gold ring, initially purchased in 2023. The current value of the gold was almost 40.5 million VND. The company also had over 15.6 billion VND in cash in the fund, a decrease of 11% since the start of the year.

In total, QNS had more than 7,300 billion VND in cash and equivalents, accounting for 54% of total assets that stood at over 13,577 billion VND by the end of March. The favorable business performance of Vinasoy contributed to a profit increase of nearly 532 billion VND in the first quarter compared to previous years due to sugar production and business operations. Despite challenging economic circumstances, QNS recorded an increase in beer and confectionery consumption as well as sugarcane and soybeans production plans for future investments with revenue targets set at 9,000 billion VND and profit targets at