Attending the meeting, on behalf of the major shareholder, the parent company - Vietnam Oil and Gas Group (Petro Vietnam), there was Mr. Bui Minh Tien - Member of the Board of Directors of the Group.
On the PVFCCo side, there were Mr. Nguyen Xuan Hoa - Secretary of the Party Committee of the Corporation; Mr. Nguyen Ngoc Anh - Member of the Board of Directors in charge of the Board of Directors of the Corporation; Mr. Phan Cong Thanh - General Director, key officials of the Corporation and especially the participation of shareholders representing 69.74% of the number of voting shares and representatives of Deloite Vietnam Company Limited - the unit that audited the Financial Statements of PVFCCo.
Overview of the meeting.
In the working program, the General Meeting of Shareholders listened to and approved the reports of the Board of Directors, the Board of Supervisors, the Executive Board, gave opinions on the 2023 production and business situation and the 2024 production and business plan; approved the 2023 profit distribution plan and the 2024 profit distribution plan; approved the main contents of the 2024 gas purchase and sale contract between the Corporation and Vietnam Gas Corporation (PV Gas) and other contents under the authority of the General Meeting of Shareholders.
2023 is a year of many challenges for PVFCCo and the entire fertilizer and chemical industry. In that context, PVFCCo has made efforts and implemented many solutions to ensure production and business, taking advantage of opportunities to achieve positive results and basically complete the targets and tasks.
The Presidium presided over the meeting.
As a result, in 2023, PVFCCo achieved production output: 815.54 thousand tons of Urea, reaching 104% of the plan; 121.13 thousand tons of NPK, reaching 101% of the plan.
In 2023, the total output of fertilizer products will reach nearly 1.3 million tons (879,000 tons of Phu My Urea, 138,000 tons of Phu My NPK, 266,000 tons of other fertilizers) and about 118,000 tons of chemicals. Total revenue is 14,037 billion VND, pre-tax profit is 690 billion VND.
Mr. Nguyen Ngoc Anh reported at the meeting.
Based on the forecast for 2024, PVFCCo plans to produce 850 thousand tons of Urea, 143 thousand tons of NPK; consolidated revenue of VND 12,755 billion, pre-tax profit of VND 660 billion, dividend payment at 15%.
Because the expected selling price continues to decrease, the planned revenue is lower than last year's performance, but PVFCCo still aims to maintain profits at a nearly equivalent level. These are still challenging targets that require great efforts to complete.
At the meeting, the General Meeting of Shareholders dismissed and elected new members of the Board of Directors. Accordingly, the General Meeting of Shareholders voted to dismiss Mr. Hoang Trong Dung and Mr. Duong Tri Hoi from the Board of Directors. At the same time, through public elections at the meeting, new members of the Board of Directors were elected, including Mr. Nguyen Xuan Hoa and Mr. Phan Cong Thanh.
Presenting flowers to congratulate Mr. Nguyen Xuan Hoa and Mr. Phan Cong Thanh on being elected to the Board of Directors of PVFCCo.
According to the results of the Board of Directors' meeting afterwards, PVFCCo's Board of Directors has completed its positions with the following members:
1. Mr. Nguyen Xuan Hoa - Chairman of the Board of Directors
2. Mr. Phan Cong Thanh - Member of Board of Directors (cum General Director)
3. Mr. Trinh Van Khiem - Member of Board of Directors
4. Mr. Nguyen Ngoc Anh - Member of Board of Directors
5. Mr. Ho Quyet Thang - Member of Board of Directors (independent)
PVFCCo's Board of Directors members are all well-trained, have many years of practical experience and have held many important positions in the oil and gas and financial industries.
During the discussion, shareholders actively contributed opinions, asked questions, and made suggestions, which were noted by the Presidium of the meeting, updated with information, and answered issues of concern to shareholders such as: Gas sources and gas prices; Business situation and performance of main products; Estimated results for the first quarter of 2024; Divestment from subsidiaries...
Shareholders also contributed new solutions and expressed their belief that PVFCCo's new Board of Directors will "steadfastly steer" PVFCCo to develop.
Mr. Bui Minh Tien spoke at the meeting.
Speaking at the meeting, on behalf of Petro Vietnam - the parent company and major shareholder, Mr. Bui Minh Tien affirmed that 2023 is a very difficult year for the fertilizer industry in general and PVFCCo in particular. He acknowledged and commended the efforts of PVFCCo's employees to basically complete the planned targets.
He congratulated the new personnel elected by the General Meeting of Shareholders to the Board of Directors and believed that the Board of Directors would lead PVFCCo to a new successful page, overcoming the challenges that the Corporation is facing: Natural gas resources are increasingly declining; Competition in the market is increasingly fierce and new environmental requirements are moving towards the net-zero target that the government has committed to.
He suggested that PVFCCo's Board of Directors fully absorb the opinions of shareholders at the meeting, turn them into motivation, and improve governance to run the Corporation well.
Mr. Bui Minh Tien noted that PVFCCo needs to coordinate with PVGas to have optimal gas sources and prices; safe and stable production; consolidate and enhance the development of a sustainable distribution system; deploy and maintain a good brand; promote investment; shift to new trends such as emission reduction; make more breakthroughs in research and development; implement a restructuring project combined with business model innovation.
New Chairman Nguyen Xuan Hoa speaks at the meeting.
On behalf of the Board of Directors and employees of the Corporation, Mr. Nguyen Xuan Hoa - the new Chairman of the Board of Directors respectfully expressed his thanks to the leaders of Petro Vietnam and shareholders for their continued interest and support for PVFCCo over the past time, their trust in electing and perfecting two new personnel for the Board of Directors, and acknowledged and thanked Mr. Nguyen Ngoc Anh for successfully fulfilling his role as head of the Board of Directors during the past time. At the same time, he acknowledged and thanked Mr. Duong Tri Hoi and Mr. Hoang Trong Dung, two members of the Board of Directors who have worked and contributed to PVFCCo and are now assigned by the Group to take up duties at the new unit.
Thank you Mr. Nguyen Ngoc Anh for being in charge of the Board of Directors during the past time.
PVFCCo's Board of Directors seriously accepted the opinions of Petro Vietnam's leaders and shareholders at the meeting. The Board of Directors and the Executive Board have and will further promote the synchronous implementation of a series of solutions to strengthen corporate governance, risk management, thoroughly implement digital transformation, promote investment projects, especially projects with high "sensitivity" to the market, restructure in parallel with business model innovation, marketing work... to improve efficiency, successfully complete the tasks and targets assigned by the General Meeting of Shareholders and bring the Corporation to further development.
The Resolution and Minutes of the meeting will be announced by PVFCCo to shareholders soon within the time limit prescribed by law.
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