VIMID achieved a breakthrough in growth 2024 Revenue Surges, Profit Quadruples

Vietnam Machine Investment Development Joint Stock Company (VIMID – stock code: VVS) has released its audited financial report for 2024, marking an exceptionally successful year with robust growth across all indicators. The results not only demonstrate the company’s solid foundation amid a challenging economic situation, but also signal strong prospects for future development, bringing confidence and optimism to all shareholders.

In 2024, VIMID recorded total revenue of VND 3,891 billion, representing an increase of 71% compared to 2023. This impressive performance emphasised the effectiveness of the company’s business strategy, as well as its ability to capture market momentum in alignment with the economy’s recovery and expansion. The results reaffirm VIMID’s strong growth potential and strategic positioning in the years ahead.

One of the key factors behind VIMID’s remarkable growth in 2024 was the boom in large-scale infrastructure projects nationwide. The Vietnamese Government’s strong push for public investment, expansion of logistics networks, and the construction of major expressways, particularly the North–South Expressway project, have fueled strong demand for medium and heavy-duty trucks. Capitalizing on this opportunity, VIMID successfully expanded its market share and boosted sales performance.

Beyond record-breaking revenue, VIMID also achieved significant progress in financial management. In 2024, the company’s financial expenses decreased by nearly 50% year-on-year, down to VND 125 billion. This was largely the result of a strategic shift from LC UPAS (Usance Payable at Sight Letters of Credit) to deferred payment LCs, which effectively reduced financial pressure and optimized cash flow management.

Additionally, VIMID implemented effective foreign exchange risk management measures. Despite a roughly 5% increase in exchange rates during the year, the company maintained stable operations and minimized adverse impacts on business performance — a testament to the management team’s flexibility and financial prudence.

Thanks to robust revenue growth and cost optimization, VIMID delivered outstanding profitability in 2024. The company’s gross profit reached VND 281 billion, a 30% increase year-on-year, while net profit surged nearly fourfold to approximately VND 69 billion. This places VIMID among the top-performing companies in the sector, affirmed its strong financial position and operational efficiency.

Moreover, VIMID continues to outperform industry peers across key financial indicators. The company’s earnings per share (EPS) reached VND 3,179/stock, the highest in the sector, while its P/E and P/B ratios stood at 5.0 and 0.98, respectively — significantly below industry averages. These metrics suggest that VVS stock still remains undervalued relative to its potential intrinsic value, offering an attractive investment opportunity with substantial upside potential for long-term growth.

Building on its impressive business performance in 2024, VIMID is well-positioned to seize new opportunities for accelerated growth in the coming years. The company continues to implement strategic initiatives aimed at enhancing customer value, optimizing operations, and expanding market presence. Its nationwide 3S service station network is comprehensively invested and continuously expanded, delivering a complete, customer-centric experience. From providing high-quality products and genuine spare parts to offering professional maintenance and repair services, VIMID consistently elevates its service standards to ensure maximum customer satisfaction.

At the same time, VIMID is actively pursuing sustainable development strategies, investing in advanced technologies, process innovation, and modern management solutions to improve operational efficiency and cost optimization. With a solid foundation, agile business strategy, and strong financial capacity, VIMID not only continues to strengthen its market position but is also ready to scale up operations, lead industry trends, and move toward a sustainable and breakthrough phase of growth in the future.