HUNG HAI THINH JOINT STOCK COMPANY: Revenue Growth Overshadowed by Mounting Losses

HUNG HAI THINH JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN HƯNG HẢI THỊNH) is a privately held joint stock company established in 2004 and legally registered under business ID and tax code 0303354784. The company operates from its manufacturing base in Tam Lap Industrial Cluster, Binh Duong Province, with a transaction office in Ho Chi Minh City. It is active in the production of rubber tires for trucks and passenger vehicles, employing approximately 450 workers.

Financial Overview: Growth in Sales, Deepening Losses

In 2023, HUNG HAI THINH JOINT STOCK COMPANY reported total sales of USD 334.68 million, reflecting a 10.82% increase from the previous year. Total assets grew to USD 217.14 million, and owner’s equity rose by 15.79%, reaching USD 24.66 million. Despite this top-line growth, the company posted a net loss of USD 13.03 million, a sharp decline from previous years, marking a 216% increase in losses. Negative working capital of USD -35.92 million raises concerns about short-term liquidity and financial flexibility.

Leadership and Shareholding

Ms. NGUYEN THI THANH TUYEN, the General Director, holds a dominant 92% ownership stake, signaling highly concentrated control. Other shareholders include DOAN THI KIM CUC (5%) and NGUYEN MINH CHINH (3%). This tight shareholding structure can ensure consistency in management decisions but may pose governance risks if not balanced with independent oversight.

Risk and Due Diligence Needs

Although revenue expansion and asset growth suggest operational activity remains strong, the deepening losses and negative working capital highlight underlying financial instability. Companies seeking partnerships or trade with HUNG HAI THINH JOINT STOCK COMPANY should consider comprehensive due diligence.

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