- SZC released its Q3 2022 results with revenue declining 24% YoY to VND123bn (USD5.1mn) and NPAT-MI plunging 65% YoY to VND23bn (USD960,000). While the top line was weak due to limited land sales recognition, the bottom line was further dragged by NPM compression to 19% in Q3 2022 vs 41% in Q3 2021.

- In 9M 2022, SZC’s revenue increased 17% YoY to VND663bn (USD28mn), but its NPAT-MI plunged 38% YoY to VND160bn (USD6.7mn), representing 49% and 51% of our respective full-year forecasts. 

- The divergence between the top-line and bottom-line growth in 9M 2022 was mainly due to an NPM contraction of 21 ppts YoY to 24% in 9M 2022 vs 45% in 9M 2021.

Powered by Froala Editor