On May 31st, Hanoi Plastics JSC (Ticker Symbol: NHH) successfully held the Annual General Shareholders’ Meeting 2022. Accordingly, the Annual General Meeting of Shareholders approved crucial issues, including business performance evaluations and target revenue of VND 2340 billion.
The outbreak of COVID-19 in 2022 posed many challenges to Hanoi Plastics. To drive the business in the right direction, in that context, the Board of Directors and the employees made every effort to overcome obstacles caused by the effects of social distance.
On May 31st, Hanoi Plastics JSC successfully held the Annual General Shareholders’ Meeting 2022
Regarding business performance, Hanoi Plastics’ total revenue and consolidated profit after tax reached VND 2,153 billion and VND 72 billion, respectively. Revenue grew by 87% compared to 2020, exceeding the set plan due to the contribution of the construction plastic segment and the development of new products from the supporting industry segment. Gross profit margin climbed from 16.1% in 2020 to 17.4% in 2021.
Revenue increased sharply in 2021, reaching VND 2,084 billion (up 96% over the same period in 2020 and 9.6% higher than the target plan) due to the revenue contribution from An Cuong High-tech Building Materials JSC.
Although innovative strategies have been implemented to optimize costs, incurring expenses for the COVID-19 prevention and control measures as well as shipping cost affected the Company’s profit targets.
The Annual General Meeting of Shareholders approved critical issues
In 2021, NHH concentrated resources on investing in machinery and equipment for production, contributing capital to subsidiaries, and developing more new products. In particular, the General Meeting of Shareholders assessed that Viexim Co., Ltd has been following NHH model and highly appreciated by foreign partners. The firm will maintain production development with neighborhood partners. Especially, in 2021, An Trung’s project to exports TV cases to India reached a stable stage, offering great economic efficiency.
In terms of business plan in 2022, Hanoi Plastics sets a target revenue of VND 2340 billion profit after tax of VND 95 billion with an expected dividend payout ratio rate of 10%.
In particular, NHH continues to promote the company’s strengths in manufacturing plastic molds and industrial products, specializing in the field of automobile-motorcycle, electrical-electronic products and industrial containers. The firm will focus on expanding Japanese customers, FDI enterprises while maintaining existing customers in the automobile-motorcycle, electricity-electronics industry. The promotion of products and capabilities through trade fairs, display, and advertising on mass media will be boosted.
Besides, NHH will also enhance screening of old equipment to replace with the new ones in the direction of advance, modern and high quality to meet market demand. Hanoi Plastics will intensify the work of improving the quality of mold design, manufacture, and repair to reduce the finishing stage, ensuring productivity and product quality from beginning stage.
In 2022, NHH will coordinate with Toyota Vietnam and Samsung Vietnam to comprehensively improve the production management system and quality control.
The enterprise will also enhance the quality of human resources and corporate governance.
Earlier, on May 25th, NHH participated in Smart Factory development cooperation project in 2022, a program organized by the Ministry of Industry and Trade and supported by Sam Sung Vietnam with the aim of improving management capacity for Vietnamese enterprises.