Services
The 2024 Annual General Meeting of SBT was held on October 24.
|
With positive business results, TTC AgriS approved a dividend payout
At the AGM, the TTC AgriS management reported on the business results for the 2023-2024 fiscal year. Accordingly, despite the unstable global and Vietnamese economic context, the company proactively adapted and ended the year with positive results. Total consumption volume exceeded 1 million tons. Net revenue reached VND 29,021 billion, completing 141% of the plan and a 17% increase compared to the previous year. Pre-tax profit reached VND 908 billion, exceeding the plan by 7% and an impressive 26% increase compared to the previous year. After-tax profit reached VND 806 billion, up 33% over the previous year.
In addition, according to the profit distribution plan for the 2023-2024 fiscal year approved at the meeting, TTC AgriS shareholders will receive a dividend payout in shares from post-tax profit at a rate of 10% (4% for the 2022-2023 fiscal year and 6% for the 2023-2024 fiscal year), equivalent to more than VND 740 billion.
In the context of escalating geopolitical conflicts and volatile global economic conditions, along with the impact of climate change, the sugar industry in general and TTC AgriS in particular are expected to face challenges in the coming fiscal year. Based on a cautious assessment of influencing factors, TTC AgriS presented to the AGM a business plan for the 2024-2025 fiscal year with a projected total revenue of VND 26,168 billion and a pre-tax profit of VND 900 billion. The company also aims to strengthen cost control and ensure business efficiency while maintaining market share in its business segments, which was approved by the AGM.
Streamlining the Board of Directors to expedite the implementation of the AGM’s mandates
Regarding the Board of Directors’ structure, the meeting approved a reduction to five members. Accordingly, the Board members are required to have high professional qualifications and diverse experience in related fields. The streamlined organization aims to ensure efficiency and focus in governance while facilitating quick decision-making with diverse perspectives. This was also one of the requests made by the foreign major shareholder group to ensure the company’s most effective operation while complying with legal regulations and international corporate governance practices. After the AGM approved the resignation of Ms. Vo Thuy Anh and Mr. Dao Duy Thi, two new members, Ms. Huynh Bich Ngoc and Mr. Le Quang Phuc, were elected to the Board.
Mr. Le Quang Phuc is an independent member of the Board, nominated by the foreign major shareholder group comprising Legendary Venture Fund 1 and Brilliant Solutions Inc. Mr. Phuc was born in 1966 in Danang and holds a Master of Business Administration from Washington State University in the USA. He has over 25 years of experience in management positions in medium and large-scale enterprises in Vietnam. He is a member of the IMP (Individual Membership Program) of the Vietnam Institute of Directors (VIOD) and possesses the full capacity and experience to serve as an independent director. Currently, he also holds independent director positions in several listed companies, including PNJ, SRF, and Filmore Real Estate Development JSC, and is a non-executive member of the Board of Directors of Phat Dat Real Estate Development JSC (HOSE: PDR).
Notably, the return of Ms. Huynh Bich Ngoc, the founder of TTC AgriS, marks her continued journey with the company for the next five-year term. Ms. Ngoc was born in 1962 in Ben Tre and is considered a leading female entrepreneur in Vietnam’s sugar industry with 45 years of experience in the business world. In addition to her position on the TTC AgriS Board, she currently serves as Vice Chairwoman of the Board of Directors and General Director of Thanh Thanh Cong Investment Joint Stock Company and Chairwoman of the Board of Directors of Toan Hai Van Joint Stock Company.
Thus, the new TTC AgriS Board of Directors comprises Ms. Dang Huynh Uc My as Chairwoman, two members, Ms. Huynh Bich Ngoc and Mr. Tran Tan Viet, and two independent members, Mr. Tran Trong Gia Vinh and Mr. Le Quang Phuc. The new Board is expected to excel in fulfilling the mandates entrusted by the AGM as the company intensifies and accelerates the implementation of its new strategies.
 The 2023-2024 Annual General Meeting congratulates the new Board members
|
TTC AgriS restructures its finances, focuses on core activities, and rapidly enters the global FBMC (Food – Beverage – Milk – Confectionery) market
At the meeting, regarding some of TTC AgriS’s investments unrelated to agriculture, Chairwoman Dang Huynh Uc My shared: “We have successfully streamlined a circular trade value chain and an integrated smart agricultural economic model, aiming for a revenue target of VND 60,000 billion by 2030 and Net Zero by 2035. Moving forward, TTC AgriS will focus on investing in expanding our raw material areas and building more food, beverage, and confectionery factories to closely follow the orientation of participating 100% in the global FBMC value chain. We will also actively sell and restructure our investment portfolio in non-agricultural areas to concentrate all our efforts on the company’s core activities, aiming to bring high value to shareholders and related parties.”
In response to a shareholder’s question at the meeting regarding transparency in transactions between TTC AgriS and entities within its ecosystem, Ms. Uc My affirmed: “Transparency is the top criterion in TTC AgriS’s governance. Our management and financial reporting systems are well-organized and audited by leading global auditing firms (Big 4). Therefore, standard norms of conduct are always adhered to in business transactions and capital flow. TTC AgriS ensures transparency in related transactions and safeguards the interests of all shareholders, especially small shareholders. Realizing that sustainable development is the key to a company’s longevity, I am confident that our transparency and firm commitment to building TTC AgriS through creating fair and sustainable values will lead to future successes.”
Ms. Dang Huynh Uc My speaking at the 2023-2024 Annual General Meeting
|
Continuing the journey of “55 years of service and perfection of the responsible value chain,” TTC AgriS, with its new face and strength, is determined to create new values with related parties in the next growth phase. The company is also accelerating its portfolio restructuring process, focusing all its efforts on core activities related to agriculture and FBMC, thereby committing to creating sustainable value for shareholders and all stakeholders involved in the company’s value chain.
“Dropping Dividends: Pha Lai Thermal Power Reports First Loss in Three Years”
High production costs coupled with a significant decline in dividend income from subsidiaries resulted in a net loss for Pha Lai Thermal Power Joint Stock Company (HOSE: PPC) in Q3/2024, marking the first quarter of losses after twelve consecutive profitable quarters.
Mrs. Dang Thi Hoang Yen Returns to the TTC Agri Board
“Mrs. Huynh Bich Ngoc, wife of Mr. Dang Van Thanh, has rejoined the Board of Directors of TTC AgriS as a member. This announcement comes after she stepped down from her position as Chairman of the Board in July 2024. With her extensive experience and knowledge, Mrs. Ngoc is expected to contribute significantly to the company’s strategic direction and growth.”
The Chairman of TTC AgriS: Working in the Interests of 91% of Shareholders and Investors
In her capacity as Chairman of the Board of Directors of TTC Agri-Biotech Joint Stock Company (TTC AgriS) (HOSE: SBT), Ms. Dang Huynh Uc My has asserted the company’s commitment to ensuring fairness and transparency for its shareholders, investors, and stakeholders. As TTC AgriS attracts the participation of international investors and prominent financial institutions, Ms. My has emphasized the importance of equitable treatment and transparent disclosure for all involved parties.
The VN-Index: A Race to 1,300?
Today (September 27th), the VN-Index touched the 1,300-point mark. This benchmark index has, on several occasions this year, conquered this threshold, but the gains have proven fleeting.
The Stock Market Nears All-Time Highs
In today’s trading session (September 26), the benchmark index inched closer to the 1,300-point threshold. However, this old peak continues to challenge the VN-Index, as the market once again falters with many large-cap stocks narrowing their gains.
