Afiex's third-quarter 2026 financial statements tell two different stories. Afiex (ticker AFX, listed on HoSE) is the An Giang Agricultural and Food Import-Export Joint Stock Company. For the first nine months, net profit reached VND 37.12 billion, up 84% year on year, and pre-tax profit already stood at 49.3% of the full-year plan. Over the same nine months, cash flow from operating activities was minus VND 169.5 billion.Tinnhanhchungkhoan
Both numbers arrive alongside a shareholder notice. Afiex set November 25 as the record date for the extraordinary general meeting of shareholders in 2026, which is expected in late December.Người Đưa Tin Earlier this year, the annual general meeting approved an offering of 35 million shares to existing shareholders at a 1:1 ratio and VND 10,000 per share, aiming to raise VND 350 billion. Shareholders left the timing to the board, to be chosen after approval from the State Securities Commission.Tinnhanhchungkhoan
This post takes it step by step: where the money is meant to go, what the earnings say, what the cash flow says, and what happens in an AFX holder's account if the offering goes ahead.
Where the proceeds are meant to go
Of the VND 350 billion, Afiex plans VND 210 billion for repaying bank loans and VND 140 billion for working capital.Tinnhanhchungkhoan In other words, 60% of what the company asks shareholders for goes to cutting debt, and the other 40% funds day-to-day operations.
That sets this offering apart from capital raises that build a factory or expand production. Most of the new money does not go into a project. It goes onto the balance sheet, as lower borrowings.
Nine months: profit up 84%, 49.3% of the full-year profit plan
For the first nine months, Afiex posted revenue of VND 2,259.52 billion, up 28.6%, and net profit of VND 37.12 billion, up 84% year on year.Tinnhanhchungkhoan The 2026 plan calls for revenue of VND 3,780.5 billion and pre-tax profit of VND 94.42 billion. With nine-month pre-tax profit at VND 46.58 billion, the company has delivered 49.3% of its profit plan, while revenue is already close to 60% of plan.Người Đưa Tin
Revenue is running ahead of profit against plan. To hit the target, the fourth quarter needs about VND 47.8 billion in pre-tax profit, more than the first nine months combined (VND 46.58 billion). That is Investify's own arithmetic from two published figures, not an Afiex forecast.
In the third quarter alone, revenue was VND 670.61 billion, down 8.8% year on year, while net profit was VND 10.5 billion, up 15%. Gross margin rose from 1.8% to 4.6%.Tinnhanhchungkhoan In its explanatory filing, Afiex said revenue fell because it deliberately shifted its product mix toward processing and supplying export food grains with better margins, and that cost of goods sold fell faster than revenue.Người Đưa Tin
The line items for the quarter point the same way as that explanation. Gross profit came to VND 30.76 billion, up 138.1%. Financial revenue fell 56.7% to VND 8.44 billion, while financial expenses, which include interest on loans, rose 69.6% to VND 20.06 billion. Selling and administrative expenses dropped 38.9% to VND 5.55 billion.Doanh nhân & Pháp luật So in the third quarter, profit came mainly from gross profit on sales, not from financial income.
Profit is up, but operating cash flow is still negative
Put simply, profit on the income statement is an accounting number: a sale is recorded once goods ship, even if the buyer has not yet paid. The cash flow statement is what shows whether real money came in or went out.
Over nine months, Afiex's operating cash flow was minus VND 169.5 billion, against minus VND 112 billion a year earlier.Tinnhanhchungkhoan Negative operating cash flow is not new this year, but the shortfall is deeper, even with profit up 84%. Also over the nine months, investing cash flow was minus VND 34.5 billion and financing cash flow was plus VND 49.2 billion. Adding the three together, Afiex's cash fell by a net VND 154.8 billion or so.
Positive financing cash flow means more money came in from borrowing and fundraising than went out in repayments. It covered only about a quarter of the cash that operations and investment consumed. The uncovered part is the net decrease above.
If the offering goes ahead: what changes in an AFX holder's account
First, keep two dates apart. The November 25 list decides who may attend and vote at the extraordinary meeting.Doanh nhân & Pháp luật If the offering is launched, there will be a separate record date to fix who receives subscription rights.
A 1:1 ratio means each share held on the record date comes with one right to buy one new share at VND 10,000. Someone holding 1,000 shares gets the right to buy 1,000 more and needs VND 10 million to take it all up. With 35 million shares on offer at 1:1, Afiex has roughly 35 million shares outstanding today; if the offering sells out, that rises to about 70 million. A rights holder has three paths, each with a different result:
- Subscribe in full: pay on time, and the share count doubles while the ownership percentage stays the same, but the total money put into this stock also rises.
- Sell the rights (if the plan allows it, within the transfer window): receive the proceeds from the sale, keep the same number of shares, and see the ownership percentage fall just as it does for someone who does not subscribe.
- Let the rights lapse: the share count stays the same and nothing comes from the rights. If the offering sells out, the ownership percentage halves because total shares have doubled.
If the offering does not sell out, the stake of a non-subscriber falls by less than half, and the company raises less than VND 350 billion. The VND 210 billion earmarked for debt repayment would then depend on how many shares are actually sold and how the board handles the remainder.
Subscribing keeps the ownership stake but increases the money tied up in one company. Not subscribing preserves cash but shrinks the stake. This post does not judge which path is better, because that depends on how much of a portfolio AFX represents.
What to watch next
The nearest milestone is the meeting material Afiex sends to shareholders before the late-December meeting. It will show what the extraordinary meeting will discuss, including whether any item relates to the offering.
The second is the 2026 annual financial statements. If operating cash flow turns positive in the fourth quarter, profit has begun turning into cash. If it stays negative, the VND 210 billion of debt repayment remains tied to how many shares the offering sells. Both scenarios use the same yardstick: real cash coming in from operations.