Comparison to PAN's pre-review results: Net sales adjusted slightly, while profit before tax and net profit attributable to the parent company's shareholders increased.
On August 29, 2024, The PAN Group Joint Stock Company (HSX: PAN) announced its half year reviewed financial statements for 2024. Compared to the pre-review business results, net revenue was slightly adjusted, whereas the indicators for pre-tax profit, profit after tax, and net profit attributable to the parent company's shareholders all increased. Specifically, the profit attributable to the parent company's shareholders reached VND 176 billion, which is 4% higher than the pre-review figure.
Indicator | 6M.2024 (Pre-review) | 6M.2024 (Reviewed) | 6M.2023 | %yoy |
Net Revenue | 6.842 | 6.833 | 5.309 | 29% |
Profit before tax | 456 | 460 | 318 | 45% |
Profit after tax | 370 | 376 | 267 | 41% |
PATMI | 169 | 176 | 105 | 68% |
Many of PAN's profit indicators increased after the review.
Furthermore, in a notable development yesterday (August 27, 2024), a member of The PAN Group, Vietnam Fumigation Joint Stock Company - VFC (HSX: VFG), announced an extraordinary event. The company received a decision from the People's Court of Khanh Hoa Province recognizing the agreement between the parties involved in a commercial dispute over the joint venture contract with Hai Yen Co., Ltd. Accordingly, VFC and Food and Investment Company (Fococev) agreed on the charter capital of Hai Yen Co., Ltd. at VND 60 billion, with VFC holding 66.67% and Fococev holding 33.33% of the charter capital. VFC immediately announced the change in the company structure, with Hai Yen officially becoming a subsidiary of VFC. As a result, this year's business results of Hai Yen Company will be consolidated into VFC's results.
| In 2006, VFC and Centrimex (General Import-Export Corporation No. 3) jointly contributed capital to establish Hai Yen Co., Ltd. to build Novotel Nha Trang Hotel with a charter capital of VND 60 billion. VFC contributed 67%, while Centrimex contributed 33%, agreeing to increase the charter capital to VND 90 billion. However, by the committed deadline for capital contribution, Centrimex had only contributed VND 5.77 billion. To save Hai Yen and the Novotel Nha Trang project from being revoked, VFC had to inject additional capital into Hai Yen Company, leading to a dispute. The matter was prolonged further when Centrimex was subsequently merged into the Food and Investment Company (Fococev). This dispute has prevented VFC from consolidating the profit generated from the Novotel Nha Trang hotel business into the company's profit, even though the hotel has been operational since November 2008. |