Our team chose to analyze the financial statements of Petro Vietnam Ca Mau Fertilizer Joint Stock Company DCM in December 2021 to see the business results and financial fluctuations of t
INTRODUCTION OF MAJORECONOMIC OVERVIEW AND
Company history and development
Full name: Ca Mau Petroleum Fertilizer One Member Company Limited (HOSE)
English name: PETROVIETNAM CA MAU FERTILIZER JOINT STOCK COMPANY Short name: PVCFC
Address: Lot D, Industrial Park, Ngo Quyen Street, Ward 1, Ca Mau City
Email: myt@pvcfc.com.vn
Website: http://www.pvcfc.com.vn/
- It is the third project in the Gas - Power - Fertilizer value chain of the Vietnam Oil and Gas Group (Petrovietnam)
- Being the factory with the best operating efficiency in terms of average capacity by year Moreover, Ca Mau Fertilizer Plant is in the Top 10% of High Capacity Plants in the world
- PetroVietnam Ca Mau Fertilizer One Member Company Limited belongs to the Vietnam Oil and Gas Group which owns 100% of the official capital established to manage and operate Ca Mau Fertilizer Plant
- Serve millions of farmers with highly nutritious lines of fertilizers suitable for a wide range of crops and soils
- Contribute to fertilizer supply and food safety by pioneering nutritional solutions for plants
- Contributing to stabilizing fertilizer resources across the country, towards sustainable business development along with Vietnam's agriculture
- Implementing the Government's direction on a closed factory, contributing to changing the face of the country's agricultural economy towards sustainable green development, towards "greening" Vietnam's industry
- Help farmers have more reliable options for farming activities when fake and poor quality fertilizers are rampant in the market in the face of common difficulties of enterprises
- Ca Mau Fertilizer Plant operates with a capacity of 800,000 tons/year
- Vietnam Oil and Gas Group is the largest shareholder, accounting for 75.56% of the shares with VND 400,023,057, Foreign shareholders account for 3.39% with VND 17,946,660 and other Shareholders 21.05% with 111,430 283 VND and total charter capital is 5,294,000,000,000 VND
In early 2008, the Vietnam Oil and Gas Group (Petrovietnam) held a wide international bidding and extended the copyright for the Ca Mau Fertilizer Plant Project On October 26,
2012, Prime Minister Nguyen Tan Dung officially issued an order to start construction of Ca Mau Fertilizer Plant On March 9, 2011, in addition to achieving the required progress and quality, the project saved over 150 million USD compared to the total approved investment.
Functions and Scope of Operation
2.1 Functions and duties of the company:
PVCFC is an enterprise with the main functions and business lines of: Production, trading and import and export of fertilizers, petroleum chemicals, mainly serving in the agricultural field with the mission of serving millions of farmers with highly nutritious fertilizers suitable for many crops and soils
2.2 Size of the company's operations:
On October 20, 2020, Ca Mau Petroleum Fertilizer Joint Stock Company (PVCFC) officially expanded its brand name from "Ca Mau Fertilizer" to "Ca Mau Fertilizer" This is a breakthrough step of PVCFC to help reach new visions and values
As of 2020, the Company's consumption market is concentrated in the Southwest region and Cambodia, including the main product of Ca Mau Urea and other fertilizer products The total production output of Ca Mau Fertilizer meets more than 50% of the fertilizer demand in the southern provinces
Up to now, PVCFC has marked its presence on the world map with 9 countries the company has exported, including: Cambodia, Thailand, Myanmar, India, Bangladesh, Brazil, Japan, Korea, Sri Lanka Lanka
The Cambodian market alone grew significantly with 163,136 visits, an increase of 140% compared to 2019, which is a good sign for PBCM's export market
Especially, on June 10, 2021, the factory reached the milestone of 8 million tons of products after 10 years of stable operation with 110% of capacity, marking a milestone on the journey of sustainable agricultural development
Product distribution system along the length of the country 13 provinces in the Southwest region, 11 provinces in the Southeast and Central Highlands, 10 provinces in the Central region, and 19 provinces in the North region.
Organization of management apparatus and business lines of the company: 9 1 Organization of management apparatus
Figure 1 Diagram of the management apparatus of DCM
DCM Company in the field of business:
- Production of basic chemicals, fertilizers and nitrogen compounds
- Wholesale and retail of fertilizers and chemicals used in industry and agriculture
- Technical guidance on fertilizer and chemical use
- Warehousing and storage and loading of goods
- Research and experimental development of natural sciences and engineering
- Maintenance and repair of machinery and equipment.
ANALYSIS OF THE COMPANY'S FINANCIAL SITUATION 10 1 Analysis of current financial situation
Short-term assets
Short-term assets at the end of 2021 increased by 3298 billion VND compared to the end of 2020 Specifically due to:
Cash and cash equivalents decreased by 82 billion VND (-82,342,619,969 billion VND) Show that enterprises have been able to reinvest and upgrade production lines or invest in raw materials, crises or unexpected revenue shortages
Customer receivables decreased by 100 billion VND (equivalent to -0.22%) Businesses have tightened sales policies to be able to optimize the source of money back into the business and try to reinvest As a result, short-term receivable provisions are difficult to claim In particular, the proportion of customer receivables accounts for 0% of the proportion of short- term assets Therefore, businesses need to come up with better capital recovery policies
Inventory increased by 1369 billion VND, indicating that enterprises increased productivity of production and business activities to meet market demand during the epidemic.
Long-term assets
Long-term assets at the end of the year decreased by VND 943 billion compared to the beginning of the year, of which the decrease was mainly from intangible fixed assets Fixed assets decreased by 545 billion VND (549,805,306,778 billion VND) There are 2 reasons, the first is that enterprises no longer need to upgrade or repair production lines and the second is that because the equipment and supplies have deteriorated, they will be eliminated from the production line
01 Sales revenue and service delivery 2,371,266,604,770 30,72%
10 Net revenue on sales and service provision 2,308,487,804,219 30,53%
11 Cost of goods sold and services provided 844,398,679,796 13,52%
20 Gross profit on sales and service provision 2,649,252,145 111,18%
30 Net profit from business operations 1,245,979,934,103 175,85%
51 Current corporate income tax ("CIT") expenses 85,467,846,210 162,61%
(Source: DCM's financial statements and the author's calculation and synthesis)
All sales of items from sales and service provision, net revenue, cost of goods sold, from the end of 2020 to the end of 2021, all growth is very good
With profit after tax (code 60) the enterprise has profited 1,163,677,952,665 billion VND
Current corporate income tax ("CIT") expenses have incurred 85467 billion VND in taxes to be paid
With sales and service revenue increasing by 2.371.266 billion VND, net revenue on sales and service provision increased by 2,308,487,804,219 billion VND, cost of goods sold and services provided increased by 844,398,679,796 billion VND and finally deferred CIT income/expense increased by 6,357,892,983 billion VND From here, gross profit on sales and service provision was determined to increase by 2,649,252,145 billion VND in parallel with net profit from business activities increased by 1,245,979,934,103 billion VND And finally, the profit after tax of shareholders of the parent company increased by 1,162,412,983,523 billion VND
Only with net revenue and cost of goods sold, it has grown steadily and tends to increase sharply from the end of 2020 to the end of 2021 Although in the period of normalization, community reintegration for the domestic market in particular and opening the economy to the world in general, DCM still prioritizes development and revenue growth in the context of fertilizer demand shortage due to the covid 19 epidemic The profit after tax of the enterprise also increased significantly, but with profit before tax and other profits, it decreased but compared to the general proportion, it was not significant
However, on the objective side, even though DCM is profitable and reports good performance, profits outweigh losses But with today's fertilizer market is planning to go backwards More obviously, both the input and output prices of raw materials for fertilizer production are increasing sharply Typically, DAP Lao Cai increased by 1.95 million VND/ton, to 10.4 million VND/ton, AP inventory is almost no longer enough supply to meet demand and the upcoming season in the country Currently, domestic production can meet 30-35% of market demand with the world fertilizer market being squeezed due to the covid 19 epidemic.
Risk analysis with the market
It can be said that 2021 is a year of great difficulties and challenges for the world economy as well as for Vietnam due to the impact of the Covid-19 pandemic The world economy has been forecasted to have a serious recession after the epidemic However, Vietnam's economy has a certain development with many bright spots
Socio-economic activities were interrupted due to the complicated developments of the Covid-19 epidemic along with natural disasters and epidemics, significantly affecting the activities of the economy and people's lives; Unemployment and underemployment rates are high However, "while preventing epidemics and developing socio-economics", Vietnam's economy still achieved positive results with maintaining growth Especially in the fertilizer market, the urea trend in 2021 will increase sharply compared to 2020 due to the influence of the high world urea price
Besides the growth results achieved in 2021, the Vietnamese economy still has many problems to be solved With the growing international integration, all economic fluctuations in the world affect the socio-economic fields of our country Although the epidemic has been somewhat controlled in Vietnam, there are still complicated developments in many countries around the world, aviation activities, tourism, production and trade supply, labor and employment are disrupted paragraph Not only that, export growth has not yet ensured sustainability, so labor productivity is still low (GSO, 2022) In addition, in order to be proactive about input materials, it is possible that some cubic factories will actively import a large amount of Potassium in the last months of the year, in order to reduce the risk of price fluctuations and supply disruptions
In the context of facing the epidemic and the economic situation of the world as well as Vietnam, the fertilizer market will also face many challenges in 2021 The Covid pandemic has disrupted the supply chain and the transportation, delivery, and unloading of goods (both domestic and import-export activities) Specifically, in 2021, fertilizer trading and exporting enterprises face many difficulties and stagnation For Ca Mau Petroleum Fertilizer Joint Stock Company, due to its seniority in the field of fertilizer production, the company's customers are mainly traditional customers Therefore, fierce competition due to the Covid-19 epidemic is inevitable, but the company still has a stable market The company also faces many challenges because of the development of the 4.0 revolution, the surrounding business environment and especially the recent Covid pandemic In addition, the demand from farmers is basically stable but the demand for Urea from the distributive plants has increased sharply (production demand, storage demand) Besides, the demand from the distribution system at all levels increased, even speculation and hoarding of goods appeared in some localities at certain times in 2021
Faced with difficult forecasts that the Company will face in the coming time, the team has calculated a number of financial indicators of the Company and a number of enterprises in the same industry to have a detailed comparison and risk assessment
Table 3 Indicators of financial risk assessment of some enterprises in the same industry in 2021
Total-Debt-to-Total-Assets Ratio TD/TA (times) – 0.32 0.23 0.65
Times interest earned Ratio (times) 106.29 55.85 7.35
(Source: Financial statements of companies DCM, DPM, BFC and the author's calculation and synthesis)
DPM: PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo)
BFC: Binh Dien Fertilizer Joint Stock Company
The basis for choosing these two enterprises to compare with DCM is because the enterprises with the same business lines are classified as petroleum fertilizer enterprises listed on the stock market
Table 3 shows that the solvency ratios (quick ratio, current ratio and times interest earned ratio) of DCM in 2021 are all high compared to BFC Compared to DPM, the interest coverage ratio is higher, the current ratio is smaller but still at a good level, proving that DCM's solvency ratio is good in the year The TD/TA of DCM Company is not significantly higher than that of DPM Company, which proves that the Company has a high level of financial independence, DCM's operation depends only on the owner's contributed capital, less dependent on creditors
Return on equity (ROE) of DCM is higher than that of BFC, so the efficiency of using equity is assessed relatively well in 2021 compared to some companies in the same industry and capital efficiency and flexibility of equity are somewhat better than BFC Company The company's financial leverage is relatively low, which has made up for the company's lack of capital to maintain business operations, and is forecasted to increase profit margin in the future DCM's interest payment ability is relatively good compared to both companies in 2021, the interest rate in 2021 compared to 2020 has been halved, proving that the company has very good control
In general, the Company's financial indicators in 2021 compared to some companies in the same industry are considered to be relatively stable.
Capital structure analysis
To carry out business activities, businesses need to determine their financial needs, how to create, find, organize and mobilize capital Enterprises need to mobilize capital for production and business from different sources, which can be divided into two main sources: equity and liabilities Enterprises are responsible for determining the amount of capital to be mobilized, the time to mobilize and the cost of mobilization so as to ensure sufficient demand for capital for production, while saving mobilization costs, ensuring corporate financial security Therefore, through the analysis of capital structure, it will help managers understand the amount of deposits and clearly define their responsibilities to borrowers and banks
(Source: DCM's financial statements and the author's calculation and synthesis)
Total capital tends to increase due to increased liabilities and mainly short-term debt because enterprises are using more borrowed capital, and long-term debts also increase because enterprises are raising capital to develop production and business
The debt-to-total assets ratio increased from 0.27 in 2020 to 0.32 in 2021, which shows that the total assets of the enterprise are greater than the total liabilities, the company is still maintaining its solvency by using the assets their available products
Self-financing ratio reflects the financial self-sufficiency and level of financial independence of the business As shown in table 4, the reduction ratio of 0.05 shows that this enterprise is reducing its financial self-sufficiency and financial independence, but the number is not too small, so the enterprise is still able to be self-sufficient financially secure
The debt-equity ratio increases from 0.38 in 2020 to 0.48 in 2021 but is still less than 1, showing that the enterprise is managing risks from debts quite well In case the business needs to pay the debt quickly, it still has enough financial capacity to deal with this debt
The ratio of regular capital of the enterprise is accounted for 71% of the total capital in
2021 This figure shows that the enterprise is not under pressure in terms of short-term payments because of the high stability of the source of funding
The ratio of temporary capital of the enterprise is accounting for 29% of the total capital in 2021 This shows that the stability of the source of funding is high, the enterprise does not have to face pressure in short-term payments
Table 5 Table comparing the difference of the two periods
Targets Amount of money Proportion Amount of money Proportion Amount of money Proportion
(Source: DCM's financial statements and the author's calculation and synthesis)
Through the analysis, it is found that the capital structure in 2020 and 2021 of long-term debt is equal, not too much different In contrast, the capital structure of short-term debt is quite different and tends to increase In both years, the capital structure largely depends on short-term debt with the difference in 2020 compared to 2021 is 1,136,458,757,938 VND, equivalent to an increase of 5.26%.
Analysis of short-term financial capacity
The ability of a business to maintain its solvency is extremely important when making financial decisions If the solvency is not guaranteed, the enterprise will have difficulty in handling its debts and even fall into bankruptcy even though the business is currently profitable When considering the solvency of a debt, the criteria of general ratio, average ratio, quick ratio and deferred interest ratio should be used
Table 6 Analysis of short-term financial capacity
Short-term debt Long-term debt Equity capital
Figure 2 The graph shows the difference between the two periods
11 Debt-to-total assets ratio 4/1 (times)
(Source: DCM's financial statements and the author's calculation and synthesis)
Research results show that the solvency of Ca Mau Petroleum Fertilizer Joint Stock Company tends to decrease Except for the quick ratio, the other two ratios are the short - term ratio and the general ratio, both greater than 1.0 times This shows that this business has enough ability to pay its debts Analyzing each factor, we see:
The overall ratio in the two years 2020-2021 is greater than 1.0 times, which proves that the company's solvency is always greater than the payment demand, in other words, the company has enough and excess capacity to pay for the payment debts Although greater than 1.0 times, this indicator value tends to decrease (3.65 times in 2020 and 3.08 times in 2021)
The general solvency decline stems from the reason that PetroVietnam Ca Mau Fertilizer Joint Stock Company is increasing its debt capital to ensure the maintenance of the production and business system
Similarly, the short-term debt ratio in 2020 and 2021 is 1.94 times and 2.28 times respectively, proving that the company's short-term assets are enough to cover and pay for short-term debts
The company's quick ratio in 2020 is 1.53 times, in 2021 it is 1.59 times That shows that the company has the ability to pay its debts well and quickly
(Source: DCM's financial statements and the author's calculation and synthesis)
According to the above analysis, the data of working capital is a positive number, which shows that the short-term assets of the business are larger than the current liabilities Under normal conditions, enterprises can easily convert this short-term asset into cash, pay off due debts, and help the business operate normally The working capital ratio of Ca Mau Petroleum Fertilizer Joint Stock Company is relatively stable In 2020, a working capital ratio of 1.94 shows that the business is able to pay its short-term liabilities In 2021, the working capital ratio will increase from 1.94 to 2.28, which proves that the short-term assets of the business are 2 times larger than the liabilities In this case, the business must have a certain competitive advantage, healthy cash flow and very little debt.
Policy for shareholders
Ca Mau Petroleum Fertilizer Joint Stock Company (PVCFC, HoSE: DCM) closed the
2020 cash dividend payment of 8%/1 par value (ie 1 share gets 800 VND), paid on 27/07/
2021 Thus, with 529.4 million shares outstanding, Ca Mau Fertilizer will spend about VND
423 billion to pay dividends this time to shareholders
Through the dividend payment plan in 2021 at the rate of 18% of charter capital, equivalent to 1 share receiving VND 1,800 DCM is expected to spend nearly VND953 billion to pay dividends to shareholders Accordingly, the Board of Directors submitted and approved by shareholders the cash dividend at the rate of 18%, an unusually high level compared to previous years, namely an increase of more than 10% compared to 2020 (in previous years) businesses pay less than 10%)
Looking back in 2021, we can see that although the epidemic is still there, the increase in coal prices compared to oil and gas prices leads one of the strong fertilizer countries, China, to be in short supply, accompanied by the covid epidemic - 19 that China restricted exports, boosted domestic supply, along with this country's goal of a low-carbon economy, leading to a chance for Vietnam's fertilizer to thrive There is also a strong factor that is the war between
Russia and Ukraine, the lack of fertilizer supply helps Vietnamese fertilizer enterprises have the opportunity to compete in export
Since DCM is a gas-based urea producer, profit margin will benefit when coal prices rise higher than oil/gas prices, as DCM is not affected by higher coal prices but still benefits – when urea prices rise In addition, as DCM's cash balance continues to improve (cash per share is VND6,921 at Q2/2021 compared to VND1,645 at Q2/2020) (Tvi.com, 2021, 2022)
Business results in 2021 recorded an estimated production output of nearly 899,000 tons, 3% higher than the adjusted plan Consumption output is nearly 1,018,000 tons, reaching 99% of the annual target Total revenue in 2021 is about VND 10,011 billion, profit after tax is VND 1,823 billion, up 32% and 2.74 times respectively compared to 2020 Thanks to this result, Ca Mau Fertilizer has exceeded 9% in revenue target and exceeded 110% of the adjusted profit after tax target in 2021 The company also said that this is the highest revenue and profit result achieved in 10 years of operation (E-Journal of Economics & Beverage,
There is a big difference in the dividend paid in 2021 and 2020 showing a good development in Vietnam's fertilizer industry At the time of 2020 to 2021 is the time when the Covid-19 epidemic is raging, causing the supply to decrease sharply but the demand to increase, the large supply of fertilizer is stagnant in China, the government of this country banned the export of goods Fertilizer exports create strong opportunities for the fertilizer industry of developed countries, including Vietnam And especially now, the political crisis in Eastern Europe has caused fertilizer prices to rise sharply in line with oil prices, creating a new wave of price increases for this commodity
Dividend payment ratio represents the growth of the company, in the year 2020 - 2021
Ca Mau fertilizer has shown that the company is operating effectively and developing stably when there is a dividend payout ratio for the year 2021 is 10% higher than 2020 showing a positive future for Vietnam's fertilizer industry when up to now, in the third quarter of 2022, the company has reported profit at the target level when the profit in 9 months is 6 times higher than the plan of the year.
SWOT analysis
Through the financial reports, data analysis tables, indicators, charts, my group has made a SWOT analysis of the company's finances and business situation
- The enterprise is able to pay its debts
- No short-term payment pressure
- The enterprise manages risk quite well
- Indicators have an increase and decrease
- The production cost is quite high, causing a disadvantage compared to other countries
- High logistics costs, limited long-term competition
- The size of some niche markets is small, not meeting the business optimization problem
- The figures and ratios are still relatively stable and have advantages over other enterprises
- Take advantage of opportunities from the industrial tree segment in the Southeast and Central Highlands
- Expand and develop market share in Cambodia and international market
- Domestic demand for fertilizer will improve in 2021
- Input and output prices of raw materials are increasing sharply
- Impact from the Covid-19 epidemic
Through the analysis of strengths, weaknesses, opportunities and challenges, the team found that the business is still growing and still maintaining a stable financial level, in general, this business has little debt, still to ensure the ability to pay debts, the total assets of the company is still greater than the total liabilities Indices have differences but not much, dividend payout ratio increased sharply These show that this business is reliable to invest in.
SOME SOLUTIONS TO ENHANCE YOUR FINANCIAL
In order to analyze the financial situation of an enterprise closely and systematically, the managers need to have an analysis, a view from the broad to the details of the problem to be able to come up with a conclusion look objectively and systematically, have strong arguments, solve the problems and problems of the business and come up with smart solutions, wise choices, promote potential of enterprises in the market
Practice has proven and shown that, if managers pay due attention to the situation and analyze financial problems wisely, they can have many chances to succeed in business In addition, financial analysis is also a minimal tool for business owners, creditors and state financial agencies to provide future economic strategies and solutions to current problems enterprise backlog
Through the group's analysis about Ca Mau Petroleum Fertilizer Joint Stock Company The company is a big player in its industry and has experienced tremendous growth over the years In 2020 - 2021, despite the stressful situation of the COVID-19 epidemic, the company's revenue and stock price still increased rapidly, especially, revenue in 2021 is considered the highest revenue in the year 10 years of operation of the company The continued upward growth shows a positive sign of the company in the fertilizer industry
But this growth is not predicted and is guaranteed to be 100% sustainable in the coming years, although in the three years 2020, 2021 and 2022, the company's market movements are still recorded positively In fact, it can be seen that, thanks to the favorable consumption volume and fertilizer price, factors such as production, sales, and management costs, although increased, still did not reduce the profit of the enterprise, thereby help the Company achieve good results In the third quarter of 2022, DCM achieved revenue of more than 3.3 trillion dong, up 83% over the same period With a strong increase in revenue, DCM's net profit was nearly 728 billion VND in the third quarter, up 93% over the same period in 2021 (According to Fili and Life Finance, 2022)
The revenue and profit plan of Ca Mau Fertilizer mentioned above is considered to be low compared to reality (actually always like that when the company always changes its business plan at the last minute, the first report will be low and close to reality year-end or year-end will increase) As predicted, actual sales could increase by 31% and profits would increase by 40%
However, the company may face unexpected revenue and profit risks from the objective factors of this volatile market, so it is necessary to take certain measures and short and long term plans to be able to face it at any time
In 2022, Ca Mau Fertilizer plans to build a Long An warehouse, a coal gas plant and a microorganic fertilizer factory (According to Fili and life finance, 2022) which will cost labor
Although the epidemic situation is showing better signs now, it is impossible not to prevent bad situations that may occur, especially the supply of goods may be interrupted, leading to the import of raw materials as well as exports stagnated
The government can intervene in fertilizer prices when there are signs that the price is too high, causing people not to have enough money to buy and cultivate, from which people may not buy fertilizer from the company but switch to fertilizer to other cheap fertilizers of poor quality
Although the Chinese Government restricts exports to boost domestic supply because the epidemic situation in this country is worst during the epidemic period and is in the process of recovery, recently the epidemic has controllable, although not 100%, but it does not prevent them from returning to the fertilizer export market Although the military situation in Russia and Ukraine has serious developments, it is not subjective that Russia will grow again and regain market share
In addition, the growth of the company can be seen mainly due to the high price of urea, in addition to the growth in exports when the two big players in the fertilizer industry in the world, Russia and China, are in a difficult period During the period of stagnation, the export of Vietnam's fertilizer industry to other countries increased, but the growth in the country was positive but not strong, mainly from exports
Therefore, the company needs to consider the situation, should not only focus on exporting too much, should promote domestic trade because the world situation changes erratically and unpredictably every day If there is a bad change in exports, the company will not experience a decrease in revenue and profit too much
The company also needs to have a plan to store goods because the war situation in Eastern Europe is unpredictable, the supply chain can break at any time, leading to the inability to import raw materials and export, added It is important to calculate the output properly and wisely, because the situation can turn worse, leading to a sharp increase in oil and gas prices, thereby increasing transportation costs, worse, it can cause disruption The supply chain leads to an unsatisfactory export situation
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Pv (2022, June 17) Phân bón D u Khí Cà Mau d ki n chi g n 953 t ầ ự ế ầ ỷ đồng để tr c tả ổ ức năm