AsemconnectVietnam - Thanks to positive market developments compared to the same quarter, the company realized some investment profits, thus recording a sharp increase in profits from proprietary trading activities.

Vietcap (VCI)'s financial statements for the second quarter of 2024 show that the company's operating revenue reached VND918.5 billion, an increase of 82.9%. Of which, profit from selling FVTPL financial assets brought in VND449.3 billion, an increase of 465% over the same period.
As of June 30, 2024, VCI's FVTPL portfolio has an original value of VND1,016 billion, an increase of more than VND184 billion compared to the end of the first quarter. VCI is holding more than VND760 billion of shares awaiting ETF exchange and VND212.6 billion listed fund certificates. During the period, VCI sold all investments in HPG (VND17.8 billion), CTG (VND4.8 billion) and other listed FVTPL Securities (VND382.5 billion).
The AFS portfolio has an original value of VND5,307 billion, an increase of VND389.5 billion compared to the end of the first quarter. In the last quarter, VCI reduced the proportion of MSN shares from VND178.2 billion (end of the first quarter) to VND377 billion VND (end of the second quarter), reducing PNJ's proportion from VND22.48 billion to VND77.4 billion; Sell off KDH from VND944 billion to VND805 billion.
On the contrary, increasing the proportion of TDM shares by 3.1 times to 648.4 billion VND. Other large investments are earning good profits such as IDP with market value of 2,202 billion VND (original investment price of more than VND440 billion), KDH, TDM, FPT...
The company is holding VND3,903 billion in cash and equivalents, an increase of 395% over the same period.
In the revenue structure, margin lending segment was VND234.5 billion, up 38.4% and brokerage was VND180.7 billion, up 30%. VCI's margin loan balance at the end of the second quarter recorded VND7,864 billion, down VND555 billion compared to the historical peak reached at the end of the first quarter.
Operating expenses in the second quarter of 2024 were more than VND359 billion, 2.5 times higher than the same period, mainly due to losses from financial assets recorded through FVTPL profit/loss increasing 5.5 times to VND198.4 billion; Securities brokerage expenses were VND134.8 billion, an increase of more than 51%.
As a result, in the second quarter of 2024, VCI recorded a profit after tax of more than VND279 billion, an increase of 138.3% over the same period. Accumulated for 6 months, VCI reported a profit of nearly VND477 billion, 2.5 times higher than the first half of 2023.
In early July, VCI launched the "refer a friend, receive unlimited income" program exclusively for Vietcap customers when referring friends and relatives to open stock trading accounts at Vietcap.
Commissions are calculated on the net transaction fee of each type of security, in which, for base securities, the attractive commission level is up to 60% x net transaction fee (X). For Derivatives/Bonds, fixed commission 30% x net transaction fee (X).
N.Nga
Source: VITIC/Tinnhanhchungkhoan