Vicostone’s 2023 revenue hits over $178 million

A Vicostone stone producing line. — Photo courtesy of the company

HÀ NỘI — Vicostone JSC, a member of Phenikaa Group, earned over VNĐ1.15 trillion (US$47.2 million) in revenue in the fourth quarter of last year or equivalent to 94 per cent of the same period last year. 

However, its pre-tax profit and after-tax profit in Q4 saw respective increases of 9 per cent and 15 per cent to VNĐ282 billion ($11.5 million) and VNĐ237 billion ($9.7 million), the company has announced. 

In 2023, the company posted a total revenue of over VNĐ4.35 trillion ($178 million) and a pre-tax profit of over VNĐ999 billion ($41 million). 

According to Vicostone, 2023 was a tough year for the world economy as it continuously faced challenges due to geopolitical instability. As an enterprise with markets spanning across 50 countries in five continents, Vicostone was strongly influenced by global macro factors. 

At the same time, the increasingly fierce competitive pressure with low-cost product lines in the industry also affected Vicostone’s growth in the past year.

Amid the difficult context, Vicostone continued to follow its sustainable development strategy, being proactive and flexible in business to strengthen its foundation in people, systems and technology. 

Regarding corporate governance activities, in 2023, Vicostone focused on controlling and effectively cutting costs to optimise business management and operations, promoting proactive advantages in raw material resources. That helped the firm minimise risks from the business environment, and increase competitive advantage and sustainable revenue.

With the support of Phenikaa Group, the company systematically built an ESG strategy with specific goals and roadmaps on the overall aspects of society, environment and governance, applying reputable standards such as GRI Standard and CSI 100 to evaluate its sustainable development.

A booth of Vicostone at IDS Vancouver in 2023.

In particular, the company paid attention to counting the use of energy, raw materials and resources, promoting research and development of new environmentally friendly materials, and increasing recycling. 

Last year, it also launched eight new products to sharpen its competitiveness in the market. 

This year’s economy will likely have many unpredictable fluctuations. In that context, Vicostone still strives to maintain its position as one the Top 3 largest global suppliers of engineered stone countertops. — VNS