FIT Consumer wants to increase ownership in VK

FIT Consumer wants to increase ownership in VK


FIT Consumer JSC registered to buy 2.1 million shares of Khanh Hoa Mineral Water JSC (UPCoM: VKD) from May 25 to June 23, 2022.

The purpose is to receive and transfer shares to serve securities trading activities of the Company. If successful, FIT Consumer will increase its ownership rate from 78.85% (nearly 9.9 million shares) to 95.65% (11.96 million shares).

It is known that Mr. Nguyen Anh Tuan - General Director of FIT Consumer is also a member of the Supervisory Board of VKD. Mr. Tuan currently does not hold any shares in VKD.

At the price of 95,600 VND/share (10am session on 24/05), it is estimated that FIT Consumer has to spend nearly 201 billion VND to make the above transaction.

Business results in the first quarter of 2022 of VKD. Unit: Billion VND

Regarding business results, in the first quarter, VKD's net revenue decreased by 27% compared to the same period last year, to more than 48 billion dong, due to an increase in trade discounts. Gross profit also decreased by 38% to 16.45 billion dong.

Financial income recorded VND 2.78 billion, while in the same period only VND 713 million, because this quarter, VKD recorded a profit from short-term securities investment and financial investment.

Some expenses increased again such as financial expenses (+28%) and administrative expenses (+12%).

Revenue was not enough to cover expenses, as a result, VKD reported a net loss of more than 4 billion dong in Q1, while the same period had a profit of nearly 500 million dong.

As of March 31, 2022, the total assets of VKD are more than 277 billion VND, down 12% compared to the beginning of the year. In which, short-term receivables decreased by 35% to 90 billion dong. Inventories decreased by 16% to nearly 15 billion dong, of which mainly raw materials and finished products.

Short-term debt decreased by 30%, to nearly 79 billion dong, due to a sharp decrease in short-term payables to sellers. Long-term debt was approximately at the beginning of the year at more than 10 billion dong.

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