Trung An High-Tech Agriculture Joint Stock Company (UPCoM: TAR) held its 2025 Annual General Meeting of Shareholders in the afternoon of June 24th, amidst its shares being restricted from trading on the UPCoM system. Addressing shareholders’ concerns about the reason and plan of action, the company representative attributed the issue to discrepancies in financial statements between the previous and new auditing firms, with a resolution expected in 2025.
On the stock market, TAR shares are currently trading at VND 4,300 per share, recovering by 13% in the past three months but still down 31% year-on-year. The average trading volume exceeds 59,000 shares per session. The share price once peaked at nearly VND 41,000 per share in late 2021 but has lost 81% in value over the past two years.
| TAR’s Struggles: A Chart Overview |
Nearly VND 500 billion in receivables from the Tay Do Hospital transaction
Another pressing issue relates to receivables of over VND 494 billion from Ms. Phan Thien Trang, accounting for nearly 91% of total receivables in the consolidated Q1/2025 financial statements. TAR representatives explained that this was an advance payment for the purchase contract of Tay Do Hospital, but due to incomplete legal procedures, it was temporarily recognized in the financial statements. The company affirmed that it would provide specific updates to shareholders in the Q2/2025 and semi-annual audited financial statements.
Chairman of the Board of Directors, Pham Thai Binh, acknowledged that the company is focused on financial restructuring to reduce borrowing costs, the main reason for TAR‘s sharp profit decline in recent years. The number of lending banks has been reduced from seven to two key units. Trung An is also a government-approved enterprise for credit limits at Agribank, but accessing capital for the rice industry remains challenging.
 Mr. Pham Thai Binh, Chairman of the Board of Directors of TAR, speaks at a workshop in late 2024 – Photo: Daibieunhandan
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At the meeting, shareholders also approved the resignation of Ms. Huynh Thi Ngoc Quyen at her request and elected Ms. Nguyen Thi Ngoc Trang as a member of the Supervisory Board for the term 2023-2028. Ms. Trang does not own any shares in TAR and is not related to any internal or related organizations.
Multi-year losses due to high costs
In 2025, TAR targets consolidated revenue of VND 4,200 billion and profit after tax of VND 8.8 billion, up 5% and 10%, respectively, compared to 2024. However, Q1 remained challenging, with revenue of only VND 327 billion – the lowest in many years, down 63% over the same period. Cost of goods sold accounted for 97% of revenue, resulting in a gross profit margin of just 1%, and the company incurred a net loss of VND 18 billion – the fourth consecutive quarterly loss.
| TAR’s Financial Performance over the Last Five Quarters |
In addition to its core business of exporting high-quality rice under the “1 Million Hectares of High-Quality Rice” project approved by the Government, TAR is also diversifying its business portfolio. The company is developing the rice value chain by investing in eco-tourism and clean energy agriculture.
TAR currently owns a large raw material area comprising 800 hectares of organic farmland and natural melaleuca forest. The plan is to transform this area into a complex for growing fruit trees, medicinal plants, and developing by-products from rice, such as noodles, rice vermicelli, and dry flour.
Regarding new investments, the company has received approval from the People’s Committee of Phu Yen province for a 15,000-hectare high-quality rice project. Simultaneously, TAR is preparing a project to develop a 50,000-hectare specialized cultivation area in Kien Giang, which is part of the 1 Million Hectares of High-Quality, Low-Emission Rice Project.
No dividend payment for 2024, profits to be distributed for 2025
As of the end of 2024, TAR‘s undistributed profit after tax stood at nearly VND 109 billion. Due to a net loss of over VND 58 billion, the company did not pay dividends for 2024. However, the 2025 plan includes a cash dividend payout of approximately 15% of retained earnings.
TAR was once a leading rice exporter in Vietnam but is now on the path to recovery after a prolonged financial crisis. The challenges began in late September 2023 when the then-Chairman and General Director, Pham Thai Binh, was fined VND 92.5 million by the State Securities Commission for conducting transactions without the approval of the Board of Directors or the General Meeting of Shareholders, along with numerous information disclosure violations. Subsequently, the auditors withheld their opinion on the 2023 financial statements due to unverifiable inventory data worth over VND 1,256 billion and the identity of shareholders in the 2021 private placement.
– 10:58 30/06/2025
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