2023: Adapting with Flexibility and Effective Cost Management
At the recent conference, CADIVI’s leadership reported consolidated revenue of 10.084 trillion VND for 2023, achieving 83% of the set plan. The company’s consolidated pre-tax profit reached 529 billion VND, exceeding the plan by 18% and reflecting a 10% increase compared to 2022. These results significantly contributed to the performance of GELEX Electric, its parent company, and the overall GELEX Group.
Although the company fell short of its revenue target, a notable bright spot was the significant growth in pre-tax profits, indicating CADIVI’s effective cost management and ability to optimize profits despite revenue falling short of expectations.
This profit growth also showcases the company’s adaptability and resilience in the face of market challenges and fluctuations.
By enhancing the quality and efficiency of its production processes, CADIVI maintained its position as the market leader in Vietnam, as confirmed by the survey conducted by the Vietnam High-Quality Goods Business Association.
Targeting 460 Billion VND in Pre-tax Profit for 2024
According to CADIVI’s leadership, the global macroeconomic landscape in 2024 is expected to face challenges arising from geopolitical tensions and the slow recovery of global trade. Vietnam’s economy, with its high level of openness, will also encounter difficulties. In this context, the company has set ambitious targets, aiming for a consolidated revenue of 11.068 trillion VND and a consolidated pre-tax profit of 460 billion VND. These plans were approved by the 2024 General Meeting of Shareholders with a high level of consensus.
CADIVI launches innovative, eco-friendly, and safe products.
To achieve these goals, CADIVI will implement a range of crucial strategies, including intensifying marketing and sales efforts, enhancing production and supply, and focusing on research and development and product quality.
The Board of Directors has also provided important orientations for 2024, emphasizing the need to maintain the southern market, develop the central market, and particularly focus on the northern market by strengthening capabilities and expanding the agency system.
By prioritizing R&D and embracing the green living trend, CADIVI has introduced innovative, eco-friendly, and safe products, such as new technology electrical wires and cables that are fire-resistant, lead-free, and do not produce toxic smoke.
Cancellation of Public Company Status
A notable decision from this conference was the approval of canceling the company’s public company status, based on its operational situation and alignment with the focus on production and business activities.
Currently, CADIVI has over 57 million CAV shares in circulation, with GELEX Electric, a major shareholder, holding 96.27%. Due to GELEX Electric’s long-term investment and majority stake, CAV shares have low liquidity.
Following the SSC’s announcement of canceling CADIVI’s public company status, HoSE will delist CAV shares. CADIVI assures that shareholders’ interests will be protected throughout this process, adhering to relevant regulations.
The conference also approved the resignation of three Board members, including Mr. Nguyen Van Tuan, who will step down as Chairman of the Board. The number of Board members has been adjusted from five to three, and Mr. Le Ba Tho has been elected as a new Board member for the remaining term of 2022-2027.
All reports and proposals presented at the conference were approved.
CADIVI Appoints New Chairman of the Board
As of May 3, 2024, Mr. Le Ba Tho has been appointed as the new Chairman of the Board of Directors of CADIVI. Mr. Tho, born in 1981, holds a Bachelor’s degree in Accounting and Auditing and a Master’s degree in Business Administration. With nearly 20 years of experience in finance and business management, he has held several key management positions in various enterprises. Currently, he serves as the Vice Chairman of the GELEX Group (the parent company of Gelex Electric, which owns over 96% of CADIVI’s shares). Mr. Tho is also the Chairman of GELEX Infrastructure and a member of the Board of Directors of Viglacera Corporation.
