Annual General Meeting of Hai Phat Invest
During the general meeting, Hai Phat’s Board of Directors reported that in 2023, the company focused its resources on accelerating wholesale distribution of products at the Lao Cai Project and the Hai Yen – Quang Ninh Project, as well as implementing a restructuring of ownership ratios in a number of subsidiaries.
Notably, the company made significant efforts to rectify its information disclosure obligations, ensuring that HPX shares were eligible to resume trading on March 20, 2024. Regarding the 2023 business results, the consolidated total revenue reached VND 1,948 billion, a 33% increase year-over-year, while the consolidated profit after tax reached VND 135 billion.
For the 2024 business plan, the company aims to achieve a consolidated revenue target of VND 2,800 billion, representing a growth of 67%, and a consolidated profit of VND 105 billion, with a planned dividend payout ratio of 5%.
Overview of the Annual General Meeting.
At the same time, the company will focus on business and implementation of key projects such as: Hai Yen – Mong Cai Project, Bac Giang Walking Street Project, 5A De Tham – Cao Bang Project, Mai Pha – Lang Son Project, 5ha Phu Hai – Binh Thuan Project, and Dao Ngoc – Hoa Binh Project.
The general meeting elected Mr. Le Thanh Hai and Mr. Le Quang Vinh as members of the Board of Directors and elected Mr. Le Manh Hung as a member of the Supervisory Board for the 2023-2028 term, replacing two members of the Board of Directors and one member of the Supervisory Board who had resigned due to personal reasons.
As such, the Board of Directors for the 2023-2028 term consists of five members: Mr. Do Quy Hai, Mr. Nguyen Van Phuong, Mr. Nguyen Van Dung, Mr. Le Thanh Hai, and Mr. Le Quang Vinh. Mr. Do Quy Hai continues to hold the position of Chairman of the Board of Directors.
After no longer being a major shareholder in Hai Phat Invest, the group of shareholders related to Toan Tin Phat Investment JSC also withdrew its representative from the company’s Board of Directors.
The newly elected members of the Board of Directors and Supervisory Board introduced themselves at the general meeting.
At the general meeting, Hai Phat Invest presented to shareholders a plan for issuing shares to increase its charter capital. Specifically, the company plans to issue 315.2 million shares, with a total issuance value of VND 3,152 billion at par value. If the issuance is successful, the company’s charter capital will increase from approximately VND 3,042 billion to approximately VND 6,194 billion. The implementation period is during 2024-2025.
The general meeting discussed and approved all the reports and submissions presented to the shareholders’ meeting with a very high consensus rate.
It is reported that Hai Phat Investment Joint Stock Company has just announced its financial statements for the first quarter of 2024, with net revenue 2.1 times higher than the same period last year, reaching VND 324 billion. The revenue structure recorded VND 285 billion from real estate business, an increase of 159%; the remaining VND 39 billion was from other activities.
The cost of goods sold increased at a slower rate of 92%, resulting in a significant improvement in the gross profit margin from 11% in the same period last year to 21% in this period, corresponding to a gross profit of VND 69 billion. Consequently, HPX recorded a pre-tax profit of VND 22 billion in the first quarter of 2024, a significant improvement compared to a loss of VND 24 billion in the same period last year. The corresponding profit after tax reached VND 16 billion. Hai Phat attributed the increase in profit to the fact that the company delivered more products to customers during the period.
