In addition to Mr. Doan, Mr. [Name] Huynh Quang Trung – Member of the Board of Management (appointed since September 2016) has also submitted his resignation. Both gentlemen will step down from their positions on September 17, 2024, which is also the planned date for BRR’s upcoming Extraordinary General Meeting in 2024.
As replacements, the BRR’s Board of Management has nominated Mr. [Name] Pham Hai Duong – Deputy General Director of the Vietnam Rubber Group Joint Stock Company (HOSE: GVR – BRR’s parent company with a 97.47% stake) and Mr. [Name] Tran Khac Chung – Head of the Labor and Wage Department of GVR, to stand for election to the BRR’s Board of Management for the term 2021-2026.
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The two nominees for BRR’s Board of Management
Source: BRR
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Mr. Duong (born in 1966) has been with GVR for just over a year, while Mr. Chung (born in 1968) joined GVR in December 2010 and has served as Head of the Labor and Wage Department since July 2015.
In terms of business performance, BRR’s profit declined in the first half of 2024, reaching only VND 26 billion, a decrease of 19% compared to the same period last year, despite a 2% increase in revenue to over VND 104 billion.
The company attributed the profit decline to reduced dividend income from Vietnam-Laos Rubber Joint Stock Company. These dividends will be recognized in the third quarter of 2024.
| BRR’s Financial Results for the First Half of 2024 |
Regarding dividends, BRR is about to distribute nearly VND 79 billion (a rate of 7% – equivalent to VND 700 per share) as dividends for the fiscal year 2023 to its shareholders in early October. With a 97.47% ownership stake, GVR is expected to receive nearly VND 78 billion.
BRR has consistently paid dividends to its shareholders annually from 2017 to 2023, with rates ranging from 2% to 7%. If successfully implemented, 2023 will be the year BRR distributes the highest dividend rate.
As of the market close on September 9, BRR’s share price stood at VND 17,500 per share, reflecting a 7% increase since the beginning of 2024. The average trading liquidity remained low, with only over 2,000 shares traded per session.
Share Price Movement of BRR since the Beginning of 2024
[Name] Thanh Tu
