On March 8th, the Board of Directors of Tien Len Steel Group Joint Stock Company (HOSE: TLH) decided to extend the organization of the 2024 Annual General Shareholders’ Meeting from after April 30th, 2024 to before June 30th, 2024. According to TLH, the extension will provide the company with more time to complete certain preparations for a successful conference.
The specific date, venue, and format of the General Meeting will be appropriately determined and announced according to regulations to shareholders and relevant authorities.
Therefore, in 2024, TLH will hold its annual General Meeting later than in previous years, usually taking place between mid-March and mid-April.
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The schedule of previous annual General Meetings of TLH
Source: VietstockFinance
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Regarding business performance, TLH unexpectedly incurred a net loss of 13 billion VND in the last quarter of the year, despite signs of recovery seen in many companies in the industry. And if not for other profits, the business situation would have been even worse.
Specifically, in Q4/2023, TLH recorded net revenue of nearly 2,170 billion VND, an increase of 30% compared to the same period. The company achieved a gross profit of 33 billion VND, while in the same period last year, it incurred a gross loss of 51 billion VND. The core operations of Tien Len Steel Group flourished as the steel industry showed signs of a turnaround and demand began to increase again.
However, this gross profit level was not sufficient to cover other expenses. In Q4/2023, financial expenses decreased sharply by 51% compared to the same period, down to 34 billion VND, mainly due to the reversal of provisions for financial investments. Selling and administrative expenses slightly increased to 11 billion VND and 13 billion VND, respectively. The bright spot was other profits of 15 billion VND, mainly from the liquidation of fixed assets. As a result, TLH incurred a net loss of 13 billion VND, which is more positive compared to the loss of 115 billion VND in the same period last year but still worse than recent quarters.
For the whole year of 2023, TLH achieved net revenue of over 6,150 billion VND, an increase of 16% compared to the previous year, and a net profit of nearly 4 billion VND, a decrease of 28%, despite the steel industry experiencing a downturn in 2022. Compared to the targeted after-tax profit of 100 billion VND, the company only achieved 4% of the goal.
Notably, the company sold almost all of its stock portfolio after a long period of losses. As of December 31st, 2023, the company had sold all shares of IJC, SHB, VIX, and many other stocks, most of which had been held for several years, resulting in losses and provisions.
After a long period of losses, Tien Len Steel Group sold all stocks of NVL, IJC, VIX, SHB
 Source: VietstockFinance
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