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HAI Agrochem shareholders approve 2018 plans

Released at: 19:55, 11/06/2018

HAI Agrochem shareholders approve 2018 plans

Photo: HAI

Shareholders agree to revenue and pre-tax profit targets and hear of 2017 results at June 8 AGM.

by My Van

The HAI Agrochem JSC held its 2018 annual general meeting on June 8, gaining approval from shareholders on a number of issues. The company targets turnover in 2018 of VND1.8 trillion ($78.8 million) and pre-tax profit of VND125 billion ($5.47 million), with an expected dividend of at least 5 per cent.

Total consolidated revenue in 2017 was VND1.7 trillion ($74.49 million), or 107 per cent of the figure posted in 2016. Pre-tax profit was VND49 billion ($2.1 million), reaching 63.64 per cent of 2016's figure.

With enterprises in the plant protection industry facing a host of challenges relating to capital and markets as well as the general complexity of the times, the company was nonetheless able to reach its business targets last year.

HAI successfully increased its charter capital from VND1.1 trillion ($48.2 million) to VND1.8 trillion ($78.7 million) last year, and at the same time improved its business management system, distribution channels, branch supervision, and cost control in order to reach targets. 

It has put into operation the HAI Agro-Pharmaceutical Factory at the Long Xuyen Industrial Zone in the Mekong Delta’s Long An province. The HAI Research and Product Development Center has been transformed into the HAI Product Research Institute and has received ISO:17025 certification from the Ministry of Science and Technology.

HAI also continued to invest in a fertilizer plant and build a HAI warehouse in the Mekong Delta’s Tien Giang province, with initial investment capital of VND80 billion ($3.5 million).

In the next stage, it will concentrate all resources on actively changing its product structure, expanding to new markets such as northern provinces in Vietnam and Laos and Cambodia, improving its sales channels, increasing its capital efficiency to increase profitability, and strengthening its management to create momentum for the years to come.

It will expand its varieties, including new hybrid corn and genetically modified maize, and promote fertilizer production, contributing to higher sales and profitability.

HAI also signed a cooperative arrangement with the Hungarian Government on the exclusive cultivation of high-potato varieties with ODA funds from the country.

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