HoSE-listed Yeah1 Group JSC (YEG) has approved a plan to invest an additional VND211 billion in its subsidiary, 1Production Ltd.
The investment is expected to be made in 2024 and/or the first quarter of 2025. Following this capital contribution, Yeah1’s investment value in 1Production will amount to VND350 billion. The purpose of this capital injection is to provide 1Production with additional funds for its business operations.
Yeah1 invests an additional VND200 billion in 1Production
Previously, in the second quarter of 2024, Yeah1 announced its plan to divest from six subsidiaries, including STV Media Corporation, STV Production LLC, ANA Entertainment JSC, Care Group JSC, Young Ambassador Film Investment and Production JSC, Appnews Vietnam JSC, and Giga1 Commerce and Technology JSC.
In other news, according to data released by the Vietnam Social Security in Ho Chi Minh City, Yeah1 Group JSC is in arrears for four months’ worth of social insurance payments for its employees, totaling nearly VND2.4 billion.
Similarly, 1Production Ltd. is also delinquent on four months’ worth of social insurance contributions, amounting to nearly VND790 million.
In terms of financial performance, Yeah1’s consolidated financial statements for the second quarter of 2024 reported net revenue of VND207 billion, a 2.5-fold increase compared to the same period last year. Gross profit also increased to nearly VND16 billion. Net profit reached VND8.5 billion, up 66% year-on-year.
For the first half of 2024, Yeah1 recorded a doubling of revenue to VND280 billion. The advertising and media consulting segment contributed the highest revenue of VND253 billion, nearly 2.4 times higher than the previous year. The newly contributing segments of service provision and e-commerce achieved revenue of over VND18.1 billion, while content rights brought in more than VND9.4 billion.
Despite being known for producing popular entertainment programs, Yeah1’s profits are mainly derived from its financial activities. Financial revenue surged to nearly VND76 billion, 3.6 times higher than the previous year, with nearly VND60 billion coming from gains on divestment from subsidiaries.
As a result, net profit for the first half of 2024 reached VND20.5 billion, 2.2 times higher than the same period last year.
The YEG Annual General Meeting for 2024 approved two business plans for 2024. In an optimistic scenario, consolidated net revenue is targeted at VND1,100 billion, with consolidated net profit of VND105 billion. Alternatively, in a less favorable scenario, consolidated net revenue is expected to reach VND800 billion, with consolidated net profit of VND65 billion.
Compared to these plans, Yeah1 has achieved approximately one-third of its profit target for the year.
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