The profit of Saigon Water Supply Corporation, a 100% state-owned enterprise, exceeded trillions for the first time even though the output did not meet the plan.
The financial statements of the Saigon Water Supply Corporation recorded last year’s net revenue of more than 5,920 billion VND, a slight decrease compared to the same period in 2020.
After deducting expenses (most of which is depreciation of water supply system), the company reported a pre-tax profit of more than VND 1,090 billion, up 31% over the same period last year. This is the first time the company has made a trillion dong profit, far exceeding the target of 612 billion dong previously set. It is estimated that the company earns 16 billion dong per day on average and pre-tax profit is approximately 3 billion dong.
Record profit, but the company’s management assessed that last year’s business activities were difficult, consumption volume dropped sharply because of social distancing measures, causing many businesses, production facilities, service businesses, and retailers. goods, trade centers must stop operating. The company set a target of consuming 588 million m3 of water but in reality only reached 560 million m3.
The enterprise responsible for supplying water to the people of Ho Chi Minh City also believes that the investment capital is wasted because many people in many districts still use well water when the water meter is installed. Even if the customer does not use it, the company still has to perform operations such as reading numbers, issuing invoices, and repairing network leaks.
The company sets a target this year revenue is about 5,280 billion dong and pre-tax profit is less than half of the previous year, reaching 527 billion dong. The leadership said that this year’s goal is to maintain the rate of 100% of the city’s households being supplied with clean water and 152 liters per capita per day of domestic water supply per day.
By the end of last year, the company had total assets of 12,800 billion VND. About 3,500 billion VND of this is cash and bank deposits, bringing in more than 100 billion VND in profit.