An Phat Holdings changes chairman right before annual shareholders meeting
As a "giant" in the field of manufacturing plastic products, An Phat Holdings Group Corporation (Code: APH) has a charter capital of up to 2,400 billion VND. APH's ecosystem also includes 3 famous subsidiaries in the field of plastic production: An Phat Xanh Plastic JSC (Code: AAA); Hanoi Plastic JSC (Code: NHH); An Tien Industries JSC (Code: HII).
However, changes in the top leadership of An Phat Holdings right before the annual general meeting of shareholders have caused concern for the company's shareholders.
An Phat Holdings (APH) recorded a relatively low net profit margin. The company also had to re-elect a new Chairman of the Board of Directors (Photo TL)
Specifically, the company's Chairman of the Board of Directors, Mr. Pham Anh Duong, has sold all of the APH shares he is holding twice in a row. In early September 2024, Mr. Duong registered to sell 6.67 million APH shares, with the transaction period from September 6, 2024 to September 24, 2024. After the above transaction, Mr. Duong reduced his ownership from 11.87 million to 5.2 million units, equivalent to 2.13% of charter capital.
Then, from October 1, 2024 to October 30, 2024, Mr. Duong continued to register to sell the remaining shares, reducing his ownership at APH to 0%. In addition, Mr. Duong also submitted his resignation from the position of Chairman of the Board of Directors.
On October 9, 2024, the Board of Directors of An Phat Holdings also elected Mr. Nguyen Le Thang Long to hold the position of Chairman of the Board of Directors to replace Mr. Pham Anh Duong. Mr. Long was born in 1984 and has worked at An Phat Holdings since 2017.
In addition to the change in the position of Chairman of the Board of Directors, a series of other leaders of An Phat Holdings have also sold shares in the past, including: Mr. Pham Do Huy Cuong - Member of the Board of Directors and General Director sold 750,000 shares; Ms. Tran Thi Thoan - Deputy General Director in charge of production sold all 500,000 shares; Ms. Nguyen Thi Tien - Permanent Vice Chairman of the Board of Directors and Deputy General Director sold 750,000 shares; Ms. Hoa Thi Thu Ha - Deputy Director in charge of finance sold 500,000 shares.
Net profit margin from only 0.3% to 1.6%
Although it is a famous unit in the plastic industry, An Phat Holdings' profit margin is extremely low.
During the period 2021-2023, APH recorded revenue of over 10,000 billion VND per year. For example, in 2021, the company's revenue reached 14,794 billion VND but profit after tax was only 238 billion VND.
In 2022, revenue increased to VND 17,327 billion but net profit decreased to only VND 57 billion. In 2023, the company's revenue decreased to VND 14,522 billion but profit after tax increased to VND 219 billion.
Although the profit reached hundreds of billions of VND, compared to the revenue scale, An Phat Holdings' net profit margin was only from 0.3% to 1.6%. This means that every 100 VND of revenue only gives 0.3 to 1.6 VND of profit.
In the first half of 2024, this situation has improved slightly. Revenue in the first 6 months of the year reached 6,643 billion VND, profit after tax reached 271 billion VND, equivalent to a net profit margin of more than 4%.
Compared with the adjusted target for the year, net revenue of VND 13,000 billion, profit after tax of VND 281 billion, An Phat Holdings has almost completed the profit plan in the first half of 2024.
Source: https://www.congluan.vn/100-dong-doanh-thu-chi-mang-ve-1-dong-lai-ong-lon-nganh-nhua-an-phat-holdings-vua-thay-chu-cich-post316148.html
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