Vietnam Electric Cable Joint Stock Company (CADIVI) convened its 2024 Annual General Meeting of Shareholders (AGM) in the afternoon on May 3, which approved the 2024 production and business plan as well as other significant issues.

Be flexible and efficient with cost management in 2023.

At the Meeting of reporting the 2023 production and business performance, CADIVI leaders announced that the Company’s consolidated revenue reached 10,084 billion VND, completing 83% of the plan; consolidated pre-tax profit reached 529 billion VND, completing 118% of the plan. This result has had a significant impact on the overall performance of the parent company, GELEX Electric in particular, and the GELEX Group System in general.

Although the Company has not yet met its revenue targets, the bright spot in the overall picture for 2023 is pre-tax profit growth that exceeds the goal by 18% and is up 10% from 2022. This is a favorable sign, indicating that CADIVI has efficiently managed expenses and is able to maximize profits even when revenue does not meet expectations.

This profit rise also demonstrates the company’s ability to be adaptable and responsive to market variations and challenges.

CADIVI maintained its No. 1 market share position in Vietnam last year as manufacturing quality and efficiency improved (according to the Vietnam High Quality Goods Business Association’s survey).

The 2024 pre-tax profit goal of VND 460 billion

According to the CADIVI’s Board of Directors, geopolitical tensions and the lack of recovery in global commerce are projected to pose significant challenges to the global macro-economy in 2024. Vietnam’s economy, which is very open, will likewise encounter numerous challenges in 2024. Within that framework, the company aims to generate consolidated revenue of 11,068 billion VND and consolidated pre-tax profit of 460 billion VND. This plan has been approved by the 2024 General Meeting of Shareholders with high consensus.

CADIVI introduces numerous new products that boast exceptional, safely, and environmental friendly functionality.

To achieve the goal, CADIVI will combine numerous critical strategies, such as: Encourage marketing, production, and supply, Enhance product research and development; Work on product quality; etc.

The Board of Directors also established significant guidelines for 2024, focusing on upholding the Southern market, expanding the Central market—particularly the Northern market—by bolstering capacity, and carrying on with the system agency’s development.

By focusing on R&D and embracing the green living trend, CADIVI has introduced several ground-breaking new products with exceptional, safely, and environmental friendly features, such as civil and industrial electric wires and cables with new fireproof, lead-free, and non-toxic fume technology, etc.

Through deregistration of public company status

Among the contents of this Meeting, it is highlighted that the approval to deregister public company status, based on the Company’s operating position and in accordance with the orientation of focusing primarily on production and business activities.

Currently, CADIVI has about 57 million CAV shares outstanding, with GELEX Electricity Joint Stock Company (GELEX Electric) holding 96.27% of the shares. With GELEX Electric making long-term investments and holding the majority of shares, CAV shares do not have high liquidity.

As a result, once the State Securities Commission of Vietnam notified the deregistration of CADIVI’s public company status, the Ho Chi Minh City Stock Exchange (HoSE) will cancel its registration to list CAV shares. CADIVI commits to protecting shareholders’ interests after following the prescribed processes.

The Meeting also approved the resignation of three members of the Board of Directors, including Mr. Nguyen Van Tuan, who will step down as chairman of the CADIVI Board of Directors; changed the number of Board of Directors members from five to three; and approved additional election of Mr. Le Ba Tho as a member of the Board of Directors for the remainder of the 2022–2027 term.

All of the reports and statements were approved at the conclusion of the Meeting.

CADIVI has a new Chairman of the Board of Directors. As of May 3, 2024, Mr. Le Ba Tho will take over as Chairman of the Board of Directors of Vietnam Electric Cable Joint Stock Company (CADIVI), according recently disclosed information. Mr. Le Ba Tho, born in 1981, has a Bachelor’s degree in Accounting and Auditing and a Master’s degree in Business Administration. He has approximately 20 years of experience in finance and business administration, having held numerous key managerial roles at various companies. At present, Mr. Tho holds the position of Vice Chairman on the Board of Directors of GELEX Group, which is the parent company of Gelex Electric Company and has over 96% of the shares of CADIVI. Mr. Tho is the current Chairman of the Board of Directors of GELEX Infrastructure Joint Stock Company and a member of the Board of Directors of Viglacera Corporation – Joint Stock Company.