On May 29, Nam Song Hau Petroleum Investment and Trading Joint Stock Company (NSH Petro, headquartered in Mai Dam Town, Chau Thanh District, Hau Giang; https://nshpetro.vn) successfully organized the 2024 annual general meeting of shareholders in both direct and online formats.
NSH Petro leaders at the annual general meeting of shareholders on May 29, 2024
Mr. Lu Van Dien, former member of the Party Central Committee, former Secretary of the Can Tho Provincial Party Committee; Lieutenant General Huynh Tien Phong, former Commander of Military Region 9; Mr. Nguyen Thai Binh, Deputy Head of the Management Board of Industrial Parks of Hau Giang Province, and many domestic and foreign delegates attended the congress.
All resources are focused on development
NSH Petro's report to shareholders attending the general meeting said that in 2023, the competitive environment will become increasingly fierce. The oil and gas industry is facing enormous difficulties and challenges when having to cope with the severe impact of the post-Covid-19 pandemic. Military conflicts in many countries have deeply affected the world oil and gas market. To cope with the challenging reality, last year, NSH Petro's leaders advocated maximum savings on unnecessary expenses and focused all resources on production and business development. All members of the Board of Directors and Supervisory Board unanimously refused to receive remuneration in 2023 to supplement capital for business. In 2023, NSH Petro made efforts to overcome all difficulties, but the results were still not as expected. For the whole year, NSH Petro had a total net revenue of more than VND 6,124 billion (down 17.1% over the same period last year) and achieved a profit after tax of over VND 47.4 billion. However, by December 31, 2023, NSH Petro still has a post-tax profit (accumulated) of more than VND 213.2 billion. This profit will be set aside for funds and distributed when approved by the general meeting of shareholders.
Mr. Mai Van Huy (left cover) and Mr. Ranjit Prithviraj Thambyrajah
According to Mr. Mai Van Huy, Chairman of the Board of Directors of NSH Petro, in 2024, NSH Petro strives to achieve net revenue of over VND 14,566 billion (an increase of 237.8% over the same period last year) and after-tax profit of over VND 327.6 billion, an increase of 692% over the same period in 2023. NSH Petro has a basis for implementing the above target. Because on April 24, 2024, NSH Petro sent a document to the State Securities Commission and the Ho Chi Minh City Stock Exchange regarding the announcement of the approval of a loan of 290 million USD from Acuity Funding (a private credit institution from Australia). 290 million USD is expected to be disbursed in the second quarter of 2024 and NSH Petro will use this loan to invest heavily in large-scale projects, promoting rapid and sustainable development. "This year, NSH Petro will develop retail stores along the highway; expand the wholesale system; maintain a lean, dynamic, and high-quality human resources; implement financial plans close to production and business; control and use money effectively to increase profits; minimize unnecessary expenses and comply with the highest quality standards...", Mr. Mai Van Huy informed.
Wharf at Mai Dam project (Chau Thanh district, Hau Giang) of NSH Petro
The project will be deployed abroad.
The resolution of the NSH Petro Board of Directors appointed Mr. Ranjit Prithviraj Thambyrajah (Australian nationality) as General Director of NSH Petro from April 26, 2024. The NSH Petro Board of Directors also appointed Mr. Nguyen Viet Anh (Australian nationality) as Deputy General Director in charge of financial investment of NSH Petro from April 26, 2024. Deputy General Director Nguyen Viet Anh performs the main tasks related to internal financial control, capital arrangement, capital development strategy, allocation and effective use of capital at NSH Petro and projects.
At the annual general meeting of shareholders on May 29, 2024, Mr. Ranjit Prithviraj Thambyrajah was re-elected as Vice Chairman of the Board of Directors of NSH Petro. The meeting also passed a resolution with many important contents to create new breakthroughs in production and business of NSH Petro in the coming time.
NSH Petro's Tra Noc depot (O Mon District, Can Tho City) supplies gasoline to many provinces and cities.
Mr. Mai Van Huy said that NSH Petro was established on February 14, 2012 with a charter capital of 60 billion VND, headquartered in Phu Thanh Hamlet, Mai Dam Town, Chau Thanh District, Hau Giang. In 2012, NSH Petro was licensed to invest in the construction of a 50,000 m³ petroleum port warehouse in Mai Dam Town, Chau Thanh District, Hau Giang. According to the license of the Ministry of Industry and Trade, in 2013, NSH Petro became one of the petroleum distribution hubs in Vietnam. In 2017, NSH Petro increased its charter capital to 450 billion VND to develop a petroleum blending plant, tourism, hotels, restaurants, and aquaculture in the Mekong Delta. In 2 years (2018 - 2019), NSH Petro conducted 2 share issuances to increase charter capital from 450 billion VND to more than 1,261 billion VND to develop production and business and expand the distribution network in the provinces of the Mekong Delta. On December 20, 2019, NSH Petro was approved by the State Securities Commission as a public company. On January 17, 2020, NSH Petro was granted the first securities registration certificate by the Vietnam Securities Depository with the stock code PSH, charter capital of more than 1,261 billion VND and the total number of registered shares for deposit is 126,196,780 shares.
NSH Petro retail system operates continuously to serve customers.
NSH Petro operates in many fields, with the focus still on petroleum production, distribution, and logistics. NSH Petro currently has 5 member companies and 3 affiliated companies located in Can Tho City and the provinces of Hau Giang, Soc Trang, An Giang, and Tien Giang. NSH Petro continues to maintain and develop its existing strengths and strives to maintain its position in key fields such as petrochemicals and petroleum transportation. In the coming time, NSH Petro will implement projects in regions and countries that are attractive to investors.
Source: https://thanhnien.vn/nsh-petro-vuot-kho-vuon-len-manh-me-185240529160449384.htm
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