THE ANNUAL GENERAL MEETING OF SHAREHOLDERS IN 2022 OF VIETNAM ELECTRIC CABLES WIRE SUCCESSFULLY

  • 01:57, 08/04/2022
  • 1696
On April 8, 2022, Vietnam Electric Cable Joint Stock Company successfully held the 2022 Annual General Meeting of Shareholders in Ho Chi Minh City in an online form.

2021 is a year full of difficulties and challenges due to the impact of the Covid-19 epidemic on the Vietnamese economy. For production and business enterprises, the obstacle is even greater due to the disruption of the supply chain, the increase in raw material prices and the shortage of resources due to the pandemic. Even so, Cadivi's efforts over the past year still show an encouraging result. At the meeting, the report on production and business results in 2021 showed that the company's consolidated revenue reached VND 10,479 billion, up 6% with the plan. However, with many uncertain factors affecting costs during the year, along with customer support policies to maintain market share, CADIVI's profit margin and profit before tax decreased slightly, specifically, profit before tax Consolidation of the Company reached 423 billion dong, reaching 87% of the plan. The company still maintains the 2021 dividend payment of 50% - a high rate compared to the market.

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In particular, in 2021, CADIVI is confirmed to be the "No. 1 market share in Vietnam", a brand trusted by customers with a nationwide distribution agent system (according to the market survey results of the Association of Southeast Asian Nations). Enterprise of high quality Vietnamese goods). Also in the year, CADIVI launched new products with high technology content such as: Solar cable; Superheated cable ACCC aluminum core composite of CTC Global-USA Company… On the other hand, the company has also successfully researched and developed the fire protection feature for all electric cable product lines, thereby, proud of is a supplier of wire and cable products for a series of large projects such as: Metro Ben Thanh - Suoi Tien project, solar energy projects (Solarfarm Nhon Hai - Ninh Thuan solar power plant project, project Dong Hai 1 - Tra Vinh wind power project...), Lao National Assembly House, Xekaman hydroelectric power plant (Laos)...

In order to meet the growing demand for the domestic power cable market, as well as the trend of undergrounding the national power grid, from 2019, CADIVI invested in building and upgrading factory systems and central distribution warehouses in all three regions North, Central and South. In 2021, CADIVI continues to invest in a new CCV Line and other machinery and equipment with a total investment of about VND 118 billion. It is known that the CADIVI Tower project has also been basically completed with a total investment cost of more than 200 billion VND, expected to be put into use in the second quarter of 2022.

With a vision to 2030 to become one of the leading power cable manufacturers in the region, CADIVI has set a goal of stable growth over the years in terms of revenue, profit and market share structure. . In 2022, the General Meeting approved the plan of consolidated revenue of 12,079 billion dong, consolidated pre-tax profit of 526 billion dong and dividend payout ratio of 50%.

CADIVI's 2022 Annual General Meeting also elected the Board of Directors of the Company for the term 2022-2027, including Mr. Nguyen Van Tuan, Mr. Le Quang Dinh, Mr. Dang Phan Tuong, Mr. Do Duy Hung, Mr. Phan Ngoc Hieu . The CADIVI Board of Directors also agreed to elect Mr. Nguyen Van Tuan to continue to hold the position of Chairman of the Board of Directors at the first meeting after the General Meeting.

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Speaking at the meeting, on behalf of the Board of Directors and Executive Board of the Company, Mr. Nguyen Van Tuan thanked for the companionship of shareholders and investors in recent years; highly appreciate the efforts, responsibility, commitment, and creativity of the staff at all offices, factories and branches in the system, so that production and supply activities goods to customers are continuous, guaranteed.

The Board of Directors believes, with the core value of "Good product quality; maximum satisfaction of customers' needs; social responsibility to the community; solidarity, initiative, creativity; professionalism and high sense of responsibility; ensure the best material and spiritual life for employees; ensure the interests of shareholders on the basis of sustainable company development" CADIVI will continue to "reach out" future expansion.