In the announced plan, IDI will distribute stock dividends at a ratio of 100:20 (for every 100 shares, 20 new shares will be received). With over 227.6 million shares currently in circulation, the company will issue over 45.5 million new shares, thereby increasing its charter capital from over VND 2,276 billion to nearly VND 2,732 billion.
The company stated that it would use the source of undistributed post-tax profits accumulated in the audited separate financial statements as of December 31, 2023, for this issuance.
Looking back at its development history, IDI started with a charter capital of VND 29 billion in 2003 and has gone through multiple rounds of capital increases, especially after 2011 – the year IDI officially listed and traded on the HOSE exchange.
IDI’s business performance in recent years has been less than optimistic. In Q1/2024, revenue from the sale of tra fish products (accounting for the largest proportion at 39%) was over VND 643 billion, a decrease of 21%. Meanwhile, revenue from fishmeal and fish oil sales increased by 5% to VND 697 billion, and revenue from animal feed sales rose by 2.5% to VND 280 billion.
Considering the fluctuations in these business segments and excluding deductions, IDI recorded a gross revenue of VND 1,630 billion, an 8% decline compared to the same period last year. Gross profit reached VND 119 billion, a 17% decrease, with a corresponding gross profit margin of 7%.
Among the expenses, only selling expenses increased by 9% year-on-year, while all other expenses decreased, with the most significant reduction being a 25% drop in interest expenses to VND 63 billion.
Ultimately, IDI posted after-tax profit and net income of VND 17 billion and VND 14 billion, respectively, representing decreases of 5% and 6% compared to the previous year. Against the plan approved at the 2024 Annual General Meeting of Shareholders, which targeted gross revenue of VND 8,499 billion and after-tax profit of VND 276 billion, the company has achieved 19% and 6% of these targets, respectively.
| IDI’s recent quarterly financial results |
