A PTE production line of Ngọc Nghĩa Plastic. After leaving the market, the company sets an ambitious profit after tax of 9 times higher than last year. — Photo nnc.vn

 HÀ NỘI — The Hà Nội Stock Exchange (HNX) has just announced the cancellation of trading registration for all 81.57 million shares of Ngọc Nghĩa Industry - Service - Trading (NNG) on UpCOM starting from July 25.

The reason is that Ngọc Nghĩa Plastics annulled the status of a public company according to regulations, after it was completely acquired by Indorama Ventures, a Thai multi-industry group. 

At the beginning of last year, the Dutch branch of the group, Indorama Netherlands BV, made a public offer to buy 100 per cent of Ngọc Nghĩa Plastics's shares and currently holds 97.82 per cent of its capital.

Ngọc Nghĩa Plastic is a plastic packaging supplier for many big and popular manufacturers such as Unilever, Coca-Cola, Pepsi, and Vinamilk. 

However, the rising intense competition in the PET packaging industry with the participation of many big names in the country has caused manufacturers to diversify suppliers.

To avoid the dependence on the packaging segment, during 2008-09, Ngọc Nghĩa Plastic began to expand its business activities in new segments, such as food. The ambition, nevertheless, has not worked well as the company's profits are flat. 

By 2018, Ngọc Nghĩa Plastic had divested from a number of projects to return to the core PET packaging segment. 

After leaving the market, the company set up an ambitious business plan in 2023 with a revenue target of more than VNĐ2.46 trillion, a gain of 7 per cent, and profit after tax of VNĐ143 billion, nearly 9 times higher than last year's performance.

In the first quarter of 2023, the company posted a net revenue of VNĐ490 billion, an increase of 13.7 per cent year-on-year. Its profit after tax was more than VNĐ33 billion, 4.7 times higher than that of the same period last year. 

With the postive results, it has completed 20 per cent of this year's revenue plan and 23 per cent of its profit plan. 

On the market, NNG shares were traded at VNĐ15,000 on Wednesday. — VNS