Apax Holdings, chaired by Nguyen Ngoc Thuy, has reported a record high of nearly VND697 billion ($29.1 million) in cash and VND40 billion ($1.7 million) in cash equivalents. However, the firm’s last quarter consolidated financial report shows a decline in business results. In the last quarter, the company incurred an after-tax loss of nearly VND93 billion ($3.9 million) with revenue of negative VND45.5 billion ($1.9 million) and various costs. The company generated net revenue of over VND1.3 trillion ($54.3 million) in the entire year, up 35 percent over the previous year, but suffered losses of over VND81 billion ($3.4 million), its highest ever.

In other words, the company achieved only 61 percent of its revenue target and failed to reach the profit goal. As of the end of last year, Apax Holdings’ assets totaled over VND4.59 trillion ($191.7 million) but its debts amounted to VND3.07 trillion ($128.3 million), double its equity. Despite the company's financial troubles, its IBC shares closed the session on Friday at its ceiling price, at VND2,870 ($0.12), but the price plunged over 87 percent year on year.

At the end of last year, Apax Holdings held a 66.36 percent stake at APAX English Corporation, the operator of APAX Leaders English centers. The company has two other subsidiaries, Igarten Education Development JSC and Firbank Australia School JSC. The APAX Leaders English language center system plans to reopen 74 centers nationwide, including 24 in Ho Chi Minh City, by June. However, the Ho Chi Minh City Department of Education and Training has yet to receive any documents regarding the reopening from the company.

In November last year, APAX Leaders centers were accused of collecting tuition fees for long-term courses but failed to arrange classes. Many former employees also denounced the chain for failing to pay their salaries. Apax Holdings chairman Thuy later told the Ho Chi Minh City Stock Exchange that the company would come up with appropriate solutions. Thuy also affirmed that the scandal did not affect Apax Holdings’ business as Apax Holdings was the parent company that operated independently from APAX Leaders centers.