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

Ninh Van Bay shares continuously hit the ceiling price; HoSE demands explanation.

The Ho Chi Minh City Stock Exchange (HoSE) has requested Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT) to explain why its stock experienced five consecutive days of hitting the upper limit price from June 17-21, 2024.

Shares of Ninh Van Bay Tourism Real Estate Joint Stock Company (NVT) surged from VND 7,970 to VND 11,100, a rise of over 39%, after months of negligible fluctuations. Liquidity also jumped, with nearly 189,000 shares traded, averaging nearly 38,000 shares per session, all through order matching.

Through its monitoring activities, HoSE observed that NVT's share price had hit the ceiling limit for five consecutive sessions. Therefore, HoSE requested NVT to report and disclose relevant information affecting the share price fluctuations.

Ninh Vân Bay is a tourism real estate company specializing in investing in, constructing, and operating high-end eco-resorts in Vietnam.

Not long ago, HoSE also decided to move NVT shares from the controlled category to the warning category effective April 4th. The reason given was that the after-tax profit attributable to parent company shareholders in 2023 was positive, while the undistributed after-tax profit as of December 31, 2023 was negative, based on the audited consolidated financial statements for 2023.

According to the audited consolidated financial report for 2023, Ninh Van Bay generated over VND 377 billion in net revenue, a 12% increase compared to 2022. After deducting the cost of goods sold, the company earned VND 192.6 billion in gross profit, a 13% increase compared to the previous year. However, as of the end of 2023, Ninh Van Bay recorded accumulated losses of over VND 712 billion, a consequence of several years of losses.

At the end of 2023, NVT's total assets stood at VND 1,078.6 billion, a decrease of 1.8% compared to the beginning of the year. In the category of investments in other entities, NVT only recorded an investment of over VND 6.8 billion in Hong Hai Joint Stock Company.

According to the explanatory notes, on June 28, 2023, NVT divested its entire 4.58% stake in Tan Phu Tourism Joint Stock Company at the original cost of VND 18.3 billion. This was also an investment for which the company had fully provisioned for many years prior.

According to the recently released audited financial report for 2023, Ninh Van Bay Tourism Real Estate Joint Stock Company stated that the total income of the company's Board of Directors and Executive Board last year was nearly 2 billion VND.

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

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

Meanwhile, former Chairman of the Board 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 generated nearly 114 billion VND in net revenue, a 23% increase compared to the same period last year; after-tax profit was nearly 16.6 billion VND, 8.8 times higher, and net profit was nearly 3.6 billion VND, instead of a net loss of nearly 5.6 billion VND as in the same period last year.

In 2024, NVT plans to achieve net revenue of over 390 billion VND and after-tax profit 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