Khabara Corporation has released a correction regarding their recent Annual General Meeting (AGM) minutes and resolutions for 2024. The correction pertains to the company’s business plan, specifically the revenue and expense projections for the year.
Initially, the reported total revenue for 2024 was stated as 6,580,094 billion VND, but it has now been corrected to 6,580 billion VND. Similarly, the total expenses were mistakenly recorded as 6,529,994 billion VND and should be 6,530 billion VND. These corrections ensure a more accurate representation of the company’s financial outlook, while the profit figures remain unchanged.
The initial figures, amounting to over 6.58 million billion VND, were significantly high and almost equivalent to the total savings of Vietnamese residents in the banking system as of the first quarter of 2024 (6.67 million billion VND).
Khabara Corporation attributed the mistake to a typing error in the preparation of the AGM documents. The incorrect placement of decimal separators and numbering led to this inadvertent inflation of the figures.
Khabara Corporation, formerly known as Khabara Power Company, was established in 1993 under the Ministry of Energy. In 1996, it became a subsidiary of Power Corporation 3 – Vietnam Electricity Corporation. In 2004, it was transformed into a joint-stock company, with the state-owned EVNCPC as its majority shareholder, holding 53.46% of the capital.
According to the 2023 financial statements, Khabara Corporation recorded a 20% increase in total revenue, amounting to 6,205 billion VND. However, their after-tax profit decreased by 7% compared to 2022, reaching 54.8 billion VND.
In the first quarter of 2024, the company reported impressive results with a 30% year-on-year increase in revenue, totaling 1,476 billion VND. This led to a significant improvement in profitability, with a net profit of over 10 billion VND, a stark contrast to the loss of 41.4 billion VND in the same period last year.
