Thống Nhất Rubber Co. (HOSE: TNC) reported its Q1/2025 financials with a net revenue of 33.3 billion VND, down 16% year-on-year. However, gross profit increased by 95% to 11.9 billion VND due to an improved gross profit margin. Despite rising selling and administrative expenses, pre-tax profit reached 7.88 billion VND, up 95% from the previous year. The primary reason for this improvement was increased revenue from banana sales, which totaled 19.8 billion VND, while revenue from rubber latex fell by 28% to 12.6 billion VND. Banana has now become a key product alongside rubber. In 2024, banana revenue reached 68 billion VND, slightly surpassing rubber latex at 64 billion VND. Hoàng Anh Gia Lai (HAGL) also reported positive results, with revenue growth driven by banana sales in Q1/2025.
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