Despite being mired in tuition scam scandals and incurring record losses in 2022, Apax Holdings, which owns the APAX Leaders English-language center system, held VND737 billion (US$30.9 million) in cash and cash equivalents.

The amount included nearly VND697 billion ($29.1 million) in cash, the firm’s all-time high, and VND40 billion ($1.7 million) in cash equivalents.

Apax Holdings, whose chairman is Nguyen Ngoc Thuy, has issued its consolidated financial report for the last quarter of last year with a decline in business results.

In the quarter, with revenue of negative VND45.5 billion ($1.9 million) and various costs, the firm incurred an after-tax loss of nearly VND93 billion ($3.9 million).

In the whole last year, Apax Holdings generated net revenue of over VND1.3 trillion ($54.3 million), up 35 percent over the previous year.

However, the firm suffered losses amounting to over VND81 billion ($3.4 million), its highest ever.

In other words, the enterprise met 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).

However, it was burdened with debts totaling VND3.07 trillion ($128.3 million), double its equity.

On the stock market, its IBC shares closed the session on Friday at its ceiling price, at VND2,870 ($0.12).

However, the price plunged over 87 percent year on year. 

At the end of last year, Apax Holdings held a 66.36 percent stake at the APAX English Corporation, the operator of APAX Leaders English centers.

Apax Holdings also has two other subsidiaries—Igarten Education Development JSC and Firbank Australia School JSC.

The APAX Leaders English language center system announced on Tuesday a plan to reopen 74 centers nationwide, including 24 in Ho Chi Minh City, by June.

Of the total, over 30 of its centers are ready to welcome back students this month, the chain said.

However, the Ho Chi Minh City Department of Education and Training said it has yet to receive any document regarding the reopening from the firm.

In November last year, many parents accused APAX Leaders centers of having collected tuition fees for long-term courses but failed to arrange classes.

In addition, many former employees denounced the chain for failing to pay their salaries.

Apax Holdings chairman Thuy later told the Ho Chi Minh City Stock Exchange that the firm would act to come up with appropriate solutions.

Thuy also affirmed that the scandal did not affect Apax Holdings’ business as Apax Holdings was the parent company which operated independently APAX Leaders centers.

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