Specifically, Ms. Pham Thi Hong Diep – Deputy General Director of Petrosetco Joint Stock Corporation (Petrosetco, HOSE: PET) – registered to sell 150,000 shares of PET, equivalent to 50% of the shares held, for personal needs.
The transaction is expected to take place from 08/03-06/04/2024, through matching orders and agreements. If successful, the ownership of this leader will decrease from 297,000 shares (0.28% ratio) to 147,000 shares (0.14% ratio).
The share sale move by PET leaders comes as the stock price has been experiencing positive sessions. Based on the closing price of the 06/03/2024 session at 26,200 VND/share, it is estimated that Ms. Diep could earn nearly 4 billion VND.
| 1-year stock performance of PET |
In terms of business operations, despite making a profit of nearly 23 billion VND in the last quarter of the year instead of a loss of over 24 billion VND like the same period, after the difficulties accumulated in the first 9 months of the year, the company still failed to end 2023 with growth.
The Q4/2023 financial statements show that the company benefited from no longer having securities investment losses like the previous period, in addition to reducing selling and enterprise management expenses, while core operations still faced many difficulties, with both revenue and gross profit declining. The company explained that the difficult economic situation led to a decline in demand for electronic products.
For the whole year, Petrosetco achieved a net revenue of over 17.508 trillion VND, not much different from the previous year, and a net profit of nearly 81 billion VND, down 27%. In 2023, Petrosetco set a target of net revenue of 18,000 billion VND and after-tax profit of 240 billion VND. Thus, the company nearly completed its revenue plan with a rate of 97%, but only achieved 57% of the profit plan.
Petrosetco turns profit in the last quarter thanks to no more securities investment losses
A sad record year for the “giants” in the phone and electronics business
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The business results of PET declined under the pressure from the reduced demand for electronic products
Source: VietstockFinance
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In another recent development, PET announced that 22/03/2024 is the ex-dividend trading date to attend the 2024 Annual General Meeting of Shareholders, the time and venue of which have not been announced. The General Meeting is expected to approve many important contents, focusing on the review of 2023 and the plan for 2024.
