On May 27, An Phat Bioplastics JSC (Ticker symbol: AAA) successfully held the Annual General Shareholders’ Meeting 2024. Accordingly, the General Shareholders’ Meeting approved the 2024 business plan with target revenue of VND 12,000 billion, profit after tax of VND 377 billion, along with other critical issues.
In the past year, the global economy and Vietnam’s economy continued to face many challenges and fluctuations. This significantly affected many businesses, including AAA. However, thanks to the flexible decisions of the Board of Directors (BoD) and Board of Management (BoM), the company overcame the difficult period, improved the output of production, increased profits, and expanded business activities in core areas, affirming its position as the No. 1 enterprise in the field of manufacturing and exporting high quality thin monolayer film in Vietnam.
Accordingly, in 2023, AAA recorded consolidated revenue of VND 12,622 billion, completing 101% of the plan and decreasing by 17% compared to 2022. Profit after tax reached 309 billion VND, an increase of 164% compared to 2022 and reaching 62% of the plan.
At the meeting, BoD also informed about the new projects. Accordingly, by the end of 2023, AAA has implemented projects. Accordingly, the An Vinh industrial packaging factory expansion project and Factory 8 project will officially come into operation in 2025. They are expected to bring in more than VND 1,300 billion in annual revenue when operating at maximum capacity. As for the real estate segment, An Phat 1 Industrial Park has officially come into operation in 2023, up to now the occupancy rate has reached 85%. Along with An Phat High-Tech Industrial Park, An Phat 1 Industrial Park is currently a destination for domestic and foreign investors, attracting investment to Hai Duong.
Regarding the business plan for 2024, the meeting approved target revenue of VND 12,000 billion, profit of VND 377 billion. In the coming time, AAA will continue to affirm its position as a leading enterprise in Vietnam’s plastic packaging industry, while expanding its business in other core areas such as industrial park real estate and raw materials for platic industry and logistics.
At the meeting, BoD also directly answered shareholders’ questions related to the company’s production and business situation, as well as projects and plans in the near future.
Answering shareholders’ questions about AAA not paying dividends in 2023, BoD said that the company retains profits to invest and develop new projects. According to Mr. Nguyen Le Trung – General Director of AAA, AAA plans to double the company’s production revenue from now until 2030. Therefore, in order not to have to increase capital from shareholders, the company needs to retain profits to expand production scale in the coming years.
AAA’s growth motivation in 2024 comes from: (1) growth in the core business of manufacturing high quality thin monolayer film and additive masterbatches; (2) promote handover to customers of An Phat 1 Industrial Park; (3) improve the efficiency of plastic resin trade; (4) optimize operating costs and corporate governance.
To achieve the plan, in 2024, AAA will drastically implement solutions and business strategies. Promote research and development to diversify product line; Encourage the implementation of new initiatives to increase labor productivity and improve product quality. Corporate governance in a streamlined and effective manner, while improving the quality of human resources.
In addition to the above issues, the meeting also approved the addition and amendment of business lines and amendments and supplements to the company charter, and voted in favor of Mr. Nguyen Le Thang Long and Ms. Nguyen Thi Tien being appointed re-elected to the Board of Directors after the end of their terms.
