The stock PSH of Nam Song Hau Petroleum Investment and Trade Joint Stock Company (NSH Petro) has been suspended from trading by the Ho Chi Minh Stock Exchange (HoSE) for not submitting the reviewed semiannual financial report for 2024. PSH is currently priced at 2,520 VND/share, hitting the floor price after the suspension announcement, with a market capitalization of only about 320 billion VND. Established in 2012 and recognized as a major fuel distributor in the Mekong Delta, NSH Petro is facing severe financial difficulties, recording a cumulative loss of 513 billion VND and nearly 790 billion VND loss in 2024. Revenue plummeted by 89% compared to the previous year. The company also has a significant tax debt, with totals exceeding 1,191 billion VND. The Chairman and CEO have been temporarily barred from leaving the country due to financial issues. Currently, NSH Petro’s assets are about 10,504 billion VND, predominantly financed by debt, with total liabilities reaching 9,700 billion VND, equivalent to 12 times its equity.
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