The Board of Directors of Vinh Hoan Corporation (Code VHC) has just approved a plan to issue 3,667 million ESOP shares to reward employees for business results achieved in 2022.
Accordingly, VHC shares issued under ESOP will be priced at VND 10,000/share, 86% lower than the market price in the trading session on August 21, 2023. The total issuance value at par value is expected to be VND 36.67 billion.
Vinh Hoan's second quarter profit decreased by 47.7%. (Photo TL)
The shares are restricted from being transferred for 5 years from the date of issuance. The maximum transfer rate will increase by 20% each year and employees who purchase ESOP shares will be able to transfer all of them after 60 months from the date of issuance.
Regarding business performance, Vinh Hoan recorded revenue in the second quarter of 2023 of VND 2,723.6 billion, down about 35.6% over the same period. Of which, gross profit decreased by 48.7% to VND 562.5 billion. Financial revenue decreased slightly to 99.1%, a decrease of 7.4%.
All expenses during the period were significantly reduced, including financial expenses reduced by VND60.5 billion, sales expenses and business management expenses all decreased sharply to only VND114 billion, a reduction of 46.1%. Despite the reduction in expenses, VHC's overall after-tax profit still decreased by 47.7% to VND412.4 billion.
By the end of the second quarter, VHC's accumulated revenue reached VND 4,945.2 billion, down about 34% over the same period. Profit after tax reached VND 655.5 billion, down 51.6% over the first half of 2022. Compared to the plan set at the beginning of the year with revenue of VND 11,500 billion and profit after tax of parent company shareholders of VND 1,000 billion, VHC has currently only completed 43% of the revenue plan and 63.1% of the annual profit plan.
Also at the end of the second quarter, VHC's total assets reached VND12,169.6 billion, up 5.1%. Of which, equity accounted for VND8,316.9 billion while liabilities accounted for only VND3,852.7 billion. The company's short-term debt is VND3,713.4 billion.
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