Relatives of leaders sell shares after half a year of announcement
Recently, the Ho Chi Minh City Stock Exchange (HoSE) announced that it had received a report on the trading results of relatives of the leaders of Saigon Telecommunication Technology Corporation - Saigontel (SGT).
Notably, from October 17, 2022 to October 20, 2022, Mr. Nguyen Son, brother of Ms. Nguyen Thi Kim Thanh, a member of the Board of Directors, sold 158,600 SGT shares to reduce his ownership to 2,371,654 shares, equivalent to 3.2% of charter capital.
Saigontel (SGT) leader's relatives sold shares but only announced it half a year later (Photo TL)
On January 5, 2023, Mr. Son sold another 8,000 shares, but this transaction was also not disclosed. In total, Mr. Son illegally traded 166,600 shares, but it was not announced until half a year later.
Meanwhile, according to regulations, the deadline for announcing transaction results of related parties is no later than 5 days.
6-month profit down 81.9%
Saigontel's Q2/2023 business results recorded revenue of VND388.5 billion. The majority of revenue comes from trade and service activities, while the other part comes from land, office and factory leasing activities.
Cost of goods sold accounted for 328.2 billion VND, gross profit was only 60.3 billion VND, gross profit margin in the second quarter only reached 15.5%.
Another burden on revenue is the decrease in financial revenue to 6.3 billion VND. Meanwhile, financial expenses, mainly interest expenses, increased. Interest expenses increased from 18.6 to 21.1 billion VND. This shows that the company is having to increase borrowing in daily operations.
Selling expenses and administrative expenses were VND735 million and VND19.7 billion respectively. Profit after deducting expenses and taxes was VND17.2 billion. This result compared to the loss of VND60.4 billion in the same period showed an improvement.
However, if we look at the first 6 months of the year as a whole, Saigontel is still moving very slowly. Accumulated revenue for the first 6 months reached 481.8 billion VND, down 16.3% compared to the same period. Accumulated profit after tax reached 22.7 billion VND, down 81.9%.
Debt increases, Saigontel's debt far exceeds equity
As of June 30, 2023, Saigontel's total assets reached VND 6,136.8 billion, an increase of 11.8% compared to the beginning of the period. The increase mainly came from borrowed capital.
Cash and cash equivalents account for 137 billion, bank deposits account for 83.5 billion. Saigontel's major investments include 808.3 billion VND invested in affiliated companies, 700 billion VND invested in other units. However, the company is currently recording a provision for long-term financial investment losses of up to 135.1 billion VND.
Regarding the capital structure, it can be seen that Saigontel's short-term debt is increasing, from 1,536.4 billion to 1,691.4 billion VND. Long-term debt is also increasing, from 369.1 billion to 854.5 billion VND.
Saigontel's total debt is up to VND2,545.9 billion while its equity is currently only VND1,943.8 billion. Thus, the debt is currently 31% higher than its equity.
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