The Hanoi Stock Exchange (HNX) has recently received a notice from Apatit Vietnam Phosphorus JSC (stock code: PAT, UPCoM market) regarding the appointment of Ms. Vu Tu Quynh Nga as the person in charge of administration and Secretary of the company as of March 2, 2024.
It is known that Ms. Nga was born in 1990 and lives in Lao Cai province. Prior to her appointment, Ms. Nga was an accountant at the company.
In another development, PAT has just released the documents for the 2024 annual general meeting of shareholders. The meeting is scheduled to be held on March 27 in Hanoi.
In 2024, Apatit Vietnam aims to achieve a total revenue of VND 1,678.54 billion, a decrease of 1.9% compared to the same period last year. The estimated after-tax profit is VND 230 billion, a decrease of 19.5% compared to the performance in 2023, and the expected dividend payout ratio is 70%.
Of this, the revenue from phosphorus is expected to reach VND 1,674 billion, accounting for 99.7% of the total revenue.
Source: PAT
These figures are significantly lower than the results achieved in 2023 (revenue of over VND 1,700 billion, after-tax profit of nearly VND 286 billion). In the context of high input material prices and declining market demand, PAT has “lost” 46% of its revenue and 70% of its profit compared to 2022.
The dividend payout ratio for 2023 approved at the 2023 general meeting of shareholders was 140%. However, due to the decline in results, PAT stated that it is not yet able to achieve this plan. The company has made a temporary advance payment of 90%, and is expected to pay the remaining 10% of the 2023 dividend in the current year, equivalent to 100%. The expected dividend payout ratio for 2024 is 70%.
In addition, the General Meeting of Shareholders will also elect new members of the Board of Directors and the Supervisory Board for the new term (2024-2029). The Board of Management is expected to remain unchanged, with Mr. Dao Huu Huyen continuing to serve as Chairman of the Board of Directors of Apatit Vietnam.
Regarding the remuneration for 2024, PAT is proposing a monthly salary of VND 8 million for the Chairman of the Board of Directors; VND 7 million for each Board member; VND 6 million for the Chief Inspector; and VND 4 million for each Supervisory Board member.
Meanwhile, Apatit Vietnam’s parent company, DGC Chemical Corporation (stock code: DGC – HoSE market), has just released the documents for the 2024 annual general meeting of shareholders, which will take place on March 29. In the documents, DGC is studying the merger of Apatit Vietnam into DGC. However, PAT’s documents do not mention this issue.
It is known that as of December 31, 2023, Duc Giang Chemical Corporation holds controlling power over Apatit Vietnam through its wholly-owned subsidiary Duc Giang Lao Cai Chemical Company Limited. Duc Giang Lao Cai Chemical Company Limited currently holds 51% of the capital of PAT.
In the fourth quarter of 2023, Apatit Vietnam recorded revenue of VND 363 billion, a decrease of 49% compared to the same period last year. Despite cost reduction efforts, after-tax profit decreased by 72% compared to the same period last year, only reaching VND 52 billion.
For the full year 2023, Apatit Vietnam recorded total revenue of VND 1,710 billion, a decrease of 46% compared to the same period last year, and after-tax profit of VND 286 billion, a decrease of 70% compared to the same period last year.
In 2023, Apatit Vietnam set a revenue target of VND 1,789.5 billion and an after-tax profit target of VND 416 billion. Therefore, at the end of 2023, Apatit Vietnam only achieved 68.7% of the annual profit plan.
