AsemconnectVietnam - The General Meeting of Shareholders of Gia Lai Electricity Joint Stock Company (code: GEG) is scheduled to take place on June 25, 2024 at GEC Office, No. 253 Hoang Van Thu, Ward 2, Tan Binh District, Ho Chi Minh City.

Gia Lai Electricity Joint Stock Company (GEC, stock code: GEG) announced the documents of the Annual General Meeting of Shareholders (GMS) for the fiscal year 2023 including 4 reports and 7 submissions to approve 6 financial issues and 1 administrative issue.
Issues related to Finance expected to be submitted to the Congress include: Audited financial statements 2023; Selection of auditing unit 2024; Distribution of funds and dividends 2023; (iv) Payment of dividends in 2024 to Shareholders who own issued convertible dividend preference shares; (v) Production and business plan and expected profit distribution in 2024; transactions with related parties.
Last year, GEC ensured stable growth in production and business activities, completing the profit plan set in the context of many challenges in the electricity industry.
According to the 2023 Consolidated Audited Financial Report, GEC's net revenue reached VND2,163 billion, an increase of 3% over the same period. By ensuring stable operation of power plants combined with good control of operating costs. Profit before tax for the whole year reached VND195 billion, exceeding more than 8% of the plan approved by the Congress.
Undistributed after-tax profit in 2023 according to the consolidated financial report is VND179 billion. With that result, the Company asked the General Assembly to approve the dividend payment in 2023 at a rate of 5%.
The implementation period is in 2024 and authorizes the Board of Directors to choose the form of payment in cash or shares and the payment time in accordance with the actual operations of the Company. Thus, GEC has maintained a regular and stable dividend level in the period 2014-2023, equivalent to the industry average.
In 2024, the Company submits to the Congress a plan for total consolidated revenue of VND3,120 billion and pre-tax profit of VND335 billion (pre-tax profit strives to reach VND353 billion).
Circular 07/2024/TT-BCT regulating the method of determining electricity generation prices and electricity purchase contracts issued by the Ministry of Industry and Trade on April 12, 2024 will be a specific basis for GEC and businesses. There are projects recording temporary electricity prices to speed up the negotiation process.
GEC's business plan is based on the assumption that price negotiations at transitional power plants will be completed in 2024 so that the company can record full revenue from operation (including revenue not yet recorded in 2023 of Tan Phu Dong Wind Power Plant 1 - 100MW).
Stick closely to legal documents to ensure safe and effective operations, and apply international practices to governance, in addition to annual contents on fund appropriation plans and dividend payments for convertible dividend preferred shares, remuneration and operating budget estimates of the Board of Directors and affiliated agencies, the company continues to submit requests for opinions to choose 1 of the 4 Big 4 auditing companies to audit the GEC's 2024 financial report to ensure the standardization of financial data.
Up to now, GEC is also implementing the settlement of the bond package next August, ensuring a healthy financial structure, ready for finding and implementing projects according to Power Plan VIII.
N.Nga
Source: VITIC/Tinnhanhchungkhoan