CTCP Tập đoàn C.E.O (CEO Group, MCK: CEO) has recently released the annual general meeting documents for 2024. The conference is scheduled to take place on April 5th, 2024, at the CEO Tower, Pham Hung Street, Nam Tu Liem District, Hanoi.
Among the shareholder proposals, CEO Group aims to achieve a total consolidated revenue of VND 2,100 billion and a post-tax profit of VND 150 billion in 2024, representing a 46% and 26% increase respectively compared to 2023. The company plans to distribute dividends in 2024 with a rate of 5-10%.
CEO mentioned that in 2024, the company will continue to implement key projects including Sonasea Van Don Harbor City, Sonasea Residences, and CEOHomes Hana Garden. Additionally, they will focus on completing the necessary procedures for other projects to prepare for construction and business under favorable conditions. They will also develop more production materials, prioritize mixed-use urban development projects and industrial real estate projects.
In the service sector, CEO Group plans to operate the Wyndham Garden Sonasea Van Don Hotel on April 30th, 2024, during the holiday.
It is known that the Sonasea Residences high-end villa project (Duong To commune, Phu Quoc, Kien Giang) with a total mobilized capital of over VND 2,573 billion from previous stock offerings and issuances in early November 2023. This capital is allocated for investment in this high-end villa project, increasing working capital for subsidiary companies and supplemental working capital.
CEOHomes Hana Garden project (with a scale of 20.3 hectares and a total investment of VND 2,168 billion) is scheduled to finish land clearance in the fourth quarter of 2023 and proceed with procedures such as land use fees, construction permits for technical infrastructure before commencing construction.
In the consolidated financial statements for the fourth quarter of 2023, the Sonasea Van Don Harbor City resort complex project was recognized as long-term unfinished assets with a value of VND 1,463 billion.
In 2023, the business of Chairman Doan Van Binh did not perform well and did not meet targets. Specifically, CEO recorded over VND 1,393 billion in net revenue and VND 119 billion in post-tax profit, down 45% and 62% respectively compared to the previous year.
In 2023, CEO set a business plan with a total revenue of VND 3,000 billion and a post-tax profit of VND 315 billion. Therefore, the company only achieved 46% of the revenue target and 37% of the profit target for the whole year.
Source: CEO
The upcoming annual general meeting will also consider the remuneration proposals for the Board of Directors and the Board of Supervisors in 2024. The company suggests maintaining the same remuneration level as in 2023. The total remuneration for the Board of Directors and the Board of Supervisors is approved to be VND 576 million.
