Ninh Van Bay shares continuously hit the ceiling, HoSE requests explanation

Ho Chi Minh City Stock Exchange (HoSE) requested Ninh Van Bay Tourism Real Estate JSC (NVT) to explain why its stock price had 5 consecutive ceiling price sessions from June 17-21, 2024.

Shares of Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT) increased from 7,970 VND to 11,100 VND, equivalent to an increase of more than 39%, while in the previous months, the fluctuations were insignificant. Liquidity also increased with a total of nearly 189,000 shares traded, an average of nearly 38,000 shares/session, all of which were matched orders.

Through monitoring, HoSE found that NVT stock price increased to the ceiling for 5 consecutive sessions. Therefore, HoSE requested NVT to report and disclose relevant information that affects stock price fluctuations.

Ninh Van Bay is a tourism real estate enterprise specializing in investment, construction and business of high-end eco-resorts in Vietnam.

Not long ago, HoSE also decided to transfer NVT shares from the control status to the warning status from April 4. The reason given is that the parent company's after-tax profit in 2023 is a positive number, and the undistributed after-tax profit as of December 31, 2023 is a negative number based on the audited consolidated financial statements for 2023.

In the 2023 audited consolidated financial report, Ninh Van Bay brought in more than VND 377 billion in net revenue in 2023, an increase of 12% compared to 2022. Deducting cost of goods sold, the company earned VND 192.6 billion in gross profit, an increase of 13% compared to the previous year. However, by the end of 2023, Ninh Van Bay recorded an accumulated loss of more than VND 712 billion, a result of many previous years of losses.

At the end of 2023, NVT's total assets were VND 1,078.6 billion, down 1.8% compared to the beginning of the year. In the investment section of capital contributions to other units, NVT only recorded more than VND 6.8 billion invested in Hong Hai Joint Stock Company.

According to the explanation, on June 28, 2023, NVT divested all of its 4.58% equity ownership in Tan Phu Tourism Joint Stock Company at an original price of VND 18.3 billion. This is also an investment for which the Company had made full provisions many years ago.

According to the newly announced audited financial report for 2023, Ninh Van Bay Tourism Real Estate Joint Stock Company said that the total income of the Board of Directors and the Executive Board last year was nearly 2 billion VND.

Notably, only two Ninh Van Bay leaders will receive remuneration in 2023: General Director Vu Hong Quynh and Deputy General Director Dang Thi Ngoc Han.

Of which, Board Member and General Director Vu Hong Quynh received an income of 540 million VND, a decrease of 42% compared to the level received in 2022. Deputy General Director Dang Thi Ngoc Han received an income of 1.4 billion VND, an increase of 50% compared to the previous year.

Meanwhile, former Chairman of the Board of Directors Pham Thanh Thai Linh and members of the Board of Directors and Supervisory Board of NVT received zero salary last year.

Regarding business performance, in the first quarter of 2024, NVT brought in nearly VND 114 billion in net revenue, an increase of 23% over the same period; profit after tax of nearly VND 16.6 billion, 8.8 times higher and net profit of nearly VND 3.6 billion, instead of a net loss of nearly VND 5.6 billion as in the same period.

In 2024, NVT plans to have net revenue of more than 390 billion VND and profit after tax of nearly 22 billion VND.

Source: https://baodautu.vn/co-phieu-ninh-van-bay-lien-tuc-tang-tran-hose-yeu-cau-giai-trinh-d218281.html