The Company has been found to have disclosed inaccurate financial information in its separate and consolidated financial statements for Q4 2023. According to the unconsolidated Q4 2023 financial statements, C32’s net profit after tax for 2023 was over VND 5.2 billion. However, according to the audited separate financial statements for 2023, the net profit after tax for 2023 was a loss of nearly VND 18.8 billion. According to the consolidated Q4 2023 financial statements, C32’s net profit after tax for 2023 was nearly VND 1.6 billion. In contrast, the audited consolidated financial statements for 2023 reported a net loss after tax of nearly VND 27 billion.
The decision took effect from the signing date of August 28, 2024.
C32, formerly known as Song Be Construction and Development Corporation (S.B.P.Corp), was established in 1993 and is a construction contractor in Binh Duong province. C32’s products, such as centrifugal concrete pipes, non-burnt bricks, and construction stones, are present in provinces like Binh Duong, Ho Chi Minh City, Dong Nai, Long An, and Tay Ninh.
The Company’s charter capital is currently over VND 150 billion, of which Ms. Bui Thu Huyen, a non-executive member of the Board of Directors, owns 24.35%. Ms. Huyen is the wife of Mr. Tu Vinh Trung, Chairman of the Board of Directors. Currently, Mr. Trung does not hold any shares in C32.
In terms of business performance, in the first six months of 2024, C32 recorded a revenue of over VND 354 billion, a 61% increase compared to the same period last year. However, net profit decreased by 58% to VND 1.6 billion, the lowest level ever. The Company attributed this to the difficulties faced by its associated units in the construction and building materials industries, which led to a decline in business results.
| C32’s semi-annual business results since the information disclosure |
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