VHC announces better results, offers treasury shares
Vinh Hoan Company (VHC) announced net revenue of VND3.268 trillion (more than US$142 million), up 83 per cent over the same period last year. It also recorded profit after tax of VND548 billion, 4.2 times higher.
Last week, VHC announced the sale of more than 1.4 million treasury shares to increase working capital for production and business activities not more than 30 days from the date of transaction execution. According to the financial report, these shares are worth VND114 billion on the local exchange.
VHC shares witnessed a strong uptrend in the first four months of the year from VND62,800 each to VND104,000 each.
At the end of the trading session on April 5, the price was 2.9 times higher than a year ago. At this year's annual shareholder meeting, the pangasius producer and exporter approved a revenue plan of VND13 trillion and profit after tax of VND1.6 trillion for 2022, up 44 per cent and 46 per cent respectively compared to 2021. The dividend plan would include 20 per cent in cash and 20 per cent in shares.
Truong Tuyet Hoa, a member of the board, said the profit plan increased as the demand in the first months was good, the orders received were high, and the situation was positive with better sales at supermarkets.
Hoa said the results of Q1 fulfilled 24.6 per cent of the annual revenue plan and 34.5 per cent of the year's profit after tax plan.
Last year, VCH recorded revenue of more than VND9 trillion, exceeding 5 per cent of the plan and increasing by 26.3 per cent compared to 2020.