Education firm Apax Holdings records $3 mln loss in 2022

Apax Holdings, Egroup Education Group JSC's subsidiary, reported a loss of VND81.3 billion ($3.43 million) in 2022, while in the same period last year it made profit of VND6,095 billion ($257.33 million).

The company, listed on the Ho Chi Minh Stock Exchange (HoSE) as IBC, achieved net revenue of VND1,336 billion ($56.38 million) in the year, up 35% year-on-year, according to its consolidated financial statement.

In the fourth quarter of 2022, the company recorded a loss of VND111 billion ($4.68 million).

As of December 31, 2022, Apax Holdings's total assets reached more than VND4,590 billion ($193.72 million). Notably, its cash and cash equivalents were nearly VND737 billion ($31.1 million).

By the end of 2022, Apax Holdings held a 66.36% stake of Apax English Corporation, operator of the English-language chain Apax Leaders. At the same time, the company also has two other subsidiaries, Igarten Education JSC and Firbank Australia School JSC.

At the closing session on Friday, the IBC share price was VND2,870 ($0.12) per unit, a sharp decline from nearly VND20,000 ($0.84) per unit in November 2022.

At the end of last year, Egroup's chairman Nguyen Ngoc Thuy admitted that the group was facing difficulties in many aspects, of which the biggest problem was cash flow due to the two-year closure of its education systems due to the Covid-19 pandemic.

In Ho Chi Minh City, the municipal Department of Education and Training said that Apax Leaders has 41 facilities, but only one is operating.