Vietnam-based Texhong Textile Group plans to increase its yarn sales by 7.6 per cent this year to 880,000 tons. It plans to increase sales of woven garment fabrics by 31 per cent and those of knitted garment fabrics by 56 per cent. As per a Seeking Alpha report, last year, Texhong Textile Group’s revenues increased 35.5 per cent to 26.5 billion yuan ($3.9 billion). Gross margin also rose 8.3 percentage points year-on-year to 22.1 per cent. These two factors fueled profit over fourfold to 2.69 billion yuan for the year.

The company attributed gains to improved operating efficiencies, as well as higher prices for both its yarns that account for about three-quarters of sales, as well as its fabric business that accounts for the remainder. Calculations using figures from Trade Data Monitor show the price of cotton yarn rose by 26 per cent last year to $2,995 per metric ton from $2,370 in 2020.