VRC stock has had 6 consecutive limit up sessions. Screenshot.
On March 12th, Ho Chi Minh City Stock Exchange (HoSE) requested VRC to explain the reason behind the stock’s 5 consecutive limit up sessions from March 6th to March 12th, 2024. In the trading session on March 13th, VRC continued to hit the limit up price, pushing the stock from VND 8,070 per share to VND 12,000 per share, a nearly 49% increase in just 6 sessions. The liquidity of VRC stock also significantly improved, from a few thousand units traded per session to hundreds of thousand units, with the trading value in billions of dong. At the end of the trading session on March 14th, VRC stock increased by an additional 0.83%, reaching VND 12,100 per share.
With 50 million shares in circulation, VRC’s market capitalization increased by an additional VND 197 billion, reaching VND 600 billion. However, compared to the historical peak price of VND 38,800 per share set in late February 2022, VRC’s stock price is still more than 69% below.
In their explanation, VRC stated that the stock’s performance is subject to market supply and demand. The trading decisions of investors regarding VRC stock are beyond the company’s control.
VRC’s business operations are proceeding as normal, with no abnormal fluctuations, and the company has no impact on the trading price of VRC stock.
Prior to the recent strong increase in VRC stock, in the first month of 2024, Mr. Phan Van Tuong, a member of VRC’s Board of Directors, registered to sell 2.5 million shares, but due to the market price being outside the expected trading range, Mr. Tuong was not able to sell any shares and still holds 9.32 million shares, a 18.65% stake.
According to research, VRC Real Estate and Investment Corporation, formerly known as Ba Ria – Vung Tau Special Zone Construction Enterprise, was established in August 1980 and is one of the earliest construction companies in Ba Ria – Vung Tau province. In June 2018, the company relocated its headquarters to Ho Chi Minh City.
The company went public in July 2010 and underwent comprehensive restructuring in 2017, officially changing its name to VRC Real Estate and Investment Joint Stock Company and increasing its charter capital to VND 500 billion as it is currently.
At the end of 2023, the company recorded a net revenue of over VND 3.9 billion, an 8% increase compared to 2022, but the absence of extraordinary financial revenue and other income (from project 52G) as in 2022 resulted in a decrease in after-tax profit from VND 16.9 billion to only VND 197.6 million.
