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2024 Annual General Meeting of Shareholders of An Phat Xanh Plastics (AAA): Target profit of VND377 billion, growth of 22% 

 Friday, June 14,2024

AsemconnectVietnam - On May 27, 2024, An Phat Xanh Plastics Joint Stock Company (stock code: AAA) successfully held the 2024 Annual General Meeting of Shareholders.

Accordingly, the Meeting approved the 2024 business plan with a target of consolidated revenue of VND12,000 billion, after-tax profit of VND377 billion (an increase of 22% of the profit realized in 2023), along with many other important contents.
In the past year, the world and Vietnam's economic situation continued to face many challenges and fluctuations. This has significantly affected the production and business activities of enterprises, including An Phat Xanh Plastics. However, thanks to the timely and flexible decisions of the Board of Directors and the Executive Board, the Company has overcome the difficult period, increased production output, increased profits, expanded business activities in core areas, affirming its position as the largest plastic packaging exporter in Vietnam.
Accordingly, in 2023, AAA recorded consolidated revenue of VND12,622 billion, completing 101% of the plan and decreasing by 17% compared to 2022. The main reason is that the price of plastic resins is low and the company focuses on risk prevention, adjusting sales policies, strictly controlling debts and inventories, leading to a decrease in revenue from the plastic resin trading segment.
Profit after tax reached VND309 billion, up 164% compared to 2022 and reaching 62% of the plan. The reason why the Company has not completed the profit plan is mainly because the industrial park real estate segment records revenue and profit annually instead of recording it once as planned at the beginning of the year.
At the General Meeting, the Board of Directors also informed about the investment and project implementation situation. Accordingly, the An Vinh Industrial Packaging Factory Expansion Project and the Plastic Granules and Plastic Products Factory Project (Factory Project 8) will officially come into operation in 2025, expected to bring in more than VND1,300 billion in annual revenue when operating at maximum capacity. Regarding the real estate segment, An Phat 1 Industrial Park officially came into operation in 2023, and to date the occupancy rate has reached 85%. Along with An Phat High-Tech Industrial Park, An Phat 1 Industrial Park is currently the destination of domestic and foreign investors, attracting investment to the locality.
Regarding the 2024 business plan, the General Meeting approved a revenue plan of VND12,000 billion and a profit after tax of VND377 billion. In the coming time, AAA will continue to affirm its position as a leading enterprise in the Vietnamese plastic packaging industry, while expanding its business in other core areas such as industrial park real estate, plastic raw materials and logistics.
At the meeting, the Board of Directors also directly answered shareholders' questions related to the company's production and business situation, as well as projects and plans in the coming time.
In response to shareholders' questions about AAA not paying dividends in 2023, the Board of Directors said that the company retains profits to invest and develop new projects. According to General Director Nguyen Le Trung, AAA plans to double the company's production revenue from now until 2030. Therefore, in order to avoid having to increase capital from shareholders, the company needs to retain profits to expand its production scale in the coming years.
The growth momentum of AAA in 2024 comes from four factors. Growth in the core business of manufacturing plastic packaging products and plastic additives, including increasing sales volume, increasing the contribution of industrial packaging and biodegradable packaging with high profit margins, optimizing the structure of products, customers, and existing markets. Promoting handover to customers of An Phat Industrial Park 1. Improving the efficiency of the plastic resin trading segment. Optimizing costs.
To achieve the set plan, in 2024, AAA will drastically implement business solutions and strategies. Promote research and development activities to diversify the product portfolio; encourage the implementation of new initiatives to increase labor productivity and improve product quality. Manage the business in a streamlined and efficient manner, while improving the quality of human resources.
In addition to the above issues, the Congress also approved the addition and amendment of business lines and the amendment and addition of the company charter, and voted to approve the re-election of Mr. Nguyen Le Thang Long and Ms. Nguyen Thi Tien to the Board of Directors after their terms expired.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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