On April 26, at the company's headquarters (Ca Mau City), PetroVietnam Ca Mau Fertilizer Joint Stock Company (PVCFC, Ticker symbol: DCM) successfully held the 2022 Annual General Meeting of Shareholders both in person and online.
On the side of major shareholders – On behalf of Vietnam Oil and Gas Group (PetroVietnam), Mr. Bui Minh Tien, Member of the Member’s Council of PetroVietnam, attended online from Hanoi.
On PVCFC's side, there were Mr. Tran Ngoc Nguyen, Chairman of the Board of Directors; Mr. Van Tien Thanh, Member of the Board of Directors - General Director, together with the members of the Board of Directors, Supervisory Board and Executive Board, leaders of specialized departments under the Company. There were also shareholders and individuals, authorized to represent 78.2% of voting shares. On behalf of Deloitte Vietnam Co., Ltd – the unit auditing PVCFC’s annual financial statements attended the meeting.
At the meeting, the Board of Directors, Supervisory Board and Executive Board of PVCFC presented the following reports/statements: Report on production and business situation in 2021 and business plan in 2022; Report on annual activities of the Board of Directors in 2021 and operation orientation in 2022; Report on activities in 2021, operation plan in 2022 and proposal to select an audit unit for financial statements in 2022; Audited 2021 financial statements and 2021 profit distribution plan, appropriation of funds, dividend payment in 2021, profit distribution plan in 2022; Report on salary, bonus, remuneration and other benefits in 2021 of the Board of Management, Executive Board and plan in 2022 of the Board of Directors, Supervisory Board; The Company’s line of business supplement; Submission of amendments and supplements to the company’s charter, internal regulation on corporate governance and operational regulation of the Company’s Board of Directors in accordance with the provisions of the newly promulgated law.
Regarding production and business results in 2021, in the context of many difficulties and challenges due to the impact of the pandemic, high input gas prices, etc. PVCFC has implemented synchronously the right solutions to cope with and overcome difficulties, and at the same time make good use of advantages to break through successfully. As a result, Ca Mau Fertilizer Plant operated with a capacity of 110% in 2021; for the first time, PVCFC ensured the completion of overall maintenance meeting the quality and progress requirements without mobilizing any foreign experts; DCM’s production output, consumption volume, total revenue and profit in 2021 all achieved high results, far exceeding the year plan. Especially in that, revenue and profit are the highest in the past 10 years of PVCFC’s operation.
In addition, 2021 was also the first year PVCFC was listed by Forbes in the list of top 50 companies with development potential in Vietnam; for the first time, the stock reached VND 41,200; the market capitalization reached $ 1 billion; This was also the first time, PVCFC produced and launched an organic fertilizer product with the brand name “OM Ca Mau”; ...
PVCFC's General Meeting of Shareholders has approved the payment of an 18 percent cash dividend for 2021, equivalent to 1,800 VND/share, based on the above positive business outcomes.
For 2022, the Board of Management anticipates that the Company will continue to face intertwined challenges and opportunities. However, with the efforts of all employees, PVCFC will strive to reach over VND 9,060 billion of total revenue and exceed by VND 542.1 billion of pre-tax profit compared to the plan at the beginning of the year. In which, PVCFC aims to produce 860,100 tons of Urea equivalent and 80,000 tons of NPK. In terms of business output, Urea equivalent is expected to reach 770,200 tons, fertilizer products from Urea will reach 80,000 tons and NPK will reach 80,000 tons.
After reviewing the reports/statements, at the discussion, the Chairmen of the meeting answered many questions of the shareholders related to the contents of business activities, directions and development strategies of the Company in the upcoming period.
The General Meeting of Shareholders also considered and voted in the form of electronic voting through reports/statements with a high consensus rate.
At the meeting, on behalf of the Group’s leaders, Mr. Bui Minh Tien congratulated, recognized and praised the outstanding achievements that PVCFC has achieved in the year 2021. These results exceeded shareholders’ expectations, he affirmed, highlighting the 10-year anniversary of the Company’s establishment which is also an essential premise for the next development phase of PVCFC.
Regarding the tasks and plans in 2022 and beyond, Member of the Member’s Council of PetroVietnam Bui Minh Tien particularly asked the Board of Management of the Company to pay attention to the following issues: further focusing on safe and stable operation of the Factory at high power; developing a distribution system on a product set through a digital distribution system DMS; properly implementing research and development, launching new products to meet the increasing and diversified consumer demand;..
Mr. Bui Minh Tien pledged that as a major shareholder, the Group will continue to accompany and support the Company in all aspects, particularly in the steady supply of input gas sources to keep the factory running smoothly.
He expressed his belief that the Board of Management of the Company will continue to have effective solutions to make good use of the existing prospects in order to achieve even greater milestones in 2022 and the future.
At the meeting, PVCFC General Director Van Tien Thanh spoke and shared 5 strategies that are being implemented step by step by the Board of Management. Despite the market's unpredictability, he claims that the board of management has developed a number of response scenarios for the near future. As a result, shareholders and investors have the right to hope for a stable, sustainable DCM that adds value to society, community, and, most importantly, end customers in the near future. PVCFC will also become a leading firm in fertilizer manufacture and sale in Vietnam and Southeast Asia by 2025.