28.9 C
Ho Chi Minh City
Wednesday, November 13, 2024

Navico’s 2024 profit target seen unattainable

The Saigon Times

Must read

HCMC – Nam Viet Corporation (Navico), whose ANV shares are traded on the Hochiminh Stock Exchange, reported a slow climb toward its 2024 profit goal, achieving only 14% of its target after three quarters, according to the the company’s earnings report.

The seafood exporter aims for a VND306 billion after-tax profit this year, but its earnings for the first nine months of the year totaled just VND42.5 billion. The company’s third-quarter net revenue rose by 22% year-on-year to VND1.34 trillion, while gross profit more than doubled to VND172.7 billion, with a margin increase from 7.7% to 12.9%.

Financial income in July-September plunged by 71% year-on-year to VND2.4 billion, though financial costs dropped by 22% to VND28 billion. Selling expenses rocketed by 118% to VND82 billion, mainly due to a tripling in shipping costs caused by tensions in certain parts of the world, which hit nearly VND59 billion. Administrative costs rose by 25% to VND20 billion.

Navico plans to finalize its shareholder list on November 8 for a stock issuance to raise its charter capital. The company will issue 133.1 million shares at a 1:1 ratio, doubling its charter capital from VND1.34 trillion to VND2.67 trillion.

Wrapping up the trading session today, October 28, ANV edged up by 0.46% to VND32,700 per share, with a matching volume of 224,300 shares.

The VN-Index closed up by 0.16% on Monday, gaining 2.05 points to end at 1,254.77 points, with broad gains in large-cap stocks helping offset declines elsewhere.

The southern market saw 211 winners and 162 losers, with a trading volume of 482.7 million shares worth VND10.86 trillion, down by 15.2% and 21.2% over the previous session, respectively. Block deals accounted for more than 81.18 million shares valued at over VND1.6 trillion.

The VN30-Index, which tracks the 30 largest-cap stocks, posted modest gains, adding 2.79 points to 1,328.33 points, with 15 bluechips rising and nine others declining.

Real estate developer VHM weighed heavily on the main index, closing down by 2.6% to VND42,700 per share, near its session low, and taking away nearly 1.2 points from the VN-Index. VHM’s trading volume remained active with over 19.5 million shares transacted.

On the bright side, HPG shares of steelmaker Hoa Phat Group provided the biggest boost to the index with a 1.1% rise on a volume of nearly 12 million shares, contributing around 0.5 point. Fuel distributor PLX and lender ACB each improved more than 1%. MSN, STB, and TPB gained by around 0.9%.

Securities broker VIX took the lead by liquidity with over 32.9 million shares changing hands, but dropped by 1.35% to VND10,950 per share.

On the Hanoi Stock Exchange, the HNX-Index moved sideways with a slight 0.01% decrease to 224.59 points. Total trading volume on the northern market reached over 35.4 million shares worth VND563.2 billion.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles