AsemconnectVietnam - BaF Vietnam Agriculture Joint Stock Company (code: BAF - HOSE) wants to establish more subsidiaries, increasing the number of subsidiaries to 20 companies.

BaF Vietnam through the establishment of BAF Vietnam Logistic Company Limited; The unit is located at 9th floor, Vista Tower building, 628C Vo Nguyen Giap Street, An Phu Ward, Thu Duc City, HCM City; charter capital of VND20 billion; Main activities in the field of other support services related to transportation; and is expected to be established in December 2023.
In particular, BaF Vietnam will own 100% capital in BAF Vietnam Logistic Company Limited, contributing VND14.73 billion in cash and the remaining VND5.27 billion as capital contribution in assets.
It is known that as of September 30, 2023, BaF Vietnam owns 19 subsidiaries, operating in the field of livestock; slaughtering and meat processing and production.
In terms of business activities, in the third quarter of 2023, BaF Vietnam Company recorded revenue of VND1,218.99 billion, down 36.5% over the same period and profit after tax recorded VND40.06 billion, down 74.6% over the same period. Of which, gross profit margin improved from 11.2% to 11.8%.
During the period, gross profit decreased by 33.6% over the same period, corresponding to a decrease of VND72.34 billion, to VND143.25 billion; Financial expenses increased by 750.8%, equivalent to an increase of VND38.89 billion, to VND44.07 billion; Sales and administrative expenses increased by 13.4%, equivalent to an increase of VND5.88 billion; Other profits recorded a loss of VND11.61 billion compared to the same period, a profit of VND14.28 billion, a decrease of VND25.89 billion and other activities fluctuated insignificantly.
Thus, in the third quarter, although gross profit plummeted and other profits fell short, BaF Vietnam Company continued to record a sharp increase in financial, sales, and corporate management costs, which led to Profits decreased by 74.6%.
Accumulated in the first 9 months of 2023, BaF Vietnam Company recorded revenue of VND3,625.42 billion, down 25.8% over the same period and profit after tax reached VND52.84 billion, down 81.5% compared to the same period.
It is known that in 2023, BaF Vietnam Company sets a business plan with revenue of VND7,525.91 billion, an increase of 6.2% over the same period and expected profit after tax of VND301.43 billion, an increase of 4.7% over the same period.
Thus, at the end of the first 9 months of 2023 with a profit after tax of VND52.84 billion, BaF Vietnam Company has only completed 17.5% of the year's profit plan and is very far from the plan.
N.Nga
Source: VITIC/Tinnhanhchungkhoan