Friday , March 1 2024

Duc Giang Chemicals share dive ‘unusual,’ says chairman

The chairman of Duc Giang Chemicals Group has said its stock’s fall to the floor for four straight days is “unusual” since it has been making record profits.

In a letter to shareholders, Dao Huu Huyen said something like it has never happened during the eight years the DGC stock has been listed.

The ticker plunged VND71,000 to VND51,000 between November 9 and 15 and has lost 60% since mid-June.

The company is set to achieve revenues of VND14 trillion this year and a record profit of VND6 trillion.

It has cash and cash equivalents of over VND8 trillion and debts of around VND600 billion.

“I am proud to say that Duc Giang is one of the companies with the best financial performance in Vietnam,” Huyen said.

Last week he registered to buy one million DGC shares. If the deal goes through, he will own a 18.38% stake in the company.

The company plans to pay a dividend of VND3,000 per share, which will cost it VND1.14 trillion.

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