Just listed, Mr. Nguyen Thien Truc's raw material sales corporation 'lost' thousands of billions

Just listed on November 11 at 63,000 VND/share, after a few adjustment sessions, the capitalization of Asia Materials Corporation AIG "evaporated" more than a thousand billion VND.

Vừa lên sàn, tập đoàn chuyên bán nguyên liệu của ông Nguyễn Thiên Trúc 'mất' ngay nghìn tỉ - Ảnh 1. — AIG listed at a fairly high price, up to 63,000 VND per share - Photo: HNX

According to information from the Hanoi Stock Exchange (HNX), shares of Asia Group (AIG) Materials JSC have just been traded on the UpCOM floor with the code AIG since November 11.

With actual contributed capital of VND 1,706 billion, more than 170.6 million AIG shares were referenced on the first trading day at VND 63,000/share.

Listed at a time when the stock market was not performing well, AIG shares "evaporated" more than 11% after a few days.

In the first trading session, 72,500 AIG shares were traded at an average price of VND56,900/share.

By the end of the session on November 14, this stock had recovered, but was still only at 56,000 VND. The company's capitalization decreased by nearly 1,200 billion VND.

According to HNX, AIG was established in 2017 with the original name of GIG Investment JSC, with a charter capital of VND18 billion. After 4 capital increases in different forms, AIG currently has a charter capital of VND1,706 billion.

The Chairman of AIG's Board of Directors is Mr. Nguyen Thien Truc (born in 1971). The company's main field of activity is the production and trading of raw materials and spices for the food processing, dairy and food products industries.

According to the annual report, AIG's partners are large enterprises in the market such as Nestle', Vinamilk, Masan , Unilever...

Currently, AIG has 7 factories including: Asia Saigon Food Ingredients JSC Factory, Asia Coconut Processing, APIS, Asia Hoa Son, Asia Specialty Ingredients, Mekong Delta Gourmet and Vinh Hao Algae.

With the typical cost structure of the manufacturing and trading industry, the cost of goods sold of this company always accounts for a high proportion, accounting for more than 80% of net revenue over the years.

The ratio of cost of goods sold to total consolidated net revenue remains stable in 2022 and 2023, at 85.77% and 84.74%, respectively.

However, AIG has a low financial expense ratio when borrowing is low, accounting for only 1.22% and 1.25% of net revenue in 2022 and 2023 because the company balances its financial resources.

Regarding production and business situation, in 2023, AIG recorded net revenue of more than VND 11,910 billion, down VND 969 billion compared to the same period in 2022. Profit after tax reached more than VND 786 billion, equivalent to the same period last year.

By the end of the second quarter of 2024, the company achieved net revenue of more than VND 5,778 billion, unchanged compared to the same period, while after-tax profit reached more than VND 431 billion, an increase of more than VND 37 billion over the same period last year.