In the morning of June 30, 2021 in Da Nang, Vietnam Electricity Construction Corporation (VNECO) successfully held the Annual General Meeting of Shareholders (AGM) in 2021. With positive business results, the General Meeting of Shareholders approved most of the production and business plan in 2021 with a revenue of over 3,000 billion dong and approved the plan to issue shares to increase charter capital.
According to the report of the VNECO’s Board of Directors which presented at the Annual General Meeting of Shareholders in 2021, in the general context of 2020, the economy will face more difficulties due to the prolonged heavy impact by Covid-19 pandemic, directly affecting the economy to the progress of construction works in the electricity constructions and other investment business activities. However, VNECO still has achieved positive business results.
(Mr. Tran Quang Can - General Director presides over the AGM in 2021)
Total revenue in 2020 is recorded at 1,230.85 billion VND, profit after tax is 15.82 billion VND.
To cope with opportunities and challenges, the Board of Management has set targets for the 2021 production and business plan in line with market realities and VNECO's development strategy. Accordingly, the target of total revenue in 2021 is expected to reach VND 3,050 billion, equivalent to the rate of 248% compared to 2020, expected profit after tax of VND 83,696 billion, equivalent to the rate of 529% compared to 2020 and already approved by the General Meeting of Shareholders.
In 2021, VNECO will still focus on its core activity of building and installing power projects, and at the same time developing as the owner and general contractor of wind power projects and real estate projects with great potential. Specifically, VNECO plans to invest in the development of wind power projects with a total capacity of about 200 MW in Quang Tri and Quang Binh, the investment is expected to be completed before 2025; invest in real estate projects on existing land funds in Da Nang City and other provinces.
Based on the investment and business plan in 2021 and the following years, the General Meeting of Shareholders approved the plan to increase charter capital by 600 billion VND in order to ensure sufficient capital to implement investment projects and supplement working capital. Form of issuing shares to increase charter capital for existing shareholders or issuing to strategic shareholders of VNECO.
With absolutely belief in the strong innovation of the Board of Directors and the Board of Management, the General Meeting of Shareholders approved the reports on business results in 2020; Report on activities of the Board of Directors in 2020, production and business plan in 2021; The General Meeting of Shareholders also approved the operating regulations of the Board of Directors; operating regulations of the Supervisory Board and many other important contents.