An Phat Bioplastics Annual General Shareholders’ Meeting 2023: Approving target profit of VND 500 billion (~$21 million)

On May 15, An Phat Bioplastics JSC (Ticker symbol: AAA) successfully held the Annual General Shareholders’ Meeting in 2023. Accordingly, the General Meeting of Shareholders approved target consolidated revenue for 2023 of 12,500 billion VND (~$531 million), and consolidated profit after tax of VND 500 billion (~$21 million), expected dividend payout ratio rate of 15%, along with other critical issues. 

Regarding business results in 2022, AAA achieved consolidated revenue of VND 15,290 billion (~$650 million), which increased by 16.3% compared to 2021, mainly due to the increase in plastic resin prices in the first half of 2022. Gross profit in 2022 reached 1,086 billion (~$46 million). 

Although the global economy was greatly affected by many factors such as rampant inflation and fluctuation in plastic resin price, causing difficulties for enterprises, including An Phat Bioplastics, thanks to the timely decisions of the Board of Directors, the core business segments including: production of packaging, plastic additives, industrial real estate, services remained stable. Accordingly, the gross profit of the manufacturing segment reached VND 915 billion (~$38.9 million), up 15% compared to 2021, the industrial real estate segment reached VND 118 billion (~$5 million), equivalent to 2021, the service segment reached VND 48 billion (~$2 million), up 44% compared to 2021. The company’s profit after tax reached VND 117 billion (~$4.9 million); net profit attributable to parent company’s shareholders reached VND 153 billion (~$ 6.5 million). 

Regarding the business plan in 2023, the Annual General Shareholders’ Meeting approved target consolidated revenue of VND 12,500 billion (~$531 million), consolidated profit after tax of VND 500 billion (~$21 million). In the coming time, AAA will continue to affirm its position as a leading enterprise in Vietnam’s plastic packaging industry, and at the same time expand its business in other core areas such as industrial real estate, packaging, raw materials for the plastic industry and logistics. In 2023, AAA will focus on risk management of the plastic resin trading business, as well as speeding up handover process of industrial real estate sector that is going to bring in revenue.  

The Annual General Shareholders’ Meeting approved target consolidated revenue of VND 12,500 billion (~$531 million) along other critical issues

To achieve the set goals, the company’s Board of Directors affirmed, AAA will drastically implement solutions and business strategies; optimize the product portfolio, and existing markets, focus on exploiting markets and products with high efficiency, and good profit margins, and at the same time take advantage of opportunities from the global economic recovery and shifting production to Vietnam to boost export markets, in which the United States is the key strategic market. In addition, the company will promote the market expansion of compostable environmentally friendly packaging products, expanding the product portfolio to meet the needs of customers. 

In addition, AAA will continue to invest resources in research and development activities, encourage and implement production improvement initiatives to improve labor productivity and improve product quality. 

In order to materialize the sustainable development goal, An Phat Bioplastics will continue to promote mass communication of AnEco brand and raise awareness about plastic pollution. The company’s marketing and sales will also closely collaborate to spread green consumption habits in the community. 

Regarding human resource management, AAA focuses on training, preparing future leaders, ready for the company’s development plans, and at the same time reviewing, streamlining and improving the quality existing workforce and creating a dynamic, professional working environment, spreading corporate culture with its own identity. 

An Phat Bioplastics successfully held the Annual General Shareholders’ Meeting

In addition to the above issues, the Annual General Shareholders’ Meeting also approved the dividend payout ratio rate for 2023 of 15%, and the dismissal of Mr. Dinh Xuan Cuong as a member of the BOD and the appointment of Ms. Hoa Thi Thu Ha as a new member of the Board of Directors. 

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