AsemconnectVietnam - Vietnam Apatite Phosphorus Joint Stock Company (PAT - UPCoM) recorded a sharp decline in business results as a number of its leaders were prosecuted, while its assets decreased by VND 535 billion and its cash flow became negative at VND408.27 billion.

In the first quarter of 2026, Vietnam Apatite recorded revenue of VND421.92 billion, a slight decrease of 3.3% compared to the same period last year; after-tax profit was VND46.56 billion, a decrease of 45% compared to the same period last year. The gross profit margin also decreased sharply from 26.5% to only 13.6%.
Despite a slight decrease in revenue during the period, due to a sharp decline in gross profit margin, Vietnam Apatit recorded a 50.2% decrease in gross profit compared to the same period last year, equivalent to a decrease of VND58.09 billion, to VND57.59 billion.
Furthermore, during the same period, financial revenue increased by 23.9% compared to the same period last year, equivalent to an increase of VND2.42 billion, to VND12.53 billion; selling and administrative expenses decreased by 32.2%, equivalent to a decrease of VND8.32 billion, to VND17.5 billion, and other activities showed insignificant fluctuations.
Explaining the sharp decrease in profit, the company stated that the selling price of yellow phosphorus products did not fluctuate significantly, while the cost of production increased by 14% due to a sharp increase in input materials. Therefore, after-tax profit decreased by 45% in the first quarter of 2026.
Besides the sharp decline in business, in the first quarter, Apatit Vietnam also recorded a negative operating cash flow of VND408.27 billion compared to a positive VND7.84 billion in the same period. Furthermore, in the same period, investment cash flow was positive VND375.95 billion and financing cash flow was positive VND2.11 billion.
In terms of asset size, as of March 31, 2026, Apatit Vietnam's total assets decreased by 37% compared to the beginning of the year, equivalent to a decrease of VND535 billion, to VND909.3 billion. Of this, the main assets recorded were VND443.1 billion in cash and short-term financial investments, accounting for 48.7% of total assets; and VND239.2 billion in fixed assets, accounting for 26.3% of total assets. Short-term receivables amounted to VND102.7 billion, accounting for 11.3% of total assets and other items.
During the period, assets fluctuated sharply downwards due to a 61.1% decrease in short-term receivables compared to the beginning of the year, equivalent to a decrease of VND161.6 billion, to VND102.7 billion; cash and short-term financial investments decreased by 47%, equivalent to a decrease of VND 393.5 billion, to VND443.1 billion…
In addition, according to the plan, on May 13th, Apatit Vietnam will hold its 2026 Extraordinary General Meeting of Shareholders in Hanoi.
Apatit Vietnam will propose to shareholders the dismissal of Chairman of the Board of Directors Dao Huu Huyen, three members of the Board of Directors Dao Huu Duy Anh, Pham Van Hung, and Dang Tien Duc; and the dismissal of the Head of the Supervisory Board, Ms. Pham Thi Bich.
Conversely, Apatit Vietnam is proposing to shareholders the election of 4 additional members to the Board of Directors and 1 member to the Supervisory Board (the list of candidates has not yet been announced).
N.Nga
Source: VITIC/Tinnhanhchungkhoan