On April 22, 2024, Construction and Design Corporation Number One (DECOFI) (Stock Code: DCF) successfully organized its Annual General Meeting of Shareholders (AGM) for the year 2024. The AGM deliberated and approved key agenda items, including the business results for 2023, the business plan for 2024, the election of new members to the Board of Directors (BOD) and the Board of Supervisors (BOS) for the new term, share issuance plans, and other significant matters.
Amidst the general challenges faced by the construction market in the past year, DECOFI has persevered in maintaining stable operations and implementing business plans on a transparent legal basis. In 2023, DECOFI's business performance was notable, with consolidated total revenue reaching VND 611.22 billion, achieving 71.91% of the set target, marking a 161% increase compared to 2022, with a post-tax profit of VND 10.59 billion.
In 2024, building upon the established foundations from the previous year, the company is committed to enhancing the efficiency and speed of its management system, increasing work productivity, and further improving the capacity, skills, and knowledge of its workforce, prioritizing quality in project execution. Based on these principles, DECOFI has set a business plan target for 2024 of VND 1,200 billion with a pre-tax profit of VND 46 billion.
During the AGM, DECOFI also sought opinions and obtained approval for the issuance of shares to increase share capital from equity sources, through the Employee Stock Ownership Program (ESOP), and through individual share sale plans. Additionally, the AGM approved another crucial agenda item, which included capital withdrawal, recovery of non-performing co-investment contributions, and new investment ventures.
Regarding the capital increase plan: The continuous supplementation of charter capital is deemed essential and holds significant importance in realizing DECOFI's growth objectives in the current phase, serving as a foundation for further enhancing competitiveness, driving development, and strengthening financial capacity. Therefore, DECOFI is in the process of devising the most suitable roadmap. Mr. Pham Hung Cuong - Chairman of the board
The AGM ratified the election results for the BOD, with all candidates being elected to the BOD with a voting rate exceeding 99%. The five members elected to the BOD for the term 2024-2029 include: Mr. Pham Hung Cuong; Mr. Chu Quang Huan; Mr. Nguyen Minh Tam; Mr. Ho Viet Trung; Mr. Nguyen Ba Tho.
The election results for the new BOS term also received a vote share exceeding 99%, including: Ms. Tran Thi Binh An; Ms. Le Thi Tinh; Ms. Le Thi Minh.
The AGM allocated ample time for shareholders to discuss and contribute opinions on relevant issues. Responding to queries from shareholders and investors, Mr. Pham Hung Cuong, Chairman of DECOFI, stated: "2024 will continue to face many negative impacts from the general economic and social situation. DECOFI is committed to enhancing development, but the primary criterion is to ensure effectiveness, so DECOFI will base its policies on market conditions to make rational decisions."
In addition to the aforementioned agenda items, shareholders voted in favor of all reports and proposals presented at the AGM with a high level of consensus.
The BOD and the Executive Board reaffirmed their commitment to exert maximum effort, seizing every opportunity to develop production and business activities. With the support and collaboration of shareholders, along with the determined and experienced management of DECOFI, Mr. Pham Hung Cuong expressed confidence: "DECOFI will continue to capably fulfill the tasks entrusted by the General Assembly of Shareholders, achieving even greater success."
