CADIVI successfully held the Annual General Meeting of Shareholders in 2022

On the morning of April 8, 2022, Vietnam Electric Cable Joint Stock Company (CADIVI) successfully held the 2022 Annual General Meeting of Shareholders virtually. The General Meeting approved the report summarizing the activities in 2021, the business plan in 2022, elected the Board of Directors for the term 2022-2027 and other important contents with the high consensus of the shareholder.

2021 was a year full of difficulties and challenges due to the impact of the Covid-19 epidemic on the Vietnamese economy. For production and business enterprises, the obstacles were even greater due to the disruption of the supply chain, the increase in raw material prices and the shortage of resources because of the pandemic. Despite this, Cadivi’s efforts over the past year still showed an encouraging result. At the meeting, the report on production and business results in 2021 showed that the company’s consolidated revenue reached VND 10,479 billion, up by 6% with the plan. However, with many uncertain factors affecting costs in the year, along with customer support policies to maintain market share, profit margin and profit before tax of CADIVI decreased slightly. Specifically, consolidated profit before tax of the Company reached VND 423 billion , completed 87% of the plan. The company still was maintaining the dividend payout ratio in 2021 at 50% – a high rate compared to the market.

In particular, in 2021, CADIVI was confirmed to be the “number 1 market share in Vietnam”, a brand is trusted with a nationwide distribution agent system (according to the market survey results of the Association of High Quality Vietnamese Goods). Also in the year, CADIVI introduced to the market new products with high technology content such as: Solar cable ACCC® superheater aluminum composite core cables of CTC Global-USA Company, etc. On the other hand, the company also successfully researched and developed the spread fireproof feature for all electric cable product lines, proud to be a supplier of wire and cable products for a series of large projects such as: Metro Ben Thanh – Suoi Tien Project, solar energy projects (Solarfarm Nhon Hai – Ninh Thuan Solar Power Plant project, Dong Hai 1 – Tra Vinh wind power project, etc), Lao National Assembly House, Xekaman Hydropower Plant (Laos), etc.

In order to meet the growing demand for the domestic power cable market, as well as the trend of undergrounding the national power grid, from 2019, CADIVI invested in building and upgrading factory systems and central distribution warehouses in all three North, Central and South regions. In 2021, CADIVI continued to invest in a new CCV Line and other machinery and equipment with a total investment of about VND 118 billion. It was known that the CADIVI Tower project also basically completed with a total investment cost of more than VND 200 billion, expected to be put into use in the second quarter of 2022.

With a vision to 2030 to become one of the leading electrical cable manufacturers in the region, CADIVI set a goal of stable growth over the years in terms of revenue, profit and market share structure. In 2022, the General Meeting approved the plan of consolidated revenue of VND 12,079 billion, consolidated profit before tax of VND 526 billion and dividend payout ratio of 50%.

CADIVI’s 2022 Annual General Meeting also elected the Board of Directors of the Company for the term 2022-2027, including: Mr. Nguyen Van Tuan, Mr. Le Quang Dinh, Mr. Dang Phan Tuong, Mr. Do Duy Hung, Mr. Phan Ngoc Hieu. The Board of Directors of CADIVI also agreed to elect Mr. Nguyen Van Tuan to continue to hold the position of Chairman of the Board of Directors at the first meeting after the General Meeting.
The Board of Directors believed, with the core value ” Good product quality; maximum satisfaction of customers’ needs; social responsibility to the community; solidarity, initiative, creativity; professionalism and high sense of responsibility; ensure the best material and spiritual life for employees; ensure the interests of shareholders on the basis of sustainable company development”. CADIVI would continue to “reach out” in the future. Speaking at the meeting, on behalf of the Board of Directors and Executive Board of the Company, Mr. Nguyen Van Tuan thanked for the companionship of shareholders and investors in recent years; highly appreciated the efforts, responsibility, commitment and creativity of the staff at all Offices, Factories and Branches in the system, so that goods production and supply activities to customers are continuously guaranteed.