AsemconnectVietnam - Using accumulated undistributed profits to reward shareholders with shares, Nam Viet Joint Stock Company (code ANV - HOSE) wants to double its charter capital, to VND2,666.7 billion.

Nam Viet approved the plan to issue shares to increase capital from equity sources for existing shareholders at a ratio of 1:1, corresponding to a shareholder who owns 1 share and will receive 1 new share and actual capital. Currently, it is the accumulated undistributed profit after tax until December 31, 2023.
In particular, the expected implementation time is within 45 days from the State Securities Commission's approval.
Thus, if the issuance is successful, Nam Viet's charter capital will double from VND1,335.4 billion to VND2,666.7 billion.
In terms of business activities, in the first quarter of 2024, Nam Viet recorded net revenue of VND1,016 billion, down 12% over the same period last year, profit after tax reached VND16.9 billion, down 81% compared to the same period last year.
Of which, revenue from semi-finished products decreased from VND1,123 billion to VND984 billion. Other revenues such as solar energy fluctuated insignificantly, at VND27.4 billion. Revenue from construction projects was no longer recorded in this period, while the same period last year brought in VND2.7 billion.
With cost price decreasing by nearly 4%, to VND914.7 billion, gross profit decreased by 50%, to VND101.2 billion.
This period, Nam Viet's financial revenue decreased by 42%, to VND5.2 billion. Financial costs also decreased by 32%, to VND36.2 billion. In addition, selling expenses and corporate management expenses also decreased by 37% and 1%, respectively, to VND34.4 billion and VND18 billion.
In 2024, Nam Viet sets a total revenue target of VND5,000 billion, an increase of 13% compared to 2023, with target profit after tax nearly 8 times higher, up to VND306 billion. Thus, the Company has just completed 5.5% of the year's profit target after the first quarter of 2024.
N.Nga
Source: VITIC/Tinnhanhchungkhoan