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Business results deteriorated in Q1 2026, with Vietnam Apatit Phosphate Joint Stock Company reporting negative net cash from operating activities of VND 408.27 billion. In its Q1 2026 financial report, revenue reached VND 421.92 billion, down 3.3% year over year, while after-tax profit fell 45% to VND 46.56 billion.
Management attributed the sharp profit drop to rising production costs despite stable prices for yellow phosphorus products. Production costs increased 14% due to higher input material costs, which reduced gross profit by 50.2% to VND 57.59 billion.
As a result, gross margin narrowed from 26.5% to 13.6%. Although finance income rose 23.9% to VND 12.53 billion, it was not enough to offset the decline from core operations.
Net cash from operating activities turned negative at VND 408.27 billion, reversing a positive VND 7.84 billion in Q1 2025.
The company’s asset base also contracted. As of 31 March 2026, total assets were VND 909.3 billion, down 37% (a decrease of VND 535 billion) compared with the start of the year. The change was mainly reflected in short-term items.
The weak performance was disclosed alongside serious legal issues, with investigators having previously indicted several key individuals. To strengthen governance, the company plans to hold an extraordinary general meeting on May 13, 2026 in Hanoi.
Meeting materials indicate the dismissal of the Chairman of the Board, Đào Hữu Huyền, along with three other directors: Đào Hữu Duy Anh, Phạm Văn Hùng, and Đặng Tiến Đức. For the Supervisory Board, the vote will cover dismissing the Head of the Supervisory Board, Phạm Thị Bích.
To ensure continued operations, the Board proposed appointing four new directors and one new Supervisory Board member; candidate names have not yet been announced.
Đức Giang Chemical Industry Joint Stock Company – Lao Cai holds 51% of the enterprise. Đào Hữu Duy Anh owns over 9%, while Đào Hữu Huyền owns about 7.69%.
On the market, PAT shares have drawn investor attention due to a very high cash dividend yield and their link to the Dang Giang Chemical Group ecosystem. The company was listed among the most generous dividend-paying stocks. In 2025, it paid an interim cash dividend of 100% (VND 10,000 per share) in January 2026, and in 2024 total payout reached 95%.
Given the concentrated shareholder structure, with Duc Giang indirectly holding 51%, PAT cash flows are described as mainly serving reinvestment and dividends to the parent group.
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