“The Departure: An Entrepreneur’s Struggle”

In the latest announcement, Mr. Pham Anh Duong, Chairman of the Board of Directors of An Phat Holdings Joint Stock Company (code: APH), announced that he had sold more than 1.5 million APH shares out of the previously registered amount of 5.2 million. The transaction was executed through order matching on the exchange floor during the period from October 1, 2024, to October 30, 2024. The reason for not completing the transaction was due to unfavorable market conditions.

Following this transaction, Mr. Duong’s ownership decreased from 5.2 million shares (2.13% ratio) to nearly 3.7 million shares (1.51% of capital).

This is not the first time Mr. Duong has been unable to sell all the registered shares. Previously, in late September, he sold nearly 7 million APH shares out of nearly 12 million registered shares. The reason for not selling all was similar to this announcement.

Along with the determination to divest all APH shares held, Mr. Pham Anh Duong also submitted his resignation from the position of Chairman of the Board of Directors and resigned from the membership of the Board of Directors of An Phat Holdings. Accordingly, Mr. Duong stated that due to personal reasons, he could not continue to perform the duties in the next term.

In a related development, the Extraordinary General Meeting of Shareholders of APH at the beginning of October approved the dismissal of Mr. Pham Anh Duong from the position of member of the Board of Directors and elected Mr. Nguyen Le Thang Long as a new member. Subsequently, the Board of Directors of the company elected Mr. Long as Chairman of the Board of Directors.

Mr. Nguyen Le Thang Long, born in 1984, is a Doctor of Materials Science. He had several years of experience as a production development specialist at Mobidiag France before returning to Vietnam to take on the role of Deputy Director of the Research and Development Center of An Phat Holdings in 2017.

In January 2021, he was elected as Vice President of APH. Five months later, he became a member of the Board of Directors of An Phat Holdings and Vice Chairman of Nhua An Phat Xanh (stock code: AAA). From June 2022 to the present, Mr. Nguyen Le Thang Long has been the Chairman of the Board of Directors of AAA.

Notably, Mr. Nguyen Le Thang Long recently resigned from the position of member of the Board of Directors of APH in April 2024 to focus on his managerial role as Chairman of the Board of Directors of An Phat Xanh and his executive role as Vice President of APH. Recently, he also requested to step down from the position of Vice President of APH from September 25, 2024.

APH reports a loss of nearly VND 14 billion in Q3 2024

Recently, An Phat Holdings announced its consolidated financial statements for Q3 2024, with net revenue reaching VND 3,708 billion, a decrease of nearly 7% compared to the same period last year. The cost of goods sold decreased more sharply, resulting in a gross profit of over VND 455 billion, an increase of 18% year-on-year.

In this quarter, APH’s financial revenue decreased by 53% year-on-year to over VND 30 billion. Financial expenses decreased by 36% to VND 47 billion, but selling expenses and administrative expenses increased significantly by 37% and 107%, respectively, to VND 228 billion and VND 230 billion.

As a result, APH reported a loss of nearly VND 14 billion in Q3 2024, while in the same period last year, it recorded a profit of VND 79 billion. The company attributed the loss to losses from its subsidiaries.

For the first nine months of 2024, APH’s net revenue was VND 10,348 billion, a decrease of 9% year-on-year. Profit after tax reached over VND 257 billion, doubling that of the previous year.

On the stock exchange, APH shares have been on a downward trend, plunging more than 40% in the past six months. Since the beginning of the year, the share price has decreased by nearly 18%, with market capitalization standing at VND 1,536 billion as of the closing of October 31, 2024.