Shareholders' Meeting 2024: CADIVI achieved the pre-tax profit target of 460 billion Vietnamese dong

  • 04:24, 04/05/2024
  • 992

On the afternoon of May 3rd, Vietnam Electric Cable Corporation (CADIVI) held its annual Shareholders' Meeting (AGM) for the year 2024, approving the business production plan for 2024 and various other important agendas.


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The annual Shareholders' Meeting (AGM) of CADIVI in 2024 was held online.

In 2023, CADIVI flexibly adapted and efficiently managed costs.

At the Meeting, reporting the business results of 2023, CADIVI's leadership announced that the company's consolidated revenue reached 10.084 trillion dong, achieving 83% of the plan; consolidated pre-tax profit reached 529 billion dong, reaching 118% of the plan. These results significantly contributed to the overall results of the parent company GELEX Electric and the GELEX Corporation system as a whole.

Although the company did not achieve the revenue target set, a bright spot in the overall picture of 2023 was the recorded increase in pre-tax profit exceeding the plan by 18% and a 10% increase compared to 2022. This is a positive sign, showing that CADIVI managed costs efficiently and had the ability to optimize profits even when revenue did not meet expectations.

This profit growth is also evidence of the company's flexibility and good adaptation to market fluctuations and challenges.

With the continued improvement in the quality and efficiency of production activities, CADIVI maintained its position as the number one market leader in Vietnam (according to a survey by the High-Quality Vietnamese Business Association).

The pre-tax profit target for 2024 is 460 billion dong.

According to CADIVI's leadership, the global macroeconomic situation in 2024 is expected to continue facing many challenges due to ongoing geopolitical tensions and the global trade situation not yet fully recovering. Vietnam's economy in 2024 will also face many difficulties as it is an economy with high openness. In this context, the company has set a target of 11.068 trillion dong in consolidated revenue and 460 billion dong in consolidated pre-tax profit. This plan was approved by the 2024 AGM with high consensus and agreement.

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CADIVI has introduced many new products with outstanding features, safety, and environmental friendliness.

To achieve its goals, CADIVI will consolidate various important strategies such as: enhancing marketing, production, and supply activities; improving product research and development; ensuring product quality...

The Board of Directors also outlined important directions for 2024, emphasizing maintaining the Southern market, developing the Central market, especially the Northern market through capacity enhancement and continuing to build the distribution network.

By focusing on R&D and anticipating green living trends, CADIVI has launched many breakthrough products with superior features, safety, and environmental friendliness such as new technology residential electrical wires and cables that are fire-resistant, lead-free, and produce no toxic smoke...

Regarding the cancellation of the public company status

In the agenda of this Meeting, notably, was the approval of the cancellation of the public company status, based on the company's operational situation and to align with the focus mainly on production and business activities.

Currently, CADIVI has over 57 million CAV shares in circulation, with the major shareholder being GELEX Electric, owning 96.27% of the shares. Due to GELEX Electric's long-term investment and majority ownership, CAV shares have relatively low liquidity.

After the Securities Commission announces the cancellation of CADIVI's public company status, the Ho Chi Minh City Stock Exchange (HoSE) will proceed with delisting the CAV stock. CADIVI commits to ensuring shareholders' rights after completing the necessary procedures as required.

The Meeting also approved the resignation of 03 members of the Board of Directors, including Mr. Nguyen Van Tuan stepping down as Chairman of CADIVI's Board of Directors; reducing the number of Board members from 05 to 03; and appointing Mr. Le Ba Tho as a Board member for the remaining term of the 2022-2027 tenure.

At the end of the Meeting, all reports and proposals were approved.

 

CADIVI has a new Chairman of the Board of Directors.

According to recently announced information, starting from May 3rd, 2024, Mr. Le Ba Tho will assume the position of Chairman of the Board of Directors of Vietnam Electric Cable Corporation (CADIVI).

Mr. Le Ba Tho, born in 1981, holds a Bachelor's degree in Accounting and Auditing, and a Master's degree in Business Administration. He has nearly 20 years of experience in finance, business management, and has held many important managerial positions in various enterprises. Currently, Mr. Tho is the Vice Chairman of the Board of Directors of GELEX Corporation (the parent company of Gelex Electric - owning over 96% of CADIVI's shares). Mr. Tho is also the Chairman of the Board of Directors of GELEX Infrastructure Corporation, and a member of the Board of Directors of Viglacera Corporation.