The Board of Directors of Construction Joint Stock Company 47 (HOSE: C47), an associated company of Vu Phong Energy Group, presented the business plan for 2023 to the General Meeting of Shareholders at the Annual General Meeting (AGM) of Shareholders in 2023, with total revenue of 1,000 billion VND, after-tax profit of 25 billion VND, and a minimum dividend payout ratio of 5%, payable in cash or shares. Under this plan, C47 targets a 25.8% increase in revenue and a 59.7% increase in after-tax profit compared to 2022.
C47’s Annual General Meeting of Shareholders in 2023
On April 23, 2023, the 2023 AGM of Shareholders was held in the 11th floor Conference Hall, C47 Building – Hai Au Bien Cuong Hotel, at No. 8 Bien Cuong, Quy Nhon City, Binh Dinh Province. 36 shareholders’ representatives and authorized representatives attended the meeting, representing 14,503,734 voting shares, or 52.68% of the total voting shares.
The general assembly listened to the Board of Directors’ (BOD) activity report for 2022, the Audit Committee’s operating plan for 2022, and the BOD’s proposals to the AGM of Shareholders.
In 2022, the company’s operational cash flow was impacted by the difficult economic situation, tightened credit and financial conditions in the banking industry, and delayed distribution by investors for certain projects. Despite these challenges, the BOD made significant efforts to closely monitor the actual situation as well as the production and business conditions, as well as to flexibly and timely adjust the company’s production activities at each stage to ensure the progress of construction projects, particularly key projects for handover, and flood prevention plans, such as the Dong Mit Water Reservoir, the Phu Phong Weir Dam(Binh Dinh province)…
C47’s Business Plan and Future Prospects
From the beginning of 2023, the BOD directed the Executive Committee to focus resources on accelerating the progress of ongoing construction projects by researching innovative construction methods and cost-saving measures, such as the Hoa Phat Dung Quat Steel Integrated Complex 2 Project (Quang Ngai province), Phu Phong Weir Dam, Cat Tien – Diem Van, Becamex Binh Dinh, Tan An – Dap Da Irrigation System (Binh Dinh province), Hoa Binh Expanded Hydropower Plant (Hoa Binh province), Nam Phak Hydropower Plant (Lao PDR),.. and continued bidding for new projects, particularly maximizing the potential in the tourism, hotel, and restaurant sector (Seagull 4-star hotel, Hai Au Bien Cuong 3-star hotel) to increase revenue and profits, ensuring the balance of interests between shareholders and the Company in 2023.
Mr. Phong, Pham Nam, Chairman of the of C47’s BOD and Chairman of the Vu Phong Energy Group’s BOD, speeched at the General Meeting.
The C47 leadership presented to the Shareholders’s General Meeting the business plan for 2023, with a total revenue goal of 1,000 billion VND, after-tax profit of 25 billion VND, and a minimum dividend payout ratio of 5%, payable in cash or shares.
In addition, the C47 leadership also presented other important contents to the shareholders’ assembly, such as the audited financial report for 2022; the selection of the audit firm to conduct the biennial financial report review and the financial report audit for 2023; the plan for remuneration paid for the Board of Directors in 2022 and 2023; plan to issue shares to pay dividends for 2022 at a ratio of 10%; amendment of the internal regulations on company management, Board of Directors’ operation regulations, and unanimously agreed upon by all shareholders with a ratio of 99.98%.
Mr. Tri, Nguyen Quang, CEO of Vu Phong Energy Group, participated in voting on the proposals presented by the Board of Directors at the Annual General Meeting of Shareholders
Shareholders expressed their appreciation for C47’s efforts and sustainable development at this year’s Annual General Meeting of Shareholders, while also expressing their desire to continue to support and empower the Board of Management and Executive Board in managing and operating C47, contributing to the development and bringing practical benefits to employees and shareholders.
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Construction Joint Stock Company 47 (C47) – an associated company of Vu Phong Energy Group – is a leading enterprise in the construction industry of irrigation, hydropower, civil and industrial works in Vietnam. For many years, C47 has been among the Top 500 largest private enterprises in Vietnam (VNR500). After nearly 50 years of establishment and development, C47 has gradually mastered the construction technology of irrigation, hydropower, civil and industrial works throughout the country, was also the first to implement new technologies such as roller compacted concrete (RCC), tunneling technology using TBM Tunneling Robot (more than 15km has been implemented), and so on, with many key projects worth trillion dong, which were highly valued by investors and agencies. Furthermore, the company also expands its lines of business into other industries such as restaurants, hotels, travel, tourism; overhaul of construction motorcycles, production of mechanical engineering products, production of fresh concrete and precast concrete components; training and labor export; electricity production; testing the mechanical strength of structural concrete, exploiting and transporting construction materials. |
Vu Phong Energy Group JSC
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