Chairman Tai did not buy all MWG shares as registered.
Mobile World Corporation has just announced the transaction of Chairman of the Board of Directors, Mr. Nguyen Duc Tai. Accordingly, Mr. Tai registered to buy 500,000 MWG shares but in fact only bought 200,000 shares.
This purchase amount corresponds to 40% of the initially registered amount. The transaction was conducted from December 12, 2023 to January 10, 2024. After the transaction, Mr. Tai's share ownership ratio increased from 2.41% to 2.42% of charter capital.
Chairman Tai did not buy all Mobile World (MWG) shares as registered (Photo TL)
The reason for not exercising the purchase right as registered was explained by Mr. Tai due to inappropriate market developments.
Also during the period from November 8, 2023 to December 7, 2023, Mr. Tai registered to buy 1,000,000 MWG shares but ended up only buying 110,000 shares for the same reason as above.
Regarding MWG stock price movements, this code has just experienced a recovery compared to the beginning of November. The stock recorded a price of VND 42,800/share in the trading session on January 11, 2023. Compared to the previous peak of VND 57,500/share, MWG's value has lost about 25.5%.
Only 1.8% of the 2023 target has been completed in 9 months
Mobile World's (MWG) latest Q3 business results recorded net revenue of VND30,287.7 billion, down 5.4% year-on-year. High cost of goods sold caused gross profit to drop 37.2% to VND4,642.9 billion. Gross profit margin also decreased from 23.1% to 15.3%.
During the period, financial revenue increased to VND618.1 billion, equivalent to an increase of 77.5%. In contrast, financial expenses increased by VND10.3 billion, to VND444.9 billion. Meanwhile, total sales expenses and business management expenses were reduced by 18.4%, to VND4,620.3 billion.
Mobile World's after-tax profit was recorded at VND38.8 billion, down 95.7% year-on-year. It can be seen that if it weren't for the sudden increase in financial revenue, MWG would almost certainly have suffered a loss in Q3 from its core business activities.
Accumulated revenue in the first 9 months of the year reached VND86,858.3 billion, down 15.5% over the same period. Profit after tax reached VND77.5 billion, down 97.8% over the first 9 months of the year.
Notably, in the first 9 months of the year, many Mobile World chains reported losses, including: Bach Hoa Xanh chain lost 904.9 billion VND, the total accumulated loss to date has reached 8,299.9 billion VND; An Khang Pharmaceutical JSC also lost 234.4 billion VND, the accumulated loss to date is 553 billion VND; Tran Anh Digital World JSC lost 46.9 billion VND; MWG in Cambodia also lost 96.8 billion VND, the accumulated loss is 701.5 billion VND.
Comparing business results with the target set at the beginning of the year, revenue of 135,000 billion VND, profit after tax of 4,200 billion VND, currently MWG has only completed 64% of the revenue plan and 1.8% of the annual profit plan.
November revenue dropped 11%, MWG closed 150 stores
In November, MWG achieved revenue of VND9,900 billion, down 11% compared to October and equivalent to the same period last year. Of which, revenue of the Mobile World and Dien May Xanh chains reached VND6,500 billion, down about 16% compared to the previous month.
In contrast, the Bach Hoa Xanh chain recorded revenue of VND3,000 billion, up 35% over the same period, equivalent to average revenue of VND1.75 billion per store.
MWG's cumulative revenue in the first 11 months of the year reached VND108 trillion, down 13% year-on-year. Compared to the 2023 plan, after 11 months, MWG has only completed 80% of the plan.
In the revenue structure, Mobile World and Dien May Xanh contributed VND76,700 billion, equivalent to 74% of revenue, down 21% year-on-year. Bach Hoa Xanh chain brought in VND28,400 billion, equivalent to 26% of revenue, up 16% year-on-year. Online sales also decreased by 12% year-on-year.
MWG’s business situation is also reflected in the number of stores. In October and November, the company closed 150 stores in the electronics and mobile phone categories of the The Gioi Di Dong, Dien May Xanh, and Topzone chains.
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