Hanoi Plastics’ Annual General Shareholders’ Meeting 2023: Sets target revenue of VND 2400 billion

On April 21, 2023, Hanoi Plastics JSC successfully held the Annual General Shareholders’ Meeting 2023 which approved crucial issues, including target revenue and profit plan in 2023.  

At the meeting, Hanoi Plastics approved a target revenue of VND 2400 billion, profit after tax of VND 120 billion with an expected dividend payout ratio of 15% in 2023.  

Regarding its business plan for 2023, Hanoi Plastics has the following orientation: Focusing on research and development of new products, increasing efficiency and production capacity; Preparing financial resources to expand production and business activities at subsidiaries, especially in the field of molds; Continuing to promote the company’s strength; Maintain and expand market in the field of auto parts, motorcycles, electrical and electronic components with clients such as Toyota, Honda, VinFast, Panasonic, LG, Piaggio, Samsung, Foxconn…; Consolidate and improve governance quality, effectively use raw materials and fuel resources; Continuing digital transformation programs; Improve labor productivity, management capacity, and product quality to meet the increasing requirements of customers, meeting the increasing localization demand of domestic and foreign industrial manufacturers. 

Hanoi Plastics Annual General Shareholders’ Meeting 2023 approved target revenue of VND 2400 billion 

Regarding the efficiency of production and business activities in 2022, in response to changes in production and business activities post Covid-19 pandemic and the unstable global situation, the Board of Directors had flexible and decisive decisions. Therefore, Hanoi Plastics still ensured stable production and business activities, maintained orders, while researching and developing new products, surpassing the assigned targets. Especially during the year, the project of manufacturing TV cases for export to India with Foxconn has come into stable operation and brought economic efficiency. 

As a result, consolidated revenue in 2022 reached VND 2,383 billion, consolidated profit after tax reached VND 111 billion, completing 101.84% of the revenue plan and 117.8% of the year’s profit plan. Total consolidated revenue in 2022 grew by 14.23% compared to 2021 due to the recovery of the supporting industry field and the promotion of exporting plastic products of An Trung Industries Co., Ltd. Gross profit margin in 2022 reached 17.32%, equivalent to gross profit margin in 2021. Consolidated net profit from business activities in 2022 reached VND 146.12 billion, up 52.68% over the same period in the year 2021. 

Mr. Pham Do Huy Cuong is appointed as the new Chairman of Hanoi Plastics JSC

Another issue was approved at the Annual General Shareholders’ Meeting was the resignation of Mr. Bui Minh Hai as the Chairman of Hanoi Plastics, and the dismissal of Mr. Kim Ki Min as a member of the Board of Directors. In addition, Mr. Pham Do Huy Cuong is appointed as the new Chairman of Hanoi Plastics, while Ms. Hoa Thi Thu Ha, Mr. Bui Thanh Nam, and Mr. Cho Yoon are appointed as Members of the Board of Directors. 

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