Previously, on August 25, 2023, the Ho Chi Minh City Tax Department issued a decision to enforce administrative decisions on tax management by using measures such as: Stop using invoices for Koji Asset Investment Joint Stock Company (code: KPF).
Koji Asset Investment Joint Stock Company was forced to pay a total amount of 10.85 billion VND for tax debt exceeding 90 days from the deadline for payment according to regulations. It is known that on July 26, 2023, this company was also forced by the tax authorities by deducting money from the bank account for the above tax debt.
The “hot seat” constantly changes hands
Recently, Koji Asset Investment Joint Stock Company (code: KPF) has just announced the appointment of Ms. Le Thi Mong Dao as General Director, replacing the position left by Mr. Le Nguyen Hai Dang. Appointment term is 5 years until December 11, 2028. Information about Ms. Dao’s work history has not been announced by the company.
On the same day, Koji Asset Investment also appointed Mr. To Tien Dat as the authorized information disclosure person and in charge of corporate governance, replacing Ms. Nguyen Thi My Hanh who resigned previously. Appointment term is 5 years, until December 11, 2028.
| Continuously replacing leaders, how is Koji Asset Investment profitable? (illustration photo: Internet). |
Notably, since the beginning of 2023, senior personnel of Koji Asset Investment is constantly fluctuating. At the end of November 2023, the Board of Directors of Koji Asset Investment approved the dismissal of the General Director position of Mr. Le Nguyen Hai Dang from December 1, 2023 after more than 7 months in office replacing Ms. Dinh Thi. Kim Nhung. At the same time, Ms. Nguyen Thi My Hanh was dismissed from the position of authorized person to disclose information and person in charge of corporate governance.
Also in November 2023, Koji Asset Investment received an application to resign from the position of independent member of the Board of Directors from Mr. Nguyen Trung Kien because he was busy with personal matters. In August 2023, Koji Asset Investment approved the appointment of Mr. Nguyen Khanh Toan as Chairman of the Board of Directors and legal representative, replacing Mr. Hoang Van Hau. Worth mentioning, Mr. Hau left the position of Chairman of the Board of Directors and legal representative after less than 4 months in office, replacing the previous Chairman, Mr. Vu Ngoc Hoang.
Q3 “blank” revenue, after-tax profit evaporated nearly 81%
According to research, Koji Asset Investment Joint Stock Company was formerly known as Hoang Minh Financial Investment Joint Stock Company, established on June 4, 2009. The enterprise has its headquarters address at 20-22-24 Dong Du, Ben Nghe Ward, District 1, Ho Chi Minh City; Main activities in the field of real estate business, land use rights belong to the owner, user or tenant.
As reported above, despite many changes in leadership positions, Koji Asset Investment’s business results are not very positive. According to the third quarter 2023 financial report, Koji Asset Investment did not record net revenue and was the second consecutive quarter without revenue. Enterprises reported profit after tax of only 5 billion VND (mainly coming from financial revenue), down 80.75% over the same period.
Explaining the reason for the sharp decline in profit after tax, Koji Asset Investment said that in the third quarter of 2022, the company recorded revenue from transferring shares at Cam Lam Investment Company Limited. However, in the third quarter of 2023, the company had to make a risk provision for capital investment in this affiliated company. Therefore, the profit target for the third quarter of 2023 decreased significantly compared to the same period last year.
Accumulated in the first 9 months of 2023, Koji Asset Investment achieved net revenue of only 1 billion VND (not recorded in the same period); Profit after tax for 9 months was recorded at nearly 24 billion VND, down 68% over the same period.
As of September 30, 2023, the total assets of Koji Asset Investment reached nearly 832 billion VND, an increase of 3% compared to the beginning of the year. In the asset structure, the majority of the company’s assets are in the form of long-term financial investments.
Of which, 344 billion VND (an increase of 200 billion VND compared to the beginning of the year, equivalent to an increase of 139%) was invested in contributing capital to affiliated companies including: TTC Deluxe Saigon Joint Stock Company with 144 billion VND; Chau Viet Construction Investment and Trading Joint Stock Company with 200 billion VND (50% capital ownership). In addition, the company is also investing 69 billion VND in bonds of Phu Son Clean Agriculture Investment Joint Stock Company and 86.4 billion VND in bonds of Phuc Hau Investment Company Limited.
On the other side of the balance sheet, on the capital side, as of September 30, 2023, Koji Asset Investment’s equity reached more than 815 billion VND, of which charter capital was more than 608 billion VND; The company has an undistributed after-tax profit of 164.5 billion VND.
At the end of the first 9 months of 2023, Koji Asset Investment’s liabilities recorded more than 16 billion VND, an increase of 33% compared to the beginning of the year. Of which, accounting for more than 95% of the debt structure is taxes and other payables to the State with more than 15.6 billion VND. The company currently has no financial debt.
In a related development, previously, on September 25, 2023, Koji Asset Investment announced the Board of Directors Resolution on approving the content at the periodic Board of Directors meeting in the third quarter of 2023. Accordingly, the company adopts the policy of continuing to research and invest in assets and projects with cash flow and value-added potential; Promote the implementation of legal procedures for the Western Urban Area project in Bac Son town, Bac Son district, Lang Son province to soon put the project into implementation in early 2024.
Along with that, the Board of Directors of Koji Asset Investment also approved the policy of researching investment in a series of projects such as: Minh Ngoc Urban Area (Binh Duong province); Resort and retirement resort (Son Duong commune, Ha Long city, Quang Ninh province) with a scale of 78 hectares; and Urban Area in Soc Son District, Hanoi City.