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Monday, July 15, 2024

BaF Vietnam to establish new subsidiary

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HCMC – BaF Vietnam Agriculture JSC, which trades its BAF shares on the Hochiminh Stock Exchange, has approved a plan to establish its new legal entity, BAF Microbial Organic Fertilizer Company Limited.

BAF Microbial Organic Fertilizer Company Limited will be located on the ninth floor of the Vista Tower Building on Hanoi Highway, An Phu Ward, Thu Duc City, HCMC, with total charter capital of VND20 billion.

Of which, BaF Vietnam planned to contribute VND18 billion, equivalent to 90% of the charter capital.

BAF Microbial Organic Fertilizer Company Limited will be mainly engaged in the production of biological and environmental remediation products.

Regarding business performance, BaF Vietnam recorded revenue of over VND1,638 billion and after-tax profit of VND12.16 billion in the second quarter of 2023, up 14.5% and down 69.9%, respectively, compared to the same period last year.

In the first half of 2023, BaF Vietnam earned over VND2,454 billion in revenue and VND16.1 billion in after-tax profit, down 17.3% and 87.5% versus the year-ago period, respectively.

Earlier, BaF Vietnam set a revenue target of over VND7.5 trillion and an after-tax profit target of VND301 billion in 2023. By the end of the first half of 2023, the company had only achieved 5.3% of the annual profit target.

Closing the trading session today, BAF inched up by 0.87% to VND23,100 per share, with nearly 2.5 million shares changing hands.

The benchmark VN-Index of the Hochiminh Stock Exchange surged by 15.03 points, or 1.24%, at 1,225.98 points, with winners outnumbering losers by 343 to 127.

Trading volume reached nearly 1.13 billion shares, up 9.7% day-on-day, while the value increased by 6.84% to around VND23.09 trillion. Around 39.64 million shares were transacted in block deals, contributing nearly VND1.02 trillion to the overall value.

Housing developer NVL stole the spotlight today as it surged by 6.87% to VND19,800 per share, with a remarkable matching volume of 79.6 million shares.

Meanwhile, VIC, the stock of Vingroup JSC, continued to set a record high of VND62,200 per share, with trading volume soaring to nearly 20.54 million units.

On the Hanoi Stock exchange, the HNX-Index added 2.64 points, or 0.82% over the previous session, at 241.31 points. There were more than 106.35 million shares worth VND1.8 trillion changing hands on the northern market.

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