Hoang Anh Gia Lai Joint Stock Company (HAGL, stock code HAG) has provided explanations to the State Securities Commission and Ho Chi Minh City Stock Exchange regarding its audited semi-annual financial statement for 2024, prepared by Ernst & Young Vietnam LLC.
According to the audited consolidated financial statement for the first half of 2024, HAGL’s profit after tax exceeded VND 500 billion, an increase of VND 115 billion compared to the same period last year. Attributing to this change, HAGL representatives cited increased gross profit from fruit business operations and reduced losses from financial activities due to lower interest expenses, along with decreased foreign exchange losses compared to 2023.
In the audited consolidated financial statement for the first half of 2024, the auditor emphasized HAGL’s accumulated loss of over VND 957 billion and, as of June 30, 2024, the group’s short-term debt exceeded its short-term assets by VND 350 billion. The auditor highlighted, “These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern.”
Bầu Đức và các lãnh đạo HAGL tại đại hội đồng cổ đông thường niên 2024 – Ảnh: HAGL
Addressing this issue, HAGL explained that as of the date of the audited consolidated financial statement for the first half of 2024, the Group had prepared a 12-month business plan, including expected cash flows from the partial disposal of financial investments, asset disposals, recovery of loans from partners, borrowings from commercial banks, and cash flows from ongoing projects. The Group is in the process of negotiating with lenders to amend the terms of the violated loan and bond contracts and is also negotiating to restructure some overdue debts. The hog and chain business continues to generate significant cash flows in 2024, supporting the assumption of continuity.
On August 29, HAGL announced the repayment of VND 100 billion in principal for the HAGLBOND16.26 bond issue, with the source of repayment being the recovery of loans from Hoang Anh Gia Lai Agriculture Joint Stock Company (HAGL Agrico).
Previously, on August 27, HAGL disclosed periodic information on the status of bond principal and interest payments, indicating that the HAGLBOND16.26 bond issue, maturing on December 30, 2026, had a circulating value of VND 4,248 billion.
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According to the audited consolidated financial statement (parent company) for the first half of 2024, the company incurred a loss of nearly VND 123 billion, an increase of nearly VND 21 billion compared to the same period in 2023. The company attributed this to decreased interest income and the absence of profits from hotel operations (HAGL had sold a hotel for VND 180 billion – Editor’s note).
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