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Pha Lai Thermal Power (PPC) plans to increase profit by 11.7% to VND427.25 billion in 2024 

 Tuesday, May 28,2024

AsemconnectVietnam - Pha Lai Thermal Power Joint Stock Company (PPC code - HOSE) announced the documents of the 2024 General Meeting of Shareholders, held on June 10 in Hai Duong province.

In 2024, Pha Lai Thermal Power plans a revenue of VND8,755.6 billion, an increase of 39.4% over the same period, pre-tax profit of VND427.25 billion, an increase of 11.7% compared to the year's performance in 2023, and a major repair plan of VND487.85 billion.
Regarding the repair plan, for line 1 major repair, focus on implementing maintenance and repair solutions to ensure reliability and continue to maintain effective operation of the unit; For line 2, continue maintenance to improve the reliability and availability of power units S5 and S6, gradually improve technical and economic indicators, improve production efficiency, and promptly replace damaged/degraded equipment.
It is known that, related to the operation of production lines, previously in 2023, the Department of Environmental Crime Prevention and Control of the Ministry of Public Security issued a decision to impose administrative fines with a total amount of VND3.9 billion with an additional penalty of suspension of operations for 12 months. However, because exhaust gas treatment projects are awaiting further implementation, the company is currently repairing the ESP system of line 1 and the FGD of line 2.
Regarding the profit distribution plan, in 2023, Pha Lai Thermal Power submits to shareholders to pay dividends at a rate of 27.75% (21.5% has been advanced and only 6.25% remains, corresponding to a total amount of more than VND200 billion). Entering 2024, the expected dividend rate is 6% of charter capital.
In addition, in terms of personnel, Pha Lai Thermal Power proposed to shareholders to increase the number of members of the Board of Directors from 5 to 7 people. In particular, it is expected to additionally elect Mr. Ngo Nguyen Dong to the position of member of the Board of Directors and Mr. Nguyen Van Thanh to the position of independent member of the Board of Directors.
According to research, Mr. Ngo Nguyen Dong was born in 1974 and he is currently Deputy Head of Internal Audit and Financial Supervision Department of EVNGENCO2, representative of EVNGENCO2's capital at Pha Lai Thermal Power Plant.
In addition, another candidate is Mr. Nguyen Van Thanh, born in 1959. He was a member of the Board of Directors of Pha Lai Thermal Power from August 8, 2017 to May 12, 2018. However, from October 1, 2019 until now, Mr. Thanh has retired from retirement.
Regarding the Supervisory Board, Pha Lai Thermal Power also submitted to shareholders the dismissal of Mr. Ngo Nguyen Dong as controller and the additional election of Mr. Cao Xuan Khuong (born in 1977).
Source: VITIC/Tinnhanhchungkhoan


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