Nam Viet (ANV) issues 133 million shares, at risk of breaking the annual plan

Nam Viet Joint Stock Company (HoSE Code: ANV), a food production and seafood processing and packaging unit, has just approved a decision to increase its share capital with a share issuance ratio of 1:1.

Currently, there are 133.13 million ANV shares in circulation on the market. Thus, the company will have to issue 133.13 million shares. The expected issuance time will be within 45 days from the date the State Securities Commission announces receipt of the company's full issuance documents. After the issuance, ANV is expected to increase its charter capital from VND1,331 billion to nearly VND2,667 billion.

Nam Viet (ANV) is at risk of breaking its annual plan, issuing 133 million more shares to increase capital (Photo TL)

Regarding business activities, from the second quarter of 2023 onwards, ANV has shown clear signs of decline. Specifically, the company recorded revenue of VND 1,074.3 billion in the second quarter, with a loss after tax of up to VND 51 billion.

Entering the third quarter of 2023, the company recorded revenue of VND 1,098.8 billion, profit after tax of only VND 1 billion while in the same period it was still recording profit of VND 119.9 billion. This is equivalent to a 99% decrease in profit in the third quarter compared to the same period.

ANV's accumulated revenue in the first 9 months of the year reached 3,328.3 billion VND, after-tax profit was only 42.4 billion VND, down 92% compared to the same period last year.

Compared to the 2023 business target of total revenue of VND 5,200 billion and pre-tax profit of VND 300 billion, the company has only completed 21.1% of the profit target and is almost certain to be behind schedule in 2023.

At the end of the third quarter, the company's total assets reached VND5,360 billion, a slight decrease compared to the beginning of the year. Of which, equity accounted for VND2,984 billion, liabilities accounted for VND2,375.7 billion, equivalent to 44.3% of total assets.

Source: https://www.congluan.vn/nam-viet-anv-du-dinh-phat-hanh-133-trieu-co-phieu-nguy-co-vo-ke-hoach-nam-post277647.html