F88 issued 150 billion VND in bonds when it reported a record loss in 2023

F88 has just reported a record loss in 2023 at 528.8 billion VND while it has just reached a peak profit of 200 billion VND in 2022. The positive point is that the business has paid 1,470 billion VND for 10 bond lots in the past year.

F88 Business Joint Stock Company recently announced the successful issuance of 150 billion VND in bonds.

Accordingly, bond batch F88CH2324003 will be issued from December 29, 2023, with a term of 12 months and an issuance interest rate of 11.5%/year. However, on March 27, 2024, F88 will complete the issuance of this batch of bonds. The issued volume is 1,500 bonds, issued par value of 100 million VND/bond.

Data from HNX shows that in 2023, F88 has paid the principal of 10 bond lots worth over VND 1,470 billion for bond lots from F88CH2123008 - F88CH2123012 and F88CH2223003, F88CH2223005, F88CH2223006, F88CH2223008, F88CH2 223009.

F88's bond principal and interest payment situation in 2023. Source: HNX

Regarding outstanding bond debt as of April 4, F88 is circulating 03 bond codes with a total issuance value of 450 billion VND. Of which the bond code F88CH2324001 has an interest rate of 12%/year, issuance value of 200 billion VND, issued on August 14, 2023, term of 12 months.

Bond code F88CH2324002 issued on November 21, 2023, completed February 16, 2024, interest rate 11.5%/year, issuance value of 100 billion VND. The third lot is the newly announced code F88CH2324003 mentioned above.

Regarding the business situation in 2023, according to the press release on April 1, F88 said it recorded a record loss after tax of 528.8 billion VND. This number is surprising because in 2022, this pawnshop chain just reported a record profit of more than 200 billion VND. The main reason comes from F88's cautious provisioning policy.

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Profit/equity ratio decreased sharply from 31.6% to negative 30.1%. F88's total liabilities as of June 30, 2023 amounted to 2,287 billion VND, 1.44 times higher than equity. The company's equity capital only reached 1,588.7 billion VND, negative of the owner's contributed capital of more than 80 billion VND.

F88 was established in 2013, providing personal financial services from mortgage loans, insurance distribution and many other convenient services. F88's main customers are people below banking standards. This company is providing personal financial services with a large scale and fast growth rate, with 850 transaction offices in 63 provinces and cities.

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