PETROSETCO successfully held the Annual General Meeting of Shareholders in 2022

28/06/2022 02:21:12 PM
Attending the meeting were Mr. Pham Xuan Canh - Member of the Board of Members of Vietnam Oil and Gas Group (Petrovietnam); Ms. Bui Thi Nguyet - Head of the Group's Internal Supervisory Board; PwC Auditing Company, and representatives of shareholders and investors. Mr. Phung Tuan Ha - Chairman of the Board of Directors (BOD) of PETROSETCO and Mr. Vu Tien Duong - Member of the BOD, CEO of PETROSETCO chaired the meeting.

According to the reports of the BOD and BOM presented to the general meeting, in the overall picture of the gloomy economy from the severe impact of the Covid 19 pandemic with the domestic growth falling to the deepest over the past 20 years, PETROSETCO's production and business activities have shown many outstanding highlights. Specifically, the consolidated revenue achieved 17,598 billion VND - the highest in the past 10 years - 17% higher than the 2021 plan and a growth of 31 % over the same period; pre-tax profit reached 415.3 billion VND, exceeding 66% of the 2021 plan and growing by 201% compared to the same period in 2020. These impressive numbers show that in 2021 PETROSETCO's BOD has well performed the orientation, direction and supervision of the BOM to propose management and administration solutions, responding to market fluctuations as well as epidemic development.

The above success has been achieved thanks to the great contribution of the segment of phone and electronic device distribution as the demand for online learning and working increased in the context of the Covid epidemic in the past year. Distribution segment contributed 88% of net revenue and 61% of PBT of PETROSETCO in 2021. Besides, Catering and Real estate management services revenue reached 912 billion VND (completed 99% of the whole year plan) and 510 billion VND (completed 100% of the plan) respectively. PBT of the two service segments reached 39.4 billion VND (89% of the plan) and 79.8 billion VND (154% of the plan of the year).

PETROSETCO's revenue from supply services reached 618 billion VND, and PBT reached nearly 10 billion VND. The reason for the increase in net revenue and decrease in pre-tax profit compared to 2020 is that businesses are moving towards an organic growth strategy to expand market share in new regions. Simultaneously, although the logistics industry is very large and has been developing strongly in recent years, it has to face the typical competitive environment (the market has many companies and barriers to entry). Profits are pushed down by high capital costs (increasing prices for fuel and labor).
For the orientation of business operation in 2022, PETROSETCO’s Chairman Phung Tuan Ha said that with determination in finding and developing new brands/products to expand and enrich the service product ecosystem, PETROSETCO will continue to affirm the bravery of the leading distributor in Vietnam market. Specifically, PETROSETCO will continue to strengthen, upgrade and improve products and services to meet the increasing requirements of customers in terms of quantity and quality; expanding production and business activities to the market outside the oil and gas industry for all business segments and implementing new projects. PETROSETCO will also drastically deploy e-commerce channels, build a B2C online sales system including all products and services to individual/business customers.
Basing on the forecasts of opportunities and challenges in 2022 and business strategies of its member units, PETROSETCO Corporation sets a plan in 2022 with the goal of maintaining market shares and results achieved in 2021, simultaneously expanding into new potential business areas, contributing to building an increasingly complete multi-disciplinary service ecosystem, with a revenue of 20,000 billion VND, profit after tax of 336 billion VND, an increase of 14% and 8% respectively compared to 2021. In the first quarter of 2022, PETROSETCO recorded a profit after tax of nearly 89 billion VND, more than 26% of the year's profit plan.
At the annual general meeting, PETROSETCO presented shareholders with a dividend plan for 2021 in shares at the rate of 10% which means shareholders owning 100 shares will receive 10 new shares. The implementation time is in 2022 when the dividend is expected to continue to be 10%.

Another striking content at the meeting was the plan to offer shares to existing shareholders at a ratio of 2:1, correspondingly, shareholders owning 2 shares are entitled to buy 1 more share at the price of 15,000 VND. Thus, if the issuance is successful, PETROSETCO will offer 44.92 million shares to raise 673.78 billion VND for the purpose of supplementing business capital, which is expected to be implemented in 2022-2023.

After issuing shares to pay dividends and offering shares, the charter capital of PETROSETCO will increase from 904.5 billion VND to 1,443.5 billion VND.

In addition, PETROSETCO also submitted to shareholders to dismiss Ms. Le Thi Chien and Ms. Vu Viet Anh from the position of BOD members and at the same time elect 2 additional members for the term 2022-2027. Mr. Nguyen Quy Thinh, born in 1984, with a bachelor's degree in Economics, was nominated to be a member of the Board of Directors; and Mr. Trinh Thanh Can, born in 1978, with a bachelor's degree in Business Administration, was nominated to be an independent member of the Board of Directors.
At the meeting, many shareholders raised questions about PETROSETCO’s business situation in June and prospects for the second half of the year, inventory situation, provisions, its plans to expand more new household brands. These questions had been answered and explained satisfactorily by PETROSETCO's BOD and BOM. Another notable piece of information paid much attention by shareholders is that in 2021 PETROSETCO completed the formalities of cooperation termination with S.S.G partner in implementing the Cape Pearl Thanh Da project. According to the leaders of PETROSETCO, currently the corporation is developing an independently implementation method or will look for other partners to speed up the project. At the end of the meeting, all reports were approved by shareholders with the high level of consensus. /.