AAV Group's Chief Accountant Resigns After Nearly 3 Months of Appointment

With continuous changes in senior leadership due to business losses, AAV Group JSC (code AAV - HNX floor) continues to receive a resignation letter from Mr. Trieu Kieu Vu from the position of Chief Accountant.

After replacing the Chairman and General Director, AAV Group is about to replace the Chief Accountant.

On September 14, AAV Group announced that it had received a resignation letter from Mr. Trieu Kieu Vu from the position of Chief Accountant for personal reasons.

According to research, Mr. Trieu Kieu Vu was born in 1977, has a bachelor's degree in economics , and was recently appointed to the position of Chief Accountant on June 25, 2024, replacing Ms. Nguyen Thi Tu.

Thus, less than 3 months after his appointment, Mr. Trieu Kieu Vu suddenly resigned from the position of Chief Accountant at AAV Group.

In fact, the leadership structure of AAV Group has been constantly changing recently. On January 10, 2023, AAV Group dismissed Mr. Nguyen Van Chuyen from the position of General Director and appointed Mr. Phan Van Hai as a replacement; on March 22, 2024, Mr. Pham Quang Khanh, Chairman of the Board of Directors and legal representative, submitted his resignation for personal reasons, and on April 8, AAV Group decided to dismiss Mr. Pham Quang Khanh from the position of Chairman and elected Mr. Nguyen Thanh Tung as the new Chairman; and on April 8, the Company also dismissed and replaced a number of members of the Board of Directors and the Board of Supervisors.

According to research, General Director Phan Van Hai was born in 1987, Mr. Hai is not a new person but from April 2019 to January 2023 he was the person in charge of administration, the person authorized to disclose information at AAV Group; and Chairman Pham Thanh Tung was born in 1989, before being appointed from 2022 to present, Mr. Tung was Chairman of AAV Trading JSC (a subsidiary of AAV Group in 2022 but later divested).

In fact, as of February 27, 2024, AAV Group only had two major shareholders owning 29.17% of charter capital, the remaining 70.83% of charter capital belonged to small shareholders. Of which, Mr. Pham Quang Khanh owned 23.57% of charter capital; Mr. Nguyen Thanh Tung owned 5.6% of charter capital.

Furthermore, since the sell-off hit bottom in November 2022, AAV Group has not recorded any changes in major shareholders buying, mainly internal shareholders and the Board of Directors selling shares.

Thus, the replacement of two important positions, General Director and Chairman of the Board of Directors, and the appointment of people within the company to new positions while the shareholder structure has not changed significantly, sends a signal that the Company will hardly have any major changes when there is no significant group of shareholders in the restructuring process after continuously reporting business losses.

Additional loss of VND 5.26 billion in the first half of 2024

In terms of business operations, in the first half of 2024, AAV Group recorded revenue of VND 2.87 billion, down 95.8% year-on-year, and after-tax profit continued to lose an additional VND 5.26 billion compared to the same period of VND 8.24 billion.

It is known that previously in 2023, AAV Group also lost up to 17.33 billion VND.

Returning to the 2024 Semi-Annual Financial Report, during the period, the decline in revenue led to a 27.9% decrease in gross profit compared to the same period, equivalent to a decrease of VND 0.7 billion to VND 1.81 billion. In addition, financial revenue decreased by 51.9% compared to the same period, equivalent to a decrease of VND 1.56 billion to VND 1.45 billion; financial expenses decreased by 99.4%, equivalent to a decrease of VND 5.08 billion to VND 0.03 billion; sales and administrative expenses decreased by 11.6%, equivalent to a decrease of VND 1.1 billion to VND 8.42 billion and other activities fluctuated insignificantly.

In addition, in terms of core business activities (gross profit - financial expenses - sales and administrative expenses), in the first half of 2024, AAV Group recorded a loss of VND 6.65 billion compared to a loss of VND 12.13 billion in the same period.

Thus, in the first half of 2024, when revenue declined sharply, the gross profit generated by AAV Group was not enough to cover financial, sales and business management costs, which was the reason for continued losses.

It is known that in 2024, AAV Group plans to have revenue of 500 billion VND and after-tax profit of 25 billion VND.

Thus, ending the first half of 2024 with an additional loss of VND 5.26 billion, AAV Group is still far from its plan to make a profit in 2024.

Notably, with continued losses in the first half of 2024, as of June 30, 2024, AAV Group has increased its total accumulated losses to VND 17.49 billion, equal to 2.5% of charter capital (charter capital of VND 689.88 billion).

Source: https://baodautu.vn/ke-toan-truong-cua-aav-group-tu-nhiem-sau-gan-3-thang-duoc-bo-nhiem-d225104.html