Century Fiber Co., Ltd. (STK) has just announced its audited financial report for 2024, showing unchanged revenue of 1.210 trillion VND. However, net profit dropped to 12.4 billion VND, down 73% from 45.6 billion VND before the audit due to a 64% increase in financial expenses. This adjustment resulted from changes in accounting for the unrealized exchange rate difference of Unitex Project. Net profit for 2024 is an 86% decrease compared to 2023, marking the lowest level in 17 years. STK aims for a net revenue of 3.270 trillion VND in 2025, up 270%, and a net profit of 310 billion VND, up 2.498%. The driver will be the Unitex plant, expected to operate in Q2 2025 with a capacity of 36,000 tons/year, focusing on high-value products and maintaining a recycled fiber ratio of 44.5%. The company plans to expand the Unitex plant and join the Fiber-Weaving-Textile Alliance, aiming for 60-70% recycled fiber ratio. Additionally, STK will cancel the 15% dividend stock issuance plan for 2023 and instead aim to pay dividends for 2023-2024 in 2025.
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