Khanh Hoa Tobacco Import and Export Joint Stock Company (Khatoco) is a state-owned enterprise beginning with tobacco production and trading, expanding to other fields, and a famous corporation in and out of the country, having been the leading enterprise of Khanh Hoa province for decades.
Specifically, Khatoco was established in 1993, the predecessor was Phu Khanh Tobacco Trading Company with the initial capital of 6 million VND and produced solely tobacco by manual methods. After more than 30 years of development, the equity has sharply increased to 2,435 billion VND, and Khatoco has been known as the “tycoon” of Khanh Hoa with total assets reaching over 6,157 billion VND by the end of 2023.
The Company’s business activities cover various fields: tobacco, tourism service, textile and fashion, leather, paper, packaging, husbandry, trade and import/export, financial investment, and real estate business.
Some large-scale real estate projects invested by Khatoco are Trang É Industrial Park (152.3 ha, including 3 industrial clusters), Khatoco Ninh Ich (35.5 ha), Yang Bay Tourist Park, Liberty Central Nha Trang Hotel (227 rooms of 4-star standard), iBis Styles Nha Trang (331 rooms).
With such scale, Khatoco is known for being the enterprise which contributes the most to the state budget of Khanh Hoa province.
In business, Khatoco’s annual revenue is always at a level of 7,000-9,000 billion VND, fluctuating significantly. The peak phase from 2013 to 2016, the Company’s revenue always exceeded 9,000 billion VND a year. Its revenue has remarkably recovered in the last 3 years.
In 2023, the Company’s revenue was 8,772 billion VND – up 10% compared to the previous year. Despite recovery in revenue, the after-tax profit did not increase proportionally.
During 2013-2023, Khatoco’s profit peaked at 618 billion VND in 2014, and then continuously decreased. In 2023, the Company’s after-tax profit was 242 billion VND – a decrease of 15% compared to 2022.
As of December 31, 2023, Khatoco’s total assets increased to 6,157 billion VND, mainly inventory with a value of 3,088 billion VND. Khatoco has 157 billion VND in cash and cash equivalents.
Regarding debts, the total outstanding balance of the Company also increased significantly last year to 3,721.5 billion VND, of which short-term debt was 2,331 billion VND – accounting for 63% of the total debt and equivalent to the owners’ equity (contributed capital is 2,337 billion VND).
According to the obituary, Mr. Phan Quang Huy passed away at 4:40 AM of the same day due to an accident. The funeral is held at the funeral home of Khanh Hoa General Hospital.
Mr. Phan Quang Huy was born in 1971, in Phu Yen, currently the Party Committee Secretary, and General Director of Khatoco, a state-owned enterprise under the People’s Committee of Khanh Hoa province. Mr. Huy worked at Khatoco for more than 30 years. In 2019, from the position of Chief Accountant, he was appointed as Deputy General Director.
In April 2022, Mr. Huy was appointed as a Member of the Board of Members and General Director of Khatoco.
