AsemconnectVietnam - Van Phat Hung Joint Stock Company (VPH - HOSE) has just announced the Resolution of the Board of Directors on the divestment of all capital at Thuan Hung Construction Joint Stock Company.

Accordingly, Van Phat Hung decided to transfer all 1.6 million shares, equivalent to 40% holding rate at Thuan Hung Construction Joint Stock Company. The total transfer value is VND35 billion. The transfer time is within 30 days from the date of issuance of the Resolution.
Thus, after divesting, Van Phat Hung is no longer a major shareholder in Thuan Hung Construction.
As of March 31, 2023, Van Phat Hung has total assets of VND 2,221 billion, inventories of VND1,182 billion, accounting for 53% of total assets. Liabilities are VND1,204 billion, of which are mainly short-term debts.
At the end of the first quarter of 2023, the Company recorded revenue of VND12.4 billion, down 64% compared to the result of VND35.3 billion achieved in the first quarter of last year.
Gross profit on sales was only VND4.1 billion, while last year this figure was VND28.7 billion, equivalent to a decrease of 85% over the same period. Meanwhile, financial expenses are a big burden for businesses when they double the same period of the same period, reaching VND14.2 billion, of which mainly interest expenses payable (VND14.15 billion).
Therefore, the company's profit after tax in the first quarter of 2023 was negative VND5.6 billion, while the same period last year profit was VND4.5 billion.
In 2023, Van Phat Hung sets a revenue target of VND244.1 billion, up 1.5 times compared to last year's result (VND162.5 billion), this revenue includes financial activities; profit after tax is set at VND69.2 billion, 3.4 times higher than last year's result (VND19.78 billion).
Regarding the dividend payment plan, the Company plans to pay a dividend of 6%/par value of ordinary shares for fiscal year 2023 in cash. Total amount expected to pay dividends is VND57.2 billion.
Sharing more about the adjustment of dividend payment in 2022 from 7% to 5%, Mr. Ngo Thanh Xuan, General Director of the Company said that due to the business results not meeting the plan, the Board of Directors decided not to receive remuneration and do not set up bonus and welfare funds for employees, spend most of the accumulated undistributed after-tax profits until 2022 to pay dividends to shareholders.
N.Nga
Source: VITIC/Tinnhanhchungkhoan