By the end of the first quarter, Apax Holdings’ total borrowed money was VND 1,428 billion, 1.35 times higher than equity.
Apax Holdings Investment Joint Stock Company (Ticker: IBC) owned by Mr. Nguyen Ngoc Thuy (Shark Thuy) has announced the consolidated financial statements for the first quarter of 2021.
The company’s net revenue is 466 billion, up more than 90% over the same period, mostly from service provision. Profit after tax in the first quarter also reached approximately VND 2.5 billion although Apax Holdings reported a loss of more than 170 billion VND in the same period last year.
Unit: billion dong. (Source: Summary of financial statements of Apax Holdings).
The improvement in business results was mainly thanks to the efficient operation of its subsidiaries, especially Apax English Center System, Steame Garden Kindergarten and English Now Global Center.
In the first quarter of 2020, most centers and schools have to close 2/3 of the time due to the impact of the COVID-19 pandemic, affecting profits and revenue.
Conversely, earlier this year, centers and schools reopened in January, while February and March are allowed to operate under online teaching programs. This contributed to Apax Holdings’ revenue increase in the first quarter.
Although revenue from financial activities increased sharply to 11 billion dong, Apax Holdings’ interest expense also increased to 26 billion dong, nearly twice higher than the same period.
Compared to the set target, Apax Holdings has fulfilled 16% of the revenue plan and 3% of the 2021 profit before tax target after the first quarter.
Total assets at the end of the period recorded in the Apax Holdings report were 3,465 billion dong, up more than 3% compared to the beginning of the year.
Most of the change comes from the increase in cash and bank deposits to 303 billion, 200% higher than at the beginning of the year. Another noteworthy point is that the company incurs a student enrollment fee of up to VND 51 billion.
The company also had a number of receivables in the first quarter, especially receivables from Mr. Nguyen Ngoc Thuy with a total value of 154 billion VND.
Liabilities at the end of the period are 2,411 billion dong, accounting for 70% of the total capital of the company. Loans and financial lease liabilities were VND 1,428 billion, an increase of VND 347 billion compared to the beginning of the year and 1.35 times higher than Apax Holdings’ equity. In which, bond loans are over 735 billion dong, the rest is borrowed from banks.
Source: Notes to the first quarter of consolidated financial statements.
Equity by the end of the first quarter reached VND 1,053 billion with undistributed after-tax profit of VND 2.6 billion.
Source: vietnambiz.vn – Translated by fintel.vn