According to the Company’s Charter, the resignation of Mr. Thai and Ms. Thao will take effect from the time of approval by the General Meeting of Shareholders.
The 2023 Annual Report of CSM states that Mr. Thai (born in 1981) holds a Master’s degree in Economics and was appointed as an Independent Member of the Board of Management on April 26, 2021. He currently does not own any CSM shares. In addition to CSM, he also serves as an Independent Member and Deputy General Director cum Chief Financial Officer at JSC Southern General Trading.
Ms. Thao (born in 1998) has been holding the position of Inspector of CSM since April 26, 2021. Apart from her duties at CSM, she is also working as an accounting and finance staff at Ltd. Tan Duc Dien Gia.
The simultaneous resignation of these two individuals comes at a time when CSM‘s business results are showing positive signals. Firstly, the company’s nine-month financial results were favorable, with net profit increasing by over 65% year-on-year to nearly VND 64 billion, despite an 11% decrease in net revenue.
Moreover, with the implementation of the project to increase capacity, Securities BIDV (BSC) projects that CSM‘s PCR tire consumption volume in 2025 will reach 1.79 million tires, an increase of 200,000 units compared to 2024, corresponding to a growth rate of 13% and contributing 42% to gross profit in 2025.
Of this, about 40% of the output will be consumed domestically, equivalent to 80,000 tires, to catch the trend of using electric cars. Currently, the domestic demand for PCR tires reaches about 2 million tires/year, and CSM can only meet 5-10% of the domestic demand. The remaining 60% will be exported to the US, an increase of 120,000 tires compared to 2024, equivalent to a 10% increase.
BSC believes that with its brand reputation and competitive pricing advantage, CSM will not face difficulties in consuming the additional 300,000 tires from this expansion project.
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