Revenue flat, profit down 16.7%
According to the Q2/2024 financial statements, Nam Viet Corporation (Code: ANV) recorded revenue of VND 1,193.4 billion. Of which, cost of goods sold accounted for VND 1,050.2 billion, gross profit reached VND 143.2 billion, nearly 3 times higher than the same period.
The company's financial activities recorded some positive changes. Of which, financial revenue reached 10.7 billion VND. Financial expenses, on the contrary, decreased to 27.2 billion VND, with interest expenses accounting for 26.6 billion VND.
Nam Viet Seafood (ANV) revenue is flat, profit down 16.7% (Photo TL)
Business activities at the joint venture caused an additional loss of VND2.1 billion for the company. In the same period last year, this group of companies also caused a loss of nearly VND2 billion.
An Viet's operating expenses in the second quarter increased significantly. Of which, selling expenses increased by one and a half times from 42.5 billion to 68.7 billion VND. In return, business management expenses decreased from 23.3 billion VND to 21.2 billion VND.
In the second quarter, ANV recorded a profit after tax of 17.5 billion VND, compared to a loss of 51 billion VND in the same period.
Cumulative revenue in the first 6 months of the year reached VND2,209.4 billion, unchanged from the same period last year. However, profit after tax only reached VND34.4 billion, down 16.7%.
3 leaders consecutively sold ANV shares
In the context of flat revenue and declining profits, recently the leaders of Nam Viet Seafood have made another move to sell a large amount of shares they are holding.
Specifically, Mr. Tran Minh Canh, member of the Board of Directors and Deputy General Director, sold 200,000 ANV shares. Thereby, Mr. Canh reduced his ownership from 450,000 shares to 250,000 shares, equivalent to 0.18% of charter capital. The transaction was conducted from July 25 to August 19.
Not only Mr. Canh, previously another leader of Nam Viet Seafood also registered to sell a large amount of shares when the ANV code had a 19% price increase.
Specifically, in June 2024, Mr. Nguyen Thanh Liem, Deputy General Director of Nam Viet, registered to sell 100,000 ANV shares, reducing his ownership ratio from 452,500 shares to 352,500 shares, equivalent to 0.26% of charter capital. The transaction was conducted from June 20, 2024 to July 19, 2024.
Previously, from May 8 to May 10, 2024, another leader of the company, Ms. Do Thi Thanh Thuy - Member of the Board of Directors, also sold 300,000 ANV shares, reducing ownership from 370,000 shares to 70,000 shares, equivalent to 0.05% of charter capital.
Thus, in just a short time, three consecutive leaders of Nam Viet company sold shares to the market.
Cash Flows Down, Undistributed Earnings High
By the end of the second quarter of 2024, ANV's total assets reached VND 4,912.1 billion, a slight decrease compared to the beginning of the year. Of which, the remaining cash was only VND 31.9 billion, and bank deposits accounted for VND 67.5 billion.
A large amount of assets are in the form of inventory, accounting for VND2,126.9 billion. Notably, the amount of inventory price reduction provision recorded VND20.7 billion, higher than at the beginning of the year despite the decrease in inventory.
In addition, the amount of long-term assets, mostly fixed assets, is currently accounting for 1,019 billion VND. The tangible fixed assets, including factories and equipment, have been almost completely worn out, only recording 289.3 billion VND.
In Nam Viet's capital structure, short-term debt accounts for VND 1,895.8 billion, equivalent to 38.6% of total capital. Owner's equity accounts for VND 2,882.3 billion with undistributed profit after tax accounting for VND 1,553 billion.
Source: https://www.congluan.vn/nam-viet-anv-loi-nhuan-di-lui-lanh-dao-ban-ra-hang-tram-nghin-co-phieu-post308616.html
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