In the first six months of this year, Hoang Anh Gia Lai Joint Stock Company (HAG on the stock exchange) reported a remarkable turnaround with audited net profits of nearly VND 834 billion, a 74% increase compared to the same period last year. This has helped the company erase its accumulated losses, ending with accumulated profits of nearly VND 400 billion as of June 30.
HAG’s revenue increased by 34% to VND 3,707 billion, mainly driven by its banana business. As of the second quarter, the company has achieved 58% of its annual profit target, which is expected to be adjusted upwards to VND 1,500 billion.
However, in HAG’s 2025 semi-annual audited financial statements, Ernst & Young Vietnam noted that current liabilities exceeded current assets by more than VND 2,767 billion, indicating potential going concern risks. HAG has also defaulted on some bond commitments and has not repaid the principal and interest of overdue bonds.
Bầu Đức’s enterprise is audited for signs of going concern risk. Image: Reatimes.
In response, HAG explained that their cash flow in the next 12 months is expected to come from liquidating a portion of their financial investments, recovering loans from partners, and issuing private bonds, in addition to bank credit and debt restructuring plans.
The company is currently in discussions with lenders to adjust the terms of their violations and seek shareholder approval for a plan to convert part of their debt into equity.
HAG’s management affirmed that the financial statements are prepared on a going concern basis, with cash flow supported by banana and durian exports.
As of June 30, HAG’s total assets exceeded VND 26,000 billion, an increase of over VND 3,700 billion from the beginning of the year. Short-term receivables accounted for nearly VND 9,900 billion, while total liabilities were over VND 15,600 billion, an increase of nearly VND 2,700 billion. Financial borrowings amounted to over VND 9,300 billion, while the bond balance held by BIDV decreased from VND 3,105 billion at the end of 2024 to VND 1,099 billion.
Notably, on August 22, the Ho Chi Minh City Stock Exchange (HoSE) decided to remove HAG from its warning list starting August 26. The stock was previously placed on warning in October 2022 due to post-tax losses in 2021. The eradication of accumulated losses has now allowed HAG to exit the warning list.
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