Overview of the Annual General Meeting of Shareholders in 2024
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In 2023, Mai Linh’s net revenue reached 1,586 billion VND, and its after-tax profit reached 3.9 billion VND, respectively fulfilling 92% and 6% of the set plan. The shareholders also approved the non-distribution of dividends in 2023.
Also in the past year, Mai Linh has cooperated with Toyota Vietnam and Toyota Finance Company in a project to invest in 9,999 vehicles. In the last quarter of 2023, Mai Linh invested in nearly 1,000 new vehicles of the Avanza and Vios lines.
In 2024, Mai Linh aims to invest in 2,224 vehicles in the 9,999-vehicle project and expects to complete this project within 3 years, including investing in 1,000 new hybrid vehicles for major markets such as Ho Chi Minh City and Hanoi.
Responding to shareholders’ questions about not yet investing in electric vehicles, a representative of the Mai Linh Group’s leadership said that in Vietnam, this trend is also “shifting” and “favoring” electric vehicles due to many innovations and benefits. However, after in-depth research and analysis, electric vehicles are not really suitable and optimal in the Vietnamese market due to the inadequacies of the infrastructure that does not meet the convenient operation of electric vehicles and the amount of battery waste that affects the environment. Therefore, Mai Linh is gradually switching from vehicles using pure gasoline to hybrid vehicles.
In terms of specific targets, Mai Linh plans consolidated revenue of 1,650 billion VND, a slight increase compared to 2023, but after-tax profit will increase sharply, reaching 60 billion VND.
Mai Linh’s goal for 2024 is to focus on maintaining, stabilizing, and developing sustainably; investing in good quality vehicles, and increasing the number of new vehicles. At the same time, Mai Linh will improve service quality, retain corporate customers, traditional customers, apply technology, and enhance customer experience. Besides, Mai Linh will also comprehensively restructure and manage risks; do business in compliance with the law, and compete in a civilized and healthy manner.
The General Meeting also approved the restructuring of investment capital in subsidiaries in 63 provinces and 4 island districts. Specifically, Mai Linh will increase the ownership ratio in subsidiaries from 51% to 61%.
The shareholders also approved the authorization of the Board of Directors of Mai Linh Group to decide and implement matters related to public registration and carrying out the procedures for listing shares on the stock exchange.
Another issue approved by the General Meeting of Shareholders is to allow shareholders the right to transfer common shares of the merged company. Previously (in 2018), Mai Linh Group Joint Stock Company was established on the basis of the merger of 3 companies: Mai Linh Group Joint Stock Company, Mai Linh North Joint Stock Company, and Mai Linh Central Joint Stock Company.
