DGC shares of Duc Giang Chemical Group, chaired by tycoon Dao Huu Huyen, fluctuated quite strongly in 2024.

After a sharp increase in the first half of the year following news that its subsidiary was participating in research and development of Lithium batteries, DGC fell rapidly in July, at times falling to nearly VND100,000/share, then recovered slightly in August.

However, recently, this stock has plummeted. In just the last ten sessions, DGC stock has lost more than 9% of its value, from VND116,600/share (November 13) to only VND105,900/share (November 22).

DGC shares fell amid a gloomy stock market. The VN-Index fell from 1,246.04 points (November 13) to 1,228.1 points (November 22).

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Duc Giang Chemicals' recent business results have not been very positive. Photo: DGC

With the stock price plummeting, the assets of Mr. Dao Huu Huyen and related people decreased significantly during the above period.

Specifically, with nearly 69.8 million shares, equivalent to 18.38% of charter capital, Mr. Huyen's assets have decreased by more than 746 billion VND, currently remaining at 7,391 billion VND.

Similarly, Ms. Nguyen Thi Hong Lan, Mr. Huyen's wife, is holding 14.3 million shares, down more than 153 billion VND, now worth more than 1,514 billion VND.

In addition, Mr. Huyen's two children, Mr. Dao Huu Duy Anh and Ms. Dao Hong Hanh, own 11.4 million and 5.1 million shares respectively, also decreasing by more than 176 billion VND.

Mr. Huyen's family's total assets "evaporated" more than 1,070 billion VND in just the past 10 days.

In 2022, tycoon Dao Huu Huyen became famous in the stock market with the saying "an environmental sanitation worker of the company also has 35 billion VND, an engineer has more than 100 billion VND thanks to owning DGC shares".

The statement came as Mr. Huyen's business recorded impressive growth in business results.

Accordingly, in 2021, DGC achieved a breakthrough in both revenue and profit after tax, reaching VND 9,550 billion and VND 2,513 billion, respectively, up 53% and 165%. In 2022, DGC continued to record outstanding business results, with revenue reaching VND 14,444 billion, up 51.2% and record profit after tax of VND 6,036 billion, up more than 140% compared to 2021.

DGC stock price increased rapidly from VND 24,500/share at the beginning of 2021 to over VND 100,000/share in April 2022.

In 2023, due to the decrease in yellow phosphorus and phosphoric acid prices, the company's revenue and profit also decreased. Duc Giang Chemicals' revenue only reached VND 9,761 billion, down 32.5% over the same period, and after-tax profit reached VND 3,261 billion, down 43.9%.

By the end of the third quarter of 2024, Duc Giang's business results had not yet recovered, reaching a profit of VND 2,322 billion, down 7.2% over the same period last year.

Currently, Duc Giang Chemicals is ambitiously expanding its business scale to billions of USD. One of the projects for Mr. Dao Huu Huyen's business to achieve this ambition is the proposal to implement the Aluminum - Alumina Complex project in Dak Nong province, with a total expected investment of up to 57,000 billion VND (equivalent to 2.3 billion USD), a capacity of 2 million tons of Alumina and 300,000 tons of aluminum ingots. The project implementation period lasts 5 years.

At the General Meeting of Shareholders in March, the Chairman of Duc Giang Chemicals said that this project could bring in revenue of tens of thousands of billions of VND each year.

Mr. Dao Huu Huyen's company made huge profits, deposited nearly 10,000 billion in the bank, but its stock price evaporated 13% . The "big guy" in the chemical industry - Duc Giang Chemical Group had the highest business results in the second quarter in 6 quarters. This company is holding cash of up to 10,000 billion VND. However, DGC shares have decreased by 13% in the past month.