Another major shareholder divests capital from Phuong Nam bookstore chain

After Truong Phat, Thanh Vinh Business Development Joint Stock Company sold all 23.29% of its capital at Phuong Nam Culture in the session of August 27, estimated to earn 25.15 billion VND and left the major shareholder position at this enterprise after nearly 8 years.

According to information from the Ho Chi Minh City Stock Exchange, Thanh Vinh Business Development Joint Stock Company sold all of its more than 2.51 million shares of Phuong Nam Cultural Joint Stock Company (stock code: PNC), equivalent to 23.29% of capital. This transaction was carried out in the session of August 27.

The amount of PNC shares recorded in the negotiated transaction is exactly equal to the number of shares Thanh Vinh sold. The total transaction value is about 25.15 billion VND, equivalent to an average of 10,000 VND/share. After the transaction, Thanh Vinh no longer holds any PNC shares and has left the position of major shareholder at PNC after nearly 8 years (since September 2016).

In addition to Thanh Vinh, a major individual shareholder, Ms. Tran Thi Ngoc Bich, sold 4,000 PNC shares on August 26, reducing her ownership from 5.02% to 4.98%. Previously, Ms. Bich spent more than VND5.5 billion to buy 542,000 PNC shares, becoming a major shareholder of the company in the session on August 20.

On the same day, Ms. Bich bought PNC shares to increase her ownership ratio. Truong Phat Business Development Joint Stock Company sold all of its more than 2.68 million shares in this enterprise, equivalent to 24.84% of charter capital.

In a short period of time, 3 out of 4 major shareholders divested all capital and reduced ownership in Phuong Nam bookstore chain. Currently, PNC has only one major shareholder, Liksin Printing and Packaging Industry Corporation, with an ownership ratio of 15.38% (1.66 million shares).

PNC's stock price on the stock exchange is currently at VND10,800, up 20% from VND9,000 at the beginning of the year. With more than 11 million shares listed on the Ho Chi Minh City Stock Exchange, the market capitalization has reached more than VND116 billion.

Regarding business performance, PNC recorded net revenue in the second quarter of 2024 of nearly VND 141 billion, down 11.3% year-on-year. Gross profit was approximately VND 55 billion, down 7% year-on-year. Profit margin reached 39%, up 2 percentage points compared to the same period.

After deducting expenses, the company achieved pre-tax profit of more than VND1.8 billion and after-tax profit of nearly VND1.4 billion, down 82% and 77.4% respectively compared to the same period last year.

According to the explanation from the management board, business activities declined according to the general market situation and the difference compared to the same period in terms of recording film revenue. Financial performance was also affected due to the decrease in income from interest on deposits and loans. The above reasons led to strong fluctuations in after-tax profit compared to the same period.

Cumulative half-year revenue reached VND275 billion, down 16.4% year-on-year. Gross profit during this period was about VND112 billion, down 11% year-on-year, with gross profit margin reaching 40.7%.

The company reported pre-tax profit of more than VND4.3 billion and after-tax profit of nearly VND3.8 billion in the first 6 months of this year, down 68.6% and 60.4% respectively compared to the same period last year.

This year, PNC set a net revenue target of VND625 billion, down 4.3% compared to 2023. Pre-tax profit of VND17 billion, down 26.6% over the same period. After half a year, the company has completed 44% of the revenue plan and 25.3% of the profit target.

PNC plans to pay a dividend of 5% in 2024.

As of the end of the second quarter of 2024, the company's total assets were over VND 563 billion, an increase of VND 35 billion compared to the beginning of the period. Liabilities were over VND 377 billion, an increase of VND 32 billion compared to the beginning of the year. Short-term debt accounted for the majority of the company's debt structure with over VND 376 billion. Owner's equity was over VND 186 billion, undistributed profit after tax reached VND 51.5 billion.

Source: https://baodautu.vn/them-co-dong-lon-thoai-von-tai-chuoi-nha-sach-phuong-nam-d223796.html