Name Change and New Website: A Fresh Start for UPS
In their latest announcement, the company revealed that their website domain has been changed from https://www.irs.com.vn to https://upse.vn, featuring a brand-new interface. Along with this, their email address has also been updated from [email protected] to [email protected].
 UPS’s new website and domain name – Source: Consolidated by the author
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This move comes shortly after the company officially changed its name from Hoang Gia International Securities Joint Stock Company (IRS) to UP Securities Joint Stock Company (UPS). Additionally, the list of legal representatives has expanded from one to three, including General Director Nguyen Quang Dat, and the addition of Chairman Cao Tan Thanh and Board member Vu Viet Bao.
Significant Personnel Changes
At the 2nd 2024 Extraordinary General Meeting of Shareholders held on June 29th, the company’s shareholders unanimously agreed to the name change, ensuring alignment with the company’s current situation, and future development plans.
The meeting also approved the dismissal of Mr. Le Thanh, Mr. Ho Ngoc Toan, and Mrs. Tran Thi Thu Huong from the Board of Directors. Similarly, the Supervisory Board members, Mr. Doan Danh Hung, Mrs. Phan Thi Mai Huong, and Mrs. Nguyen Thi Mai Anh, were also dismissed. All these individuals had submitted resignation letters on June 28th and 29th, citing “changes in their work plans for the upcoming period” as the reason.
Notably, Mr. Ho Ngoc Toan was just elected to the Board of Directors in January 2024, replacing Mr. Le Thanh Ha, who resigned in November 2023 for personal reasons. Mrs. Tran Thi Thu Huong also stepped down from the Board of Directors after resigning from her position as General Director, a request that was approved by the Board on June 18th.
The 2nd 2024 Extraordinary General Meeting of Shareholders also approved an increase in the number of Board of Directors members for the 2023-2028 term from three to four. The elected members included Mr. Cao Tan Thanh, Mr. Vu Viet Bao, Mr. Le Tuan, and Mrs. Vu Thi Hong Giang (independent Board member). Mr. Cao Tan Thanh was then elected as the Chairman of the Board of Directors.
The elected Supervisory Board members for the 2023-2028 term included Mrs. Nguyen Dieu Trang, Mrs. Ngo Thi Song Ngan, and Mr. Pham Xuan Thanh. Mrs. Nguyen Dieu Trang was subsequently elected as the Chairman of the Supervisory Board.
With the approval of the General Meeting of Shareholders, the company added two new legal representatives: the new Chairman of the Board of Directors, Mr. Cao Tan Thanh, and Board member Mr. Vu Viet Bao. Mr. Bao will be responsible for overseeing the company’s financial situation.
The first legal representative of IRS is the new General Director, Mr. Nguyen Quang Dat, who was appointed on June 18th, replacing Mrs. Tran Thi Thu Huong.
On June 30th, the Board of Directors also approved the dismissal of Mrs. Nguyen Thi Khanh from her position as Chief Accountant and elected Mr. Tran Van Chien as the new Chief Financial Officer and Chief Accountant. Additionally, Mr. Tran Duc Nam was appointed as the new Deputy General Director in charge of Finance, effective June 30th.
Soon after the General Meeting, on August 3rd, the company reversed its decision and dismissed Mrs. Vu Thi Hong Giang from her position as a Board member. They decided not to elect a replacement and reduced the number of members for the 2023-2028 term from four to three.
Impressive Business Results for the First Half of 2024
IRS, established in 2007, operates in various fields of the securities industry, including securities brokerage, proprietary trading, and securities depository. Their headquarters are located in Le Dai Hanh Ward, Hai Ba Trung District, Hanoi.
Regarding their business performance, IRS recorded an average net profit of over VND 400 million per year during 2012-2020. This figure increased to an average of VND 2 billion per year in the 2021-2023 period. As of the end of 2023, the company’s undistributed profit was just over VND 15 billion, and they continued to refrain from paying dividends.
For the first half of 2024, the company achieved a net profit of over VND 12 billion, a significant improvement compared to the loss of nearly VND 1.7 billion in the same period last year. The company attributed this improvement mainly to the reversal of provisions for doubtful accounts receivable during the period.
| UPS’s net profit increased significantly in the first 6 months of 2024 |
Huy Khai
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