Nova Consumer's net loss for the full year of 2023 amounted to VNĐ247.7 billion. — Photo Nova Consumer Corporation (NCG)

Nova Consumer Corporation (NCG) has reported a net loss of more than VNĐ173 billion (US$7 million) in the fourth quarter of 2023, a significant decrease compared to the profit of VNĐ24.6 billion in the same period of 2022.

This is the largest quarterly loss recorded by the company since its IPO in early 2022.

With losses in all four quarters, Nova Consumer's net loss for the full year of 2023 amounted to VNĐ247.7 billion.

In the financial report for the fourth quarter of 2023, Nova Consumer announced a net revenue of VNĐ947 billion, a decrease of 34 per cent compared to the same period in 2022.

After deducting the cost of goods sold, the gross profit reached VNĐ80.3 billion, a decrease of nearly 41 per cent compared to the fourth quarter of 2022. The gross profit margin narrowed from 9.5 per cent in the same period of 2022 to 8.5 per cent.

In March 2022, the company completed its initial public offering (IPO), issuing 10.9 million shares at an offering price of VNĐ44,000 per share, raising nearly VNĐ480 billion.

Nova Consumer's NCG shares officially began trading on the UPCoM exchange on November 9, 2023, with a reference price of VNĐ38,000 per share. The stock immediately experienced a maximum decline of 40 per cent in the first trading session and continued to hit new lows.

As of the end of January 31, 2024, the NCG share price stood at VNĐ12,900 per share, corresponding to a market capitalisation of approximately VNĐ1.5 trillion, which is one-third of its IPO valuation. — VNS