The consolidated financial report for the fourth quarter of 2024 of Refrigeration Electrical Engineering Corporation (stock code: REE) revealed that General Director Nguyen Thi Mai Thanh received a salary of more than VND 832 million. Notably, this salary was paid for more than one month of her work (from November 25 to December 31, 2024).
In the same position as Ms. Mai Thanh, her predecessor, Mr. Le Nguyen Minh Quang, received a salary of 1.5 billion VND for nearly 5 months of work. On average, Mr. Quang received 300 million VND per month.
Salary and remuneration of REE's Board of Directors and Executive Board (Source: Financial statements).
Ms. Thanh's salary is also much higher than the deputy general director positions of REE.
Ms. Thanh's son - Mr. Nguyen Ngoc Thai Binh, Deputy General Director - received a salary of 880 million VND in the fourth quarter, equivalent to 293 million VND/month. Mr. Nguyen Quang Quyen - Deputy General Director - received nearly 1.5 billion VND, equivalent to nearly 500 million VND/month.
Ms. Nguyen Thi Mai Thanh (Photo: REE).
Ms. Mai Thanh was born in 1952, 73 years old this year, and has been the Chairwoman of the Board of Directors (BOD) of Refrigeration Electrical Engineering Corporation (stock code: REE) for the past 31 years. REE is one of the first two stocks listed on the stock exchange in 2020, under the guidance of Ms. Mai Thanh. However, at the end of November 2024, she resigned as Chairwoman of the Board of Directors and assumed the position of General Director.
In addition, as Vice Chairwoman of REE's Board of Directors, Ms. Thanh also received a salary of VND 840 million in the fourth quarter of 2024, a decrease of 24% compared to the same period last year.
In 25 years of being listed on the stock exchange, from an enterprise with initial charter capital of 150 billion VND, REE has now reached more than 4,710 billion VND, 31 times higher. Asset size has also increased 140 times, reaching more than 35,361 billion VND.
In the fourth quarter of 2024 - the quarter that began to record the return of Ms. Mai Thanh's management, REE had revenue of nearly VND 2,334 billion, up 13% over the same period last year. Profit after tax was nearly VND 883 billion, up 37%.
The recovery of the refrigeration and electrical engineering segment is the reason for the company's revenue growth. The recovery of the real estate market and the acceleration of infrastructure projects have also created conditions for the refrigeration and electrical engineering segment to record positive revenue and profit. The ability to collect debts has also improved.
For the whole year of 2024, REE's profit decreased by 14%, reaching VND 2,397 billion and completing the set target. As of December 31, the company had financial debt of more than VND 10,397 billion, of which 88% was long-term debt. The debt/equity ratio was 0.46 times.
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