Crystal Bay's business is "up and down", debt is swelling

Crystal Bay's liabilities increased sharply by 70% in 2 years. Graphics: Luc Giang

“Travel agent” in the Crystal Bay “ecosystem”

Crystal Bay Travel Card Joint Stock Company (Crystal Bay Company) was established on June 9, 2021, headquartered on the 11th floor, Capital Place Building, 29 Lieu Giai Street, Ngoc Khanh Ward, Ba Dinh District, Hanoi City. Mr. Nguyen Do Thanh Cong (1987) is the legal representative and General Director.

The main business of Crystal Bay Company is “travel agency”. At the time of establishment, the company had a charter capital of 20 billion VND, by the end of 2021, the company increased its capital to 40 billion VND with a structure of 13 shareholders contributing capital.

Of which, the shareholder with the largest ownership ratio is Crystal Bay Intourist Company Limited (located at Building No. 5, International Marina Park, Nguyen Co Thach Street, Vinh Hoa Ward, Nha Trang City, Khanh Hoa Province) contributing 35.4 billion VND, equivalent to an ownership ratio of 88.5%.

Individual shareholders include: Nguyen Do Thanh Cong contributed 1 billion VND, owning 2.5%; Phan Hoang Phong Thu contributed 1 billion VND, owning 2.5%; Vu Duy Tung contributed 800 million VND, owning 2%; Tran Dao Tu contributed 500 million VND, owning 1.25%.

The remaining Mr. Nguyen Ngoc Thanh, Nguyen Trong Toan, Phan The Toan, Hoang Minh Hai, Nguyen Huy Viet each contributed 200 million VND, all owning 0.5%; Ms. Ta Thi Vui, Tran Thi Thu and Phan The Thanh each contributed 100 million VND, all owning 0.25%.

By the end of 2022, the company continued to increase its capital to 68 billion VND, information about shareholder structure and contribution ratio did not change.

Of which, Crystal Bay Intourist Company Limited (Crystal Bay Intourist), a shareholder holding 88.5% of Crystal Bay Company, was established on May 18, 2021 with the main business line being "travel agency", with a charter capital of 10 billion VND. Mr. Truong Dang Hoang Thach (1989) is the legal representative and General Director.

Crystal Bay "core" legal entity

According to information published by Crystal Bay Tourism Group Joint Stock Company (Crystal Bay Group), both Crystal Bay Company and Crystal Bay Intourist are subsidiaries of Crystal Bay Group.

Crystal Bay Group was established on June 30, 2016, with its head office located at Unit 02, 12A Floor, VCN Tower Building, 2 To Huu Street, Phuoc Hai Ward, Nha Trang City, Khanh Hoa Province. Its main registered business line is “trading in real estate, land use rights owned by owners, users or lessees”.

The legal representatives of Crystal Bay Group are Mr. Nguyen Duc Chi (1969) and Ms. Le Minh Ha (1967). Mr. Nguyen Duc Chi is the Chairman of the Board of Directors, and Ms. Le Minh Ha is the General Director of the company.

According to the latest change announcement, in November 2023, Crystal Bay Group sharply increased its charter capital from VND 1,259.2 billion to VND 2,659.2 billion, the shareholder structure was not announced in detail by the enterprise.

Another legal entity in the Crystal Bay “ecosystem” is Crystal Bay Joint Stock Company (Crystal Bay), this company was established on July 23, 2016, the main business field is “short-term accommodation services”, with Mr. Nguyen Duc Chi as the legal representative and Chairman of the Board of Directors.

Initially, Crystal Bay had a charter capital of VND250 billion. Of which, Mr. Nguyen Duc Chi contributed VND150 billion, equivalent to 60% ownership. The two remaining shareholders, Nguyen Duc Tan and Nguyen Thi Duyen, each contributed VND50 billion and both owned 20% of the capital.

By September 2017, the company increased its capital to VND 600 billion. In October 2017, Crystal Bay's charter capital continued to increase to VND 1,200 billion, the shareholder structure and ownership ratio have not changed to this point. However, in April 2020, the company's charter capital suddenly decreased to VND 1,000 billion, and by June 2021 it increased to VND 1,150 billion.

Business is down, debt is increasing sharply

Crystal Bay's 2023 consolidated financial report recorded that the company's consolidated profit after tax last year reached VND 101.4 billion, while in the same period last year, it lost VND 94 billion.

As of December 31, 2023, Crystal Bay's equity was VND 1,862 billion, up 5% over the previous year. The debt/equity ratio was 2.46 times, equivalent to the company's debt at the end of 2023 being VND 4,579 billion, down 5.7% compared to the debt of VND 4,859 billion in 2022. At the same time, Crystal Bay's debt is 2.5 times higher than the company's equity.

Crystal Bay's bond debt/equity ratio at the end of 2023 was 1.14 times, equivalent to the company's bond debt of VND 2,122 billion. The bond debt is also 14% higher than the company's equity.

Notably, from 2021 to 2023, Crystal Bay's business picture fluctuated, with after-tax profit of more than VND 89 billion in 2021, by 2022 the company lost VND 94.5 billion and in 2023, it made a profit of VND 101.4 billion.

Meanwhile, liabilities recorded a sharp increase, from VND 2,693 billion at the end of 2021 to VND 4,579 billion at the end of 2023, equivalent to an increase of 70% in 2 years.

Source: https://laodong.vn/kinh-doanh/crystal-bay-kinh-doanh-troi-sut-no-phinh-to-1376508.ldo