On April 27, 2023, Nafoods Group Joint Stock Company successfully held the 2023 Annual General Shareholders’ Meeting. This is the congress that opens the strategic orientation for the 2023-2027 period.
To create momentum for the next 5-year plan, Nafoods aims to become a pioneer corporation in developing a digital, green, and sustainable agricultural chain; the TOP 1 Manufacturer of processed fruit; supplier of passion fruit varieties in terms of yield and quality; and the enterprise operates in the agriculture sector with advanced corporate governance; especially, achieved 9,000 billion VND in revenue and 450 billion VND in net profit.
2022 is the last year of the 2018-2022 period. After 27 years of establishment and development, Nafoods has been present in more than 70 countries across five continents around the world, affirming its brand and quality for many years. Nafoods is also honored to be in the TOP 3 Exporters of processed fruit products in Vietnam, the TOP 100 Vietnamese Gold Star enterprises, the TOP 3 Favored Listed companies by investors, recognized as Vietnam Agricultural Gold Brand, and many honorable awards by the Party and State.
2022 is a challenging year for businesses, and Nafoods is no exception. Through many efforts, the Company achieved revenue of 1,766 billion VND, up 9.4% over the same period, and gross profit reached 375.9 billion VND, up 29.0%. After deducting the remaining expenses, pre-tax profit reached 92.9 billion VND, up 2.8% over the previous year.
In the context of a volatile business environment, causing great difficulties for businesses to achieve the same results as in 2022, Nafoods has promoted its ability to improvise and manage risks well. In particular, the Board of Management has been flexible with business strategies to make the most of development opportunities in the market, while promoting key areas, improving the apparatus, and improving the efficiency of cost management. This is a solid foundation for Nafoods to prepare for the 2023-2027 period.
Receiving high consensus from shareholders, the 2023 Annual General Meeting of Shareholders successfully took place and approved unanimously the 2023 business plan with important contents such as setting a target of 2,125 billion VND net revenue, up 20.3%, profit after tax is 106 billion VND, up 33% compared to 2022, regain the No. 1 position in export market share of passion fruit juice products, increase market share and keep the No. 1 position in the export market share of dragon fruit and mango; Improve product quality and supply chain of the dried fruit and nut segment to improve profit margin and promote the export of these products to Europe and the US; Grow the seedling distribution system to 40 agents; Applying technology to manage growing areas with a scale of up to 3,500 hectares and work with more than 50 cooperatives, 1,700 farmers and a system of 6 modern factories; Prioritizing digitization, both in business activities as well as on-farm production such as planting, harvesting, etc. Nafoods has become more stable with the products exported to 70 countries worldwide.
Regarding the profit distribution plan, Nafoods’ Annual General Shareholders’ Meeting approved the plan to pay a 10% stock dividend in 2022 and a maximum of 15% dividend in 2023. A representative from the management team said that it is expected that from 2025, when the Company’s production and business results achieve the strategic-oriented goals, the Company will pay a part of the cash dividend to the Company’s shareholders.
Regarding the capital increase plan, the 2023 Annual General Shareholders’ Meeting also approved the cancellation of the offer to existing shareholders and the Employee Stock Ownership Plan (ESOP) previously approved by the 2022 Annual General Meeting of Shareholders. Due to the unfavorable stock market last year, and the share price falling below the expected issue price, the Board of Directors decided not to implement this plan to ensure the benefits for shareholders. At the same time, to supplement medium and long-term capital for investment, production, and business activities in the upcoming time, the Board of Directors submitted and approved the plan to offer up to 30 million individual shares at the 2023 Annual General Shareholders’ Meeting for strategic investors and professional securities investors.