On May 16, Hanoi Plastics (ticker symbol: NHH) successfully held the Annual General Shareholders’ Meeting 2024. Accordingly, the General Shareholders’ Meeting approved the 2024 business plan, with revenue of VND 2,200 billion, profit after tax 138 billion VND and expected dividend payout ratio of 5%.
In the past year, the global economy in general and Vietnam’s economy in particular continued to face many difficulties and challenges. This has a significant impact on many businesses, including Hanoi Plastics. Faced with the volatile situation, Hanoi Plastics has issued flexible solutions and well controlled costs to maintain stable production and business activities.
In 2023, Hanoi Plastics recorded revenue and profit after tax reaching VND 2,039 billion and VND 96.2 billion, respectively. This result is slightly down compared to 2022, mainly due to economic recession, high inflation and fierce competition. Therefore, Hanoi Plastics must reduce product prices to suit the market; restructure customer lists and maanage inventory.
After listening to the 2023 business results report, the Annual General Shareholders’ Meeting voted to approve the operational plan and direction for 2024.
Accordingly, in the coming time, Hanoi Plastics prioritizes researching and developing new products, attracting new customers, expanding export markets to develop production and business activities at its subsidiaries, especially in the field of molds.
In particular, Hanoi Plastics will continue to promote its strengths in making molds and producing industrial products, especially in the fields of cars, motorbikes, and industrial containers. In addition, the Company also focuses on expanding the list of Japanese customers and FDI enterprises, while maintaining and exploiting more current customers in the fields of auto parts, motorbikes, and electrical components – electronics such as Toyota VN, Honda VN, Vinfast, Panasonic, LG, Piaggio, Samsung, Brother, Foxcom…
Furthermore, in the context of the industrial revolution 4.0, Hanoi Plastics will promote digital transformation and develop smart production, in order to optimize production, bring the highest quality products to consumers, as well as meet the strict requirements of major partners.
Regarding governance, Hanoi Plastics will continue to strengthen and improve the quality of governance, complete management measures to enhance the responsibility of individuals and management units; review all activities to reduce costs of materials and labor to achieve the best economic efficiency.
In addition, the Annual General Shareholders’ Meeting also approved the dismissal of Mr. Bui Thanh Nam as a member of the Board of Directors, and the appointment of Mr. Ngo Van Thu as a member of the Board of Directors.
Previously, Hanoi Plastics announced its business results report for the first quarter of 2024. Accordingly, the Company recorded a profit after tax of 41 billion VND and consolidated revenue reached 445 billion VND. Thus, the company completed 20% of the revenue plan and 29% of the profit plan.
