Bad luck Singer Khanh Phuong: Spending capital to own a real estate business, embracing debt and losing
Losing business, debt accounting for the majority of capital structure are the main points in the financial constraints of Song Da 1.01 Joint Stock Company (SJC). This is also the business that Mr. Pham Khanh Phuong (singer Khanh Phuong) invested in and became a major shareholder.
Song Da 1.01 Joint Stock Company has a charter capital of 72 billion VND.
In January 2023, Song Da 1.01 Joint Stock Company (SJC) informed about the number of members of its Board of Directors for the term 2022 – 2027. Among the 5 members of the Board of Directors suddenly appeared named Mr. Pham. Khanh Phuong – who is best known by her stage name is singer Khanh Phuong.
Trading history of SJC shares shows that, on October 28, Pham Khanh Phuong personally became the largest shareholder of Song Da 1.01 when he successfully bought nearly 3.156 million SJC shares, equivalent to the ownership ratio of SJC shares. owns 45.51%. Before that, Mr. Phuong did not own a single share of Song Da 1.01 and had no related person at the enterprise.
After becoming a major shareholder of Song Da 1.01, on November 18, Mr. Phuong continued to buy 66,800 SJC shares by order matching, raising the ownership rate to 46.65%. However, on November 25, Mr. Phuong sold more than 1.6 million SJC shares, reducing his ownership rate to 23.12%. As of December 9, continued to buy 65,400 shares, raising the ownership rate to 24.26%.
Song Da 1.01 Joint Stock Company has a charter capital of 72,260,820,000 VND. The business activities of this enterprise are mainly construction and real estate trading.
According to the latest financial statement document of SJC, net revenue in the fourth quarter of 2022 of this enterprise reached VND 1.7 billion, while that of the fourth quarter of 2021 was VND 1.6 billion. The poor revenue has to bear the interest payment of up to 4.4 billion dong, making SJC lose more than 5 billion dong. Meanwhile, in the fourth quarter of 2021, SJC’s loss was 231 million dong.
SJC’s accumulated revenue in 2022 is 6.7 billion dong, while in 2021 it’s 45 billion dong. Notably, accumulated revenue in 2021 increased dramatically in 3 years (2020, 2021, 2022), when 2020 was also recorded at only 6.9 billion VND.
Thereby, the accumulated after-tax profits of these enterprises over the years also have strong fluctuations: -502 million VND (2020); 2.4 billion VND (2021); -5.2 billion VND (2022). This data shows that SJC’s business results are also not very positive when profits are very dismal.
Notably in the financial picture, SJC is using large financial leverage and this exposes the business to many risks.
Accordingly, SJC’s capital source is mainly based on debt with 1,548 billion dong (short-term debt is 849 billion dong and long-term debt is 699 billion dong). Meanwhile, equity is only 94 billion dong and down 5 billion dong compared to the beginning of the year.
With capital mainly from debt, the ratio of debt / equity creates a large gap of up to 16 times.
In terms of short-term solvency, this enterprise is still able to pay its debts when the short-term asset/short-term debt ratio is above 1. However, when subtracting inventories, the solvency ratio The quick settlement of this enterprise is not guaranteed when this coefficient is only 0.2 times.
Notably, the inventory of this enterprise not only decreased but also increased from VND 1,382 billion to VND 1,410 billion. This shows that the business of this business is not very favorable and assets that depend on large inventories will create a huge risk.
In the first quarter of a serious decline, Becamex IDC expects a profit of 2,600 billion dong for the whole year
Industry Development and Investment Corporation – Joint Stock Company (Becamex IDC, HoSE: BCM) has just announced the documents of the Annual General Meeting of Shareholders in 2023 with a total consolidated revenue of 9,460 billion VND.
Becamex IDC sets a target of exceeding VND 2,600 billion in after-tax profit this year.
This year, Becamex IDC’s profit before and after tax targets are VND 2,628 billion and VND 2,263 billion, respectively, up 38% and 32%.
Particularly for the parent company, the total target revenue is VND 6,800 billion, up 49%; Pre-tax and after-tax profit targets are VND 1,925 billion and VND 1,597 billion, respectively, up 20% and 6% respectively.
According to the management of Becamex IDC, this year’s business situation continues to face many difficulties, affecting the ability to attract investment, capital mobilization plan and implementation progress of new projects..
In this year, besides continuing to invest in existing projects, the company is expected to mobilize resources to complete the legal process and put into business Cay Truong Industrial Park; kick off the A1 Roundabout project; Inaugurated the A9 Building project 4.
In addition, the company will also invest in projects of commercial and service components in the New Urban Area of Binh Duong New City, and at the same time invest in completing the National Highway 13 expansion project.
Regarding the dividend plan, in 2022, Becamex IDC plans to pay a cash dividend at the rate of 8% (VND 800/share), equivalent to a value of VND 828 billion. In 2023, the dividend rate is expected to inched up to 9% in cash.
In the first quarter of 2023, Becamex IDC’s net revenue recorded a decrease of 45% year-on-year to VND 791 billion due to a 58% decrease in real estate revenue to VND 446 billion. Gross profit margin reached 51%, down 6 percentage points.
This quarter, the company reported a profit after tax of 74 billion dong and net profit of 92 billion dong, down 81% and 78% respectively over the same period.
My Dinh sports complex owes nearly 850 billion in taxes, the Deputy Prime Minister directs to remove the deadlock
On May 31, Deputy Prime Minister Tran Hong Ha chaired a meeting to remove some difficulties and obstacles of My Dinh National Sports Complex, the latest announcement of the VPCP stated clearly. directives of the Deputy Prime Minister to remove some difficulties and obstacles of this unit.
Deputy Prime Minister Tran Hong Ha directed the Ministry of Culture, Sports and Tourism together with the Ministry of Natural Resources and Environment, the Government Inspectorate and the Hanoi People’s Committee to review and clarify the land area of the complex to pay. prescribed land rent. On that basis, agree on a plan to propose to competent authorities to handle the land rent debt.
In June 2022, according to the tax agency’s announcement, the tax debt of My Dinh National Sports Complex (the complex) is VND 848 billion. Because the complex is unable to pay its debts, bad debt will arise about 11.6 billion VND per month; In which, the amount of tax and other revenues incurred is about 2.5 billion VND and the amount of late payment is more than 9.1 billion VND.
Previously, the Government Inspectorate had concluded No. 106/KL-TTCP dated May 11, 2021, which pointed out a number of difficulties, obstacles and limitations, weaknesses and violations that need to be soon. processed and corrected. Among them is the issue of land management and use.
Specifically, according to the Government Inspectorate’s conclusion, the complex had many mistakes in voluntarily leasing land or leasing land in the period 2009 – 2018 but the money was left off the books, leading to a loss of money. up to 777 billion VND, of which 658 billion VND may not be recovered.
The Government Inspector has also recommended that the National Sports Complex must pay land rent and late payment interest for lease, joint venture and association in the period from 2009 to 2018. During the past many years, this unit did not have the financial capacity to pay the land tax in accordance with the law.
In this regard, Deputy Prime Minister Tran Hong Ha also requested that the Ministry of Culture, Sports and Tourism closely coordinate with the Hanoi People’s Committee to consider and handle the adjustment of the complex planning, ensuring compliance with regulations, efficiency and feasibility. Comprehensive review of the signing and implementation of joint venture and association contracts, clarifying the legal basis, necessity and performance of this model. At the same time, assume the prime responsibility and coordinate with relevant agencies to agree on a plan to handle and report to the Prime Minister for cases beyond their competence.
The Deputy Prime Minister requested and continued to organize the implementation of the Government Inspectorate’s conclusion No. 106/KL-TTCP on the principle that clear and agreed contents must be seriously and promptly implemented; If the contents are unclear, they will actively work with the Government Inspectorate and relevant agencies to receive and explain in accordance with regulations.
Based on the results of the review and overall assessment of the management and use of the works, the Ministry of Culture, Sports and Tourism should clarify and classify each group of problems to be solved; proactively coordinate with relevant agencies to promptly handle issues within functions, tasks and regulations; only report to the Prime Minister matters beyond his authority.
The Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Natural Resources and Environment, the Government Inspectorate, the Ministry of Construction, the Ministry of Home Affairs, the Ministry of Public Security and the Hanoi People’s Committee according to their assigned functions and tasks, take initiative coordinate, support and guide the Ministry of Culture, Sports and Tourism in the process of implementing the above contents so that the complex can soon be managed, exploited and used scientifically and effectively.