A raft of businesses spanning a range of sectors have reached their full-year profit targets ahead of time, despite the economic headwinds.

Of these, PetroVietnam Technical Services Corporation (ticker PVS) and PetroVietnam Drilling and Well Services Corporation (ticker PVD) are good examples in the petroleum sector.

In the third quarter of this year, the crude oil price regained growth momentum amidst a spike in global consumer demand, which fuelled oil and gas exploration and exploitation activities and paved the way for petroleum businesses to outperform their full-year business targets.

By the end of Q3, PVS counted $53.12 million in revenue, up 14 per cent, and nearly $25.6 million in post-tax profit, showing a 33.6 per cent jump on-year.

Compared to its full-year projections, the company has already reached 95 per cent of its revenue target and exceeded the profit target by more than 8 per cent.

At PVD, the company was in the red in 2022 due to unfavourable business conditions.

This year, thanks to the higher unit price for the rental of jack-up drilling rigs and incremental increases in the volume of drilling services, the company raked in $14.5 million in post-tax profit over the first three quarters, exceeding its full-year profit target by 244 per cent.

Building material production has been among the sectors facing multiple hardships over the past year due to the feeble demand and sluggish real estate market, yet several units in this sector have eyed exceptional growth.

Over the year to date, Viglacera Corporation (ticker VGC) has scaled up its efforts to boost sales, focussing on tech investments and green production. The company has also posted sound business results from its industrial real estate segment.

By Q3, VGS counted $429 million in revenue, equal to a 65 per cent of the full-year plan, and its pre-tax profit hit $67 million, soaring to 31 per cent over its full-year projection.

Similarly, during the period, Rang Dong Light Source and Vacuum Flask JSC (ticker RAL) reaped in $208.4 million in revenue and $16.45 million in post-tax profit, up 20 per cent and 41 per cent respectively.

With such results, RAL has fulfilled 80 per cent of its full-year revenue target, and exceeded its full-year profit goal by 12 per cent.

A source from RAL revealed that its profit came as the company efficiently availed of its resources, leveraging the advantages of digital transformation and automation.

In addition, RAL began to enjoy favourable corporate income tax from early 2023 after being honoured as a science and technology enterprise.

During the period, Binh Minh Plastic JSC reported $156.2 million in revenue, down 16 per cent on-year.

The pharmaceutical industry is a sector that has incurred fewer impacts from the economic downturn, and many units in this sector have reported rosy business results. Both Ha Tay Pharmaceutical JSC (DHT) and Central Pharmaceutical JSC No3 (DP3) have reached their full-year profit targets.

DHT counted $64.3 million in revenue and $3.8 million in pre-tax profit over the first three quarters, up 17 per cent and 14 per cent on-year respectively.

With these figures, the company has achieved 95 per cent of its full-year revenue target, and exceeded its full-year profit target by 12 per cent.

Meanwhile, DP3 posted $13.16 million in revenue, down 13 per cent on-year, yet counted nearly $4 million in pre-tax profit, up 10 per cent. It has exceeded its full-year profit target by 9.3 per cent.

Vietnam Investment Review