A seafood company with accumulated losses over 88 billion VND, but only a few tens of million VND in cash, yet its stock has increased by 160% since the beginning of March.

This seafood company currently owns over 8,600 shares of PVD stock, valued at a total of 531 million Vietnamese dong.


At the end of the trading session on March 15, the ICF stock of Incomfish Joint Stock Company (Incomfish) dropped to the floor on the UPCoM market at VND 7,300/share. However, before that, this stock had experienced 10 consecutive trading sessions with ceiling price, equivalent to a 160% increase since the beginning of March. The trading volume of ICF each session ranges from several thousand to several hundred thousand shares.

According to the explanation submitted to the Hanoi Stock Exchange, Incomfish’s leadership stated that the company is still operating normally with no changes. The company also stated that it is unaware of the reason for the recent sharp increase in stock price.

According to the research, Incomfish was established on September 1, 1999, with the main business activities being investment and trading of frozen seafood. In 2001, based on the planned orientation at the time of establishment to ensure sustainable and long-term development, as well as to actively supply products for exports, the company implemented a project to build a frozen seafood processing plant in Vinh Loc Industrial Zone – Ho Chi Minh City.

After more than one year of construction from 2001 to June 2002, the frozen seafood processing plant with a stable production capacity of 6,500 tons/year for value-added products entered trial production, and then officially went into production from early 2003 until now.

On November 29, 2006, the company listed its shares on the Hanoi Stock Exchange. After just one year of trading, the company transferred to the Hochiminh Stock Exchange. However, in 2019, the company’s shares were delisted due to consecutive losses.

Currently, the company’s charter capital is VND 128 billion, with Ms. Nguyen Thi Kim Xuan, Chairman of the Board of Directors of Incomfish, being the largest shareholder, holding 18.34% of the capital. Ms. Nguyen Thi Kim Thuy and Ms. Nguyen Thi Kim Thu, the two sisters of Ms. Xuan, respectively hold 7.58% and 7.57% of the capital. These are also the three largest shareholders of the company.

In terms of business performance, Incomfish still generates billions of VND in annual revenue. However, the company’s revenue has been declining in recent years. In fact, the company has been incurring losses for consecutive years. The company only managed to break the streak of losses in 2023, but only achieved VND 250 million in profit.

As of the end of 2023, Incomfish’s accumulated losses amounted to VND 88 billion.

As of December 31, 2023, the company’s total assets reached VND 194 billion, a decrease of VND 3 billion compared to the beginning of the year. Among them, the company only has a few million in cash. However, the company currently owns over 8,600 PVD shares with a total value of VND 531 million and has set aside more than VND 200 million for this investment. The largest asset of the company is inventory, which amounts to VND 135 billion.

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