Inventory accounts for half of total assets, and cash has decreased sharply.
According to the consolidated financial report for the fourth quarter of 2023, the company's short-term assets increased sharply from VND 5,503 billion to over VND 7,000 billion in 2023 alone.
Part of the reason is that short-term receivables increased threefold, from VND 455 billion at the beginning of the year to VND 1,441 billion as of December 31, 2023.
Short-term accounts receivable from customers increased 14 times, from VND 75 billion to VND 1,069 billion. Provisions for doubtful short-term receivables nearly doubled, from VND 13 billion to almost VND 25 billion.
PSH's biggest debtors include Long An Lubricant Manufacturing Joint Stock Company (382 billion VND), An Kien Private Enterprise (365 billion VND), and NSH Go Cong Oil and Gas Bonded Warehouse and Trading Joint Stock Company (178 billion VND).
In addition, inventory also increased, from VND 4,798 billion at the beginning of the year to VND 5,585 billion at the end of the year - accounting for nearly half of total assets.
It is noteworthy that the company's cash reserves decreased nearly tenfold, from 235 billion VND to a mere 24 billion VND in 2023 alone. Furthermore, PSH's debt-to-equity ratio recorded a staggering 5.8 times.
On the other side of the balance sheet, the company's liabilities increased by VND 847 billion, reaching VND 9,386 billion. Of this, short-term debt surged, from VND 5,359 billion to VND 6,690 billion in just one year.
This stems from an increase in long-term lease financing debt in 2023. As of December 31, 2023, the recorded amount was VND 4,671 billion - an increase of 1.8 times compared to the beginning of the year (VND 2,505 billion).
Business was sluggish in the fourth quarter of 2023.
Based on the business results, Nam Song Hau Oil and Gas experienced a rather lackluster fourth quarter. Net revenue from sales and services in the quarter decreased to 733 billion VND, only one-third compared to the same period in 2022 (2,211 billion VND).
As a result, gross profit in the fourth quarter of 2023 was only 35 billion VND, one-fifth of that in the fourth quarter of 2022 (181.7 billion VND). Cost of goods sold decreased 2.9 times compared to the same period, falling from 2,029 billion VND to 698 billion VND.
Sales revenue was sluggish, and PSH's financial income also showed no signs of improvement, recording a loss of VND 5.3 billion in the previous quarter, despite financial expenses being 2.3 times higher than the same period in 2022.
In the fourth quarter of 2023, the company recorded a net loss of VND 225.2 billion from its business operations. This compares to a profit of VND 39.8 billion in the same period of 2022.
At the end of 2023, the company's net revenue was recorded at VND 6,094 billion - a decrease of VND 1,261 billion. compared to the previous year. However, PSH's profit in 2023 recorded 57 billion VND, a much better result than the loss of 236 billion VND in 2022.
The company's net cash flow from operating activities in 2023 recorded a negative VND 1,929 billion, in contrast to VND 377 billion in 2022.
As reported by Lao Dong newspaper, the Hau Giang Provincial Tax Department recently publicly announced a list of taxpayers owing taxes and other payments to the state budget. Nam Song Hau Petroleum Trading and Investment Joint Stock Company is included in this list with a tax debt of over 1.185 billion VND.
Besides being embroiled in controversies regarding tax arrears and misuse of the fuel price stabilization fund, Nam Song Hau Petroleum Trading and Investment Joint Stock Company has also repeatedly delayed interest payments on numerous bond issues worth hundreds of billions of VND.
Source
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