Binh Minh Plastics Joint Stock Company (BMP)'s recently released consolidated financial statement reveals a revenue increase of over 13% to over 1,308 billion VND. While the cost of goods sold also rose, it did so at a slower pace, leading to a gross profit of 610.8 billion VND, a 21% improvement compared to the same period last year.

The gross profit margin for this quarter reached approximately 46.7%—the highest since Binh Minh Plastics became a subsidiary of Nawaplastic Industries, a member of SCG (Thailand), in early 2018. For two full years, the company has maintained a gross profit margin above 40%.

Financial revenue increased by almost 50% to over 25 billion VND, primarily due to interest income from deposits. This result stems from BMP's increased bank deposits to 2,297 billion VND, up from 1,914 billion VND at the beginning of the year.

Recurring expenses saw a slight increase, but the growth was not substantial. During this period, the company also experienced a more than 50% decrease in other income from the liquidation, sale of fixed assets, and scrap sales.

Overall, Binh Minh Plastics achieved a post-tax profit of nearly 330 billion VND, an increase of almost 18% compared to Quarter II of 2024. This also marks the highest quarterly profit in the company's history.

For the first half of the year, BMP accumulated over 2,691 billion VND in revenue and nearly 617 billion VND in post-tax profit. The company achieved 50% of its revenue target and over 58% of its profit target. If favorable conditions persist, Binh Minh Plastics could achieve the highest profit in its 48-year history by the end of this year.

This positive business performance allows BMP to distribute dividends. The company plans to allocate at least 50% of its post-tax profit for dividend payments this year.

Staff inspecting plastic pipes at the factory. Photo: BMP

Staff inspecting plastic pipes at the factory. Photo: BMP

Last year, Binh Minh Plastics allocated 99% of its profit (over 981.5 billion VND) for cash dividends. Each shareholder received 11,990 VND per share. Thai shareholders received the largest portion, nearly 540 billion VND. This group currently holds nearly 55% of BMP's capital.

It's estimated that Thai shareholders have received approximately 2,530 billion VND in cash dividends over 12 years since their initial investment in Binh Minh Plastics. Previously, SCG spent over 2,800 billion VND in 4 separate purchases of BMP shares. Thus, in terms of cash dividends alone, the Thai group has recouped over 90% of their investment.

Tat Dat