CADIVI’s General Meeting of Shareholders approved the target of profit before tax of VND 450 billion in 2023

At the annual shareholders’ meeting held on June 26, 2023, Vietnam Electric Cable Corporation (CADIVI) – a subsidiary of GELEX Group, successfully approved the business plan for 2023 and other important contents.

The 2023 annual shareholders’ meeting of CADIVI was conducted online.

According to the report on the business performance in 2022 by Mr. Le Quang Dinh – a member of BOD, General Director of CADIVI, in the context of high inflation affecting business operations, the consolidated net revenue of CADIVI reached VND 11,334 billion, completing 94% of the 2022 plan, and the consolidated profit before tax reached VND 482 billion, meeting 92% of the plan.

Notably, in 2022, CADIVI implemented many digital policies and successfully operated the SAP S/4HANA enterprise management system, digitizing the entire business operation of the company.

Regarding the financial situation, as of December 31, 2022, CADIVI’s total assets reached VND 4,710 billion. The company proactively settled more than VND 730 billion in short-term loans and more than VND 99 billion in long-term loans, reducing risks and pressure from macroeconomic fluctuations, thereby focusing on internal resources to improve operational efficiency.

In 2021, CADIVI was confirmed to be the “number 1 market share in Vietnam” (2021-2023), a brand is trusted with a nationwide distribution agent system (according to the market survey results of the Association of High Quality Vietnamese Goods). The company also continued to be voted as the Vietnam National Brand for the 8th consecutive time.

Inside CADIVI Factory

In 2023, the BOD of the CADIVI team evaluated the market as still having many unpredictable fluctuations. Therefore, the Company set the target of achieving consolidated revenue of VND 12,079 billion and consolidated profit before tax of VND 450 billion, equivalent to 107% and 93% respectively compared to the performance in 2022.

To achieve this plan, the BOD has provided specific directions and solutions, focusing on business operations, marketing, production, and product research and development.

Regarding the domestic market, CADIVI aims to maintain its position through a transparent sales system, enhancing customer engagement through customer conferences, and focusing on traditional products with high revenue and profit shares. For the export market, the company intends to keep traditional products, increase revenue growth in these markets, and search for new partners and potential markets.

In production, the Company builds close links with manufacturing plants to process orders quickly, operating the production process to provide complete products to customers, and balancing the supply of materials and customer demand to reduce costs and increase production efficiency.

Furthermore, the Company proactively keeps up with technological and material information, updates new technology, improves product functionality, and reduces product costs. Additionally, the Company optimizes product design, proposes research and development improvements, shortens production processes, reduces production costs, and enhances competitiveness.

Moreover, the Company strengthens and maintains the application and improvement of the quality management and product control system, attracts and retains talents with competitive and appropriate policies, builds a team of highly skilled and competent personnel, etc.

At the end of the shareholders’ meeting, the shareholders expressed their trust and appreciation for the stable and sustainable development of CADIVI and expressed their desire for the Board of Directors to be proactive in management and execution to successfully achieve the goals and business plan for 2023 and bring the highest benefits to shareholders and investors.

Finally, the shareholders approved all the contents and agenda.