HAGL Group changes logo color; Mobile World sets recovery target; Nui Phao mine resumes exploitation

Long An International Port cooperates with leading port service provider in the Philippines; HAGL Group changes logo color; Mobile World sets recovery target; Nui Phao mine resumes operations; Vinasun chooses hybrid vehicles...

HAGL Group changes logo color

From April 1, 2024, Hoang Anh Gia Lai Joint Stock Company (HAGL Group) will use a new brand identity with new colors. HAG's new logo retains the same layout and meaning as the old logo but changes the color. Accordingly, the new logo has 3 colors including yellow, brown and white.

The new logo of HAGL Group is only different from the old logo in color.

HAGL Group said that changing the logo color is a step to give HAG a closely connected, consistent and harmonious image, associated with the mission of creating clean and safe agricultural products from applying the circular agricultural model.

The company values technological solutions to recycle by-products and waste from the cultivation and livestock farming process to serve agricultural production, forming a closed production chain, reducing resource waste and environmental pollution.

Established in 1993, this is probably the first time HAGL has changed its logo in nearly three decades. This move comes after HAGL Group has continuously made many changes in its corporate structure, creditors and senior leaders.

In addition to changing the logo, HAGL Group recently announced divestment from the hotel and hospital sectors to get money to pay off bond debt.

The Group's official website no longer lists these two sectors in its list of business lines. Instead, HAGL only has pork, banana, durian and football sectors.

Mobile World aims to recover in 2024

Mobile World Investment Corporation (MWG) has just announced its 2024 Annual General Meeting of Shareholders submission with many important contents.

Regarding the 2024 business plan, MWG expects a recovery after a difficult 2023, with a net revenue plan of VND 125 trillion and after-tax profit of VND 2.4 trillion, respectively up 6% and more than 14 times the performance in 2023.

MWG expects to achieve after-tax profit of VND2.4 trillion in 2024.

Of which, The Gioi Di Dong (including Topzone) and Dien May Xanh chains are expected to remain the pillars, contributing about 65% of revenue and bringing in the main profit. Meanwhile, Bach Hoa Xanh contributes about 30% of revenue, has double-digit growth, increases market share and starts bringing in profit from 2024.

The three pharmacy chains An Khang, AvaKids and EraBlue also aim for double-digit revenue growth and increased market share. An Khang and AvaKids alone are expected to reach break-even by December 31, 2024.

Previously, answering the question about the feasibility of this profit level, MWG Chairman Nguyen Duc Tai shared: “2.4 trillion VND in after-tax profit is not a high number. In 2023, the market changed rapidly, while MWG recognized the change a bit slowly, only realizing by the end of the first quarter of 2023 that market purchasing power had stagnated and would not return. The difference between 2024 and 2023 is that MWG went through a rather long restructuring process, helping it operate healthily and neatly whether the market is up or down. Most of the costs now are variable costs, even if revenue decreases, costs will follow revenue developments, thereby ensuring stable profits. If we exclude uncontrollable variables, typically the Russia-Ukraine war, then 2.4 trillion VND is a number within reach.”

In addition, the Board of Directors also submitted to the General Meeting of Shareholders for approval the plan to buy back the Company's own shares in 2024, with the aim of reducing charter capital, reducing the number of outstanding shares, thereby increasing the ownership ratio for existing shareholders.

The transaction is carried out by order matching method with a maximum budget of VND 100 billion, expected to use undistributed retained earnings.

The treasury stock buyback plan, if approved, will be a long-term strategy and implemented for many years to come, according to Mr. Tai.

MWG also plans to issue ESOPs to the executive board and key management staff of MWG and its subsidiaries, based on 2024 business results.

Long An International Port cooperates with leading port service provider in the Philippines

Information from Long An International Port (Tan Tap Commune, Can Giuoc District, Long An), the unit has just signed a letter of intent with Oriental Port and Allied Services Corporation (OPASCOR), formalizing the cooperative relationship between the two sides.

Long An International Port and Oriental Port and Allied Services Corporation (OPASCOR) signed a letter of intent.

OPASCOR, established in 1990, is a leading port service provider operating in Cebu International Port, Philippines and is the first cargo handling company wholly owned and operated by Filipino workers.

OPASCOR has been awarded the European Award for Best Practice from the European Conference on Quality Research (ESQR) in 2022.

Mr. Vo Quoc Huy, representative of Long An International Port, said this is a step forward in connecting cooperation between the two port service operators in particular and the business communities of the two localities in general, thereby further developing the relationship between the two neighboring countries in the ASEAN region.

The signing with OPASCOR will bring common benefits and cooperation activities in areas of mutual interest, including the commitment to developing smart ports, green ports and sustainable development.

"The two sides will develop together, share and learn from each other in port operations and exploitation. This will be a development step for Long An International Port on its journey to becoming an internationally recognized and chosen port in Asia," said Mr. Huy.

Nui Phao mine resumes exploitation

Nui Phao Mineral Exploitation and Processing Company Limited - a member of Masan Group has just signed a strategic cooperation agreement to provide blasting services with the Defense Industry Economic and Technical Corporation (GAET).

Nui Phao’s cooperation with GAET, a military enterprise with extensive experience and reputation in the field of blasting services, will bring great benefits to both parties. Nui Phao is expected to significantly optimize blasting costs in the next 5 years thanks to GAET’s commitment to maintaining good service quality at reasonable prices.

Nui Phao Mine in Thai Nguyen.

Since the middle of last year, the disruption of blasting operations at Nui Phao mine has directly affected the output of mined and processed ore. This has caused Nui Phao's operating costs to increase, affecting its profits in 2023.

The resumption of blasting operations will help the company continue to exploit high-grade ore, providing a rich source of input materials for the high-tech processing plant, helping to increase output and optimize production costs.

In 2024, the company is applying for a license to expand the exploitation of 28 million tons of reserves at Nui Phao mine. In the coming time, mining and ore processing activities are expected to be more vibrant, creating a competitive advantage for parent company Masan High-Tech Materials in ensuring a stable supply of high-tech materials to customers worldwide.

“Optimizing the operating costs of Masan High-Tech Materials member companies is part of our “Fit for the future” strategy to cope with the difficult global economic situation,” said Mr. Craig Bradshaw, CEO of Masan High-Tech Materials.

Masan said that Masan High-Tech Materials expects to achieve net revenue of VND15,000 to VND15,800 billion this year, up 6% to 12% year-on-year. After resuming blasting operations, the company will move to exploit the eastern mine. Masan High-Tech Materials' focus is on cost optimization, especially in operations and procurement, while reducing financial leverage.

Vinasun chooses hybrid cars

Vietnam Sun Corporation (Vinasun) has just decided to invest in 550 new hybrid vehicles (a hybrid vehicle that uses a gasoline engine and an electric motor). These vehicles are expected to be put into operation by Vinasun starting in the second quarter of 2024.

According to plan, Vinasun will put hybrid cars into operation from around the second and third quarters of 2024.

Vinasun representative said that switching from gasoline to hybrid cars is the company's long-term strategy. Because hybrid cars have electric and gasoline engines that help save 1.5 to 2 times more fuel than conventional cars, suitable for use in conditions where the infrastructure and charging station system for pure electric cars are not complete as it is now.

Previously, at the 2023 Annual and Extraordinary General Meeting of Shareholders, Vinasun's board of directors received many questions from shareholders about the transformation strategy when the first pure electric taxi company, Xanh SM, appeared on the market.

Traditional taxi companies are gradually switching from internal combustion engine vehicles to electric vehicles, such as Sun Taxi signing a contract to buy 3,000 vehicles, Lado Taxi buying 300 vehicles, ASV Airports Taxi, Ahamove...

Mr. Tran Anh Minh, Deputy General Director of Vinasun at that time, commented that electric taxis are just a means of transport, not a new business model. Vinasun is researching the approach and plans to put electric cars into the taxi business in 2023.

However, for a taxi transport business, it is necessary to evaluate the feasibility in all aspects before putting a vehicle into business.

Vinasun is known as a large taxi company in the market, by the end of 2023 this company owns about 3,000 cars. Vinasun's main markets are Ho Chi Minh City, Binh Duong, Dong Nai, and Da Nang.

In 2023, Vinasun recorded VND1,218 billion in revenue, up nearly 12% over the same period. However, Vinasun's after-tax profit only reached VND150 billion, down 18% over the previous year and did not complete the set plan.

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