Ms. Nguyen Thi Nhu Loan has more than 30 years of management and operation of Quoc Cuong Gia Lai. After being involved in an incident last July, she decided to transfer the position of general director to her son - Photo: BONG MAI
Mr. Nguyen Quoc Cuong - General Director of Quoc Cuong Gia Lai Joint Stock Company (stock code QCG) - has just sent a notice to state management agencies, shareholders and related partners about the legal status of his mother, Ms. Nguyen Thi Nhu Loan.
Ms. Loan continues to support the business activities of Quoc Cuong Gia Lai.
According to the announcement, Ms. Nhu Loan had her preventive measures changed by the Ministry of Public Security's Investigation Police Agency on November 11. She is currently on bail while the authorities investigate the case.
The company said that after the change in preventive measures, Ms. Nhu Loan continued to support Quoc Cuong Gia Lai's investment and business activities by accompanying the board of directors and the general director to resolve ongoing work and projects.
Ms. Nhu Loan is a major shareholder, with more than 30 years of experience in managing and developing Quoc Cuong Gia Lai, so she clearly understands the process of business administration and management, and has a deep understanding of the company's investment projects and operations.
Therefore, the Board of Directors and the General Director "believe that with the support and advice of Ms. Nguyen Thi Nhu Loan, Quoc Cuong Gia Lai Joint Stock Company will develop sustainably and achieve the goals that the General Meeting of Shareholders and investors have expected and set out".
Last July, the Investigation Police Agency issued a decision to prosecute the accused, an arrest warrant for temporary detention, and a search warrant for Ms. Nhu Loan, in the case that occurred at the Vietnam Rubber Industry Group, Dong Nai Rubber Company, Ba Ria Rubber Company, the Ministry of Natural Resources and Environment, and related units.
The Ministry of Public Security said she was prosecuted and temporarily detained for violating regulations on management and use of state assets causing loss and waste, as prescribed in Clause 3, Article 219 of the Penal Code.
Quoc Cuong Gia Lai returns to profit
Regarding the business picture, according to the consolidated financial report, in the third quarter of 2024, Quoc Cuong Gia Lai earned 178.2 billion VND in revenue, 2.6 times higher than the same period last year. After deducting expenses, the company had a net profit after tax of 25.3 billion VND (+147%).
The company explained that the improved business results were due to a surge in real estate revenue, and the handover of apartments to customers helped increase profits. In addition, the company had a surge in other income during the quarter, with a large contribution from contract compensation.
In the first 9 months of this year, the company's net revenue reached nearly VND243.5 billion (-12%). After-tax profit reached VND8.7 billion, an improvement compared to the loss of VND3.4 billion in the same period last year. Thus, the company has achieved 19% of the revenue plan and nearly 12% of the profit plan for the whole year.
At the end of the last quarter, Quoc Cuong Gia Lai's assets reached over VND9,300 billion, a slight decrease compared to the beginning of the year. Liabilities decreased relatively to about VND4,800 billion. Owner's equity was over VND4,500 billion.
Suspend auditors from performing 2023 financial statements of Quoc Cuong Gia Lai
This week, the State Securities Commission issued a document to Quoc Cuong Gia Lai Joint Stock Company regarding the 2023 financial report audited by DFK Vietnam.
The market management agency said that according to the results of the 2024 audit service quality inspection, the auditor who signed this financial report of Quoc Cuong Gia Lai did not fully perform the audit procedures and did not collect sufficient appropriate audit evidence to give an audit opinion as required by auditing standards.
Therefore, the committee will suspend the auditors who signed the audit report of Quoc Cuong Gia Lai's 2023 financial statements. Previously, the committee also suspended the auditing firm's status for DFK until the end of this year, due to unsatisfactory audit quality. At the same time, it suspended the auditor status of Mr. Nguyen Anh Tuan and Mr. Nguyen Van Tan working at this auditing firm.
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