A Deputy General Director of Hai Phat Investment Resigns After Four Months on the Job

Hai Phat Investment Joint Stock Company (Stock Code: HPX, HoSE) has announced the resignation of Mr. Nguyen Manh Tien from the position of Deputy General Director, effective August 16, 2024. The decision was made following Mr. Tien’s request to step down and terminate his labor contract due to personal reasons.

Mr. Nguyen Manh Tien, born in 1966, holds a Master’s degree in Business Administration and a Bachelor’s degree in Finance and Accounting. Prior to joining Hai Phat Investment, he held several important positions at Song Da Corporation and Vietnam Oil and Gas Group – Joint Stock Company (PVC, Stock Code: PVX, HoSE). In late 2015, he was reappointed as Deputy General Director of PVC.

Mr. Tien was appointed as Deputy General Director of Hai Phat Investment on April 2, 2024, replacing Mr. Do Quy Thanh. However, after just over four months in this position, Mr. Tien has decided to step down.

Regarding recent changes in the company’s senior management, on May 3, HPX announced the resignation of Mr. Doan Hoa Thuan from the position of General Director, also due to a personal request. Concurrently, Mr. Nguyen Van Phuong was appointed as the new General Director for the term 2024-2029.

Earlier, on April 19, HPX received resignation letters from two members of the Board of Directors, Mr. Vu Hong Son and Mr. La Quoc Dat, as well as Mr. Bui Duc Tue, a member of the Supervisory Board. All three individuals cited personal commitments as the reason for their departure.

In terms of financial performance, during the second quarter of 2024, Hai Phat Investment recorded a revenue of VND 331.4 billion, a decrease of 55.6% compared to the same period last year. The company’s after-tax profit stood at VND 31.4 billion, a significant drop of 62.3%.

This decline in performance was primarily attributed to a 59% decrease in revenue from real estate business, amounting to only VND 293 billion.

The company’s management also attributed the decrease in profit to a lower number of products delivered to customers in the second quarter of 2024, along with fixed costs that remained unchanged.

For the first six months of 2024, HPX recorded a revenue of over VND 655 billion and an after-tax profit of VND 47 billion, representing decreases of 26.9% and 17.2%, respectively, compared to the same period in 2023.

With these results, HPX has only achieved 23% of its revenue plan and 45% of its profit plan for the year 2024.