C47 Sets Ambitious 2023 Business and Profit Targets

The C47 business plan for 2023 outlines ambitious goals, targeting substantial growth in revenue and after-tax profit, as presented during the Annual General Meeting (AGM) of Shareholders. Construction Joint Stock Company 47 (HOSE: C47), an associated company of Vu Phong Energy Group, conveyed its strategic direction for the upcoming year, focusing on strengthening its market position and delivering enhanced value to its shareholders. This comprehensive plan, including the C47 revenue 2023 and C47 AGM 2023 outcomes, provides critical insights for all stakeholders regarding the company’s financial performance targets and future trajectory.

C47’s Annual General Meeting of Shareholders in 2023

The 2023 Annual General Meeting of Shareholders for Construction Joint Stock Company 47 (C47) was successfully convened on April 23, 2023. The meeting took place at the 11th floor Conference Hall, C47 Building – Hai Au Bien Cuong Hotel, located at No. 8 Bien Cuong, Quy Nhon City, Binh Dinh Province. A total of 36 shareholder representatives and authorized proxies were in attendance, collectively representing 14,503,734 voting shares, which accounts for 52.68% of the total voting shares.

During the General Meeting of Shareholders, attendees received the Board of Directors’ (BOD) activity report for 2022, the Audit Committee’s operating plan for 2022, and various proposals from the BOD for the AGM’s consideration. The financial report presented a detailed overview of the company’s performance.

In 2022, C47 faced significant operational cash flow challenges due to a difficult economic climate, tightened credit and financial conditions within the banking sector, and delays in project distribution by investors. Despite these hurdles, the BOD demonstrated strong expertise and made considerable efforts to closely monitor the actual situation and production and business conditions. They flexibly and promptly adjusted the company’s production activities at each stage, ensuring the timely progress of construction projects. This included key projects designated for handover and crucial flood prevention plans, such as the Dong Mit Water Reservoir and the Phu Phong Weir Dam in Binh Dinh province.

C47’s Business Plan and Future Prospects

Beginning in 2023, the BOD directed the Executive Committee to prioritize resources for accelerating ongoing construction projects. This strategic focus involved researching innovative construction methods and implementing cost-saving measures across major initiatives, including the Hoa Phat Dung Quat Steel Integrated Complex 2 Project in Quang Ngai province, Phu Phong Weir Dam, Cat Tien – Diem Van, Becamex Binh Dinh, Tan An – Dap Da Irrigation System in Binh Dinh province, Hoa Binh Expanded Hydropower Plant in Hoa Binh province, and Nam Phak Hydropower Plant in Lao PDR. Concurrently, C47 continued its efforts in bidding for new projects, particularly maximizing potential in the tourism, hotel, and restaurant sectors, exemplified by its 4-star Seagull hotel and 3-star Hai Au Bien Cuong hotel, to boost C47 revenue 2023 and after-tax profit, thereby balancing shareholder and company interests.

Mr. Pham Nam Phong, Chairman of C47’s Board of Directors and Chairman of the Vu Phong Energy Group’s Board of Directors, speaks at the General Meeting.

The C47 leadership presented to the Shareholders’ General Meeting the detailed C47 business plan for 2023. The plan sets a total revenue target of 1,000 billion VND and an after-tax profit of 25 billion VND. Furthermore, a minimum dividend payout ratio of 5% was proposed, payable in either cash or shares, reflecting strong C47 financial performance targets and commitment to shareholder returns.

Additionally, the C47 leadership provided other crucial updates to the shareholders’ assembly. These included the audited financial report for 2022, the selection of an audit firm for the biennial financial report review and the financial report audit for 2023, and the plan for remuneration paid to the Board of Directors in 2022 and 2023. A proposal to issue shares to pay dividends for 2022 at a ratio of 10%, along with amendments to the internal regulations on company management and the Board of Directors’ operation regulations, were also presented. All these proposals were unanimously approved by shareholders, achieving an impressive approval ratio of 99.98%.

Mr. Nguyen Quang Tri, CEO of Vu Phong Energy Group, participates in voting on the proposals presented by the Board of Directors at the Annual General Meeting of Shareholders.

Shareholders expressed their profound appreciation for C47’s dedication and sustainable development efforts highlighted at this year’s Annual General Meeting of Shareholders. They also reiterated their continued support and confidence in empowering the Board of Management and Executive Board to effectively manage and operate C47, thus contributing to its continued growth and delivering practical benefits to both employees and shareholders.

Vu Phong Energy Group JSC

Read a Vietnamese article on C47’s 2023 financial targets

Read more:

• C47 Successfully Held the 2022 General Shareholders Meeting
• C47 Prioritizes Hydroelectric and Irrigation Projects in Vietnam and Laos
• C47 Signed a Contract for the Construction and Experimentation of a Hydropower Project in Laos