Aqua Company’s Two Leaders Facing Charges Despite Record 2023 Profits

In 2023, this company achieved a revenue of 453.2 billion VND and a net profit after tax of over 43 billion VND, representing an increase of 8.6% and 19.5% respectively compared to the previous year.

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On March 5, the Investigative Police Agency of Dong Thap province decided to initiate criminal proceedings against Mr. Ho Minh Cuong (born 1972) – Director of Nam Song Tien Water Branch under the Urban Water Supply and Environment JSC. Dong Thap (UPCoM: DWS) for the offense of “Abuse of power, authority in the performance of official duty” as he had improperly settled the cost of hiring labor for the construction of works, causing damage to Dowasen of over 600 million VND.

Mr. Tran Tien Dat (born 1971) – Head of Technical Department at Dowasen was also prosecuted for the same offense. According to the police, Mr. Dat had improperly settled the cost of hiring labor for the construction of works, causing damage to Dowasen of over 500 million VND.

According to research, the technical department of Dowasen is responsible for managing the technical development of the company’s production and water supply system, water loss prevention, maintenance of the system, and monitoring and acceptance of water supply and environmental projects funded by the company.

Before taking on his current positions, Mr. Dat served as Deputy Director of Branch No. 1 Water Division (later renamed Nam Song Tien Water Branch) in 2018, while Mr. Cuong was a Director of the Construction Consultancy and Water Division Branch. In addition to Nam Song Tien Water Branch, Dowasen also has branches including Bac Song Tien Water Branch, Northwest Song Tien Water Branch, Environmental Services Branch, and Dowasen Bottled Water Affiliate.

According to research, Dowasen was originally the Dong Thap Province Water Supply Service Company, established in 1989 on the basis of the Cao Lanh Town Water Division Enterprise. Its initial charter capital was 10 billion VND.

By 2017, the enterprise was equitized and became the Urban Water Supply and Environment JSC. Dong Thap. The company has expanded its scale with a charter capital of 259.2 billion VND. Of that, the People’s Committee of Dong Thap province is the largest shareholder, holding 85.6% of the capital. The province has also planned to divest its capital from Dowasen. In addition, Mr. Nguyen Anh Dung, Chairman of Dowasen’s Board of Directors, currently holds 9% of the capital.

Its main business areas are producing and supplying clean water, collecting waste, and other environmental consulting services in Dong Thap province. The company has nearly 800 employees.

Annually, Dowasen consistently generates hundreds of billion VND in revenue as well as tens of billion VND in profit. In 2023, the company recorded 453.2 billion VND in revenue, over 43 billion VND in after-tax profit, respectively increasing by 8.6% and 19.5% compared to the previous year. This is also the record level of revenue and profit for the company.

As of December 31, 2023, the total assets of the company amounted to 1,071 billion VND, almost unchanged from the beginning of the year. Most of the company’s assets are unfinished long-term assets (477 billion VND) and fixed assets (427 billion VND). The unfinished long-term assets of the company are the wastewater treatment and water treatment project in Cao Lanh city.

SOURCEcafef
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