On April 16, Hoang Anh Gia Lai International Agriculture Joint Stock Company (HAGL Agrico) held the Annual General Meeting of Shareholders in 2022.
At the meeting, HAGL Agrico approved business results in 2021 with net revenue of 1,199 billion VND, down 49.5% compared to 2020. In which, fruit revenue accounted for 840 billion VND, high latex revenue. su 260 billion dong, the rest is revenue from selling agricultural products and providing services with 99 billion dong.
At the end of 2021, HAGL Agrico reported a loss after tax of 1,119 billion dong, raising the accumulated loss as of December 31, 2021 to 3,426 billion dong.
In 2022, HAGL Agrico sets a revenue target of VND 1,731 billion, an increase of 44% compared to 2021. Notably, the company plans a pre-tax loss of up to VND 2,713 billion, the largest ever. In which, the loss from production and business activities was only about 150 billion VND, while the loss of 2,563 billion VND recorded the cost of converting orchards from 2020 and earlier.
Tran Ba Duong, Chairman of HAGL Agrico, said that in 2022, the situation may be even more difficult than in 2021 when the prices of raw materials, fertilizers and transportation costs increase. This difficulty may last until 2023 and HAGL Agrico expects to have accumulated losses of VND7,773 billion by 2023.
It is expected that from 2024, HAGL Agrico’s profit situation will improve.
Regarding the investment plan, HAGL Agrico will plant 315ha of pineapples, invest in and upgrade the irrigation system, electricity system and main traffic axes in the farm to serve production needs.
In addition, the company invested in building new banana packing factories, chain pulley systems, worker housing areas and staff houses.
HAGL Agrico will also continue to invest in completing Nong Khang airport and hand it over to the Lao government in 2022.
At the general meeting of shareholders, Mr. Doan Nguyen Duc, Vice Chairman of HAGL Agrico said that the company also focuses on investing in cow breeding and organic fertilizer production. “HAGL Agrico’s cow farming strategy is very large. Currently, it has raised thousands of cows, but it has only been piloted. So it cannot be done quickly, slowly but surely.”
Bau Duc wants shareholders to support the strategy of President Tran Ba Duong: “In my opinion, you should support Mr. Duong’s strategy, he has invested a lot of money to build a lot in Laos, Cambodia… That’s it. I can see clearly, if Mr. Duong saw the risk, how could he spend so much money Raising cows was really effective, but at that time HAGL lost liquidity so he couldn’t do it. How can it be. So raising cows is actually very effective.”
According to Duc, in April, Hoang Anh Gia Lai and HAGL Agrico completely separated assets and activities. The two sides will calculate how much HAGL Agrico will pay Hoang Anh Gia Lai.
Regarding personnel, HAGL Agrico dismissed Ms. Vo Thi My Hanh from the position of member of the Board of Directors from April 16, because Ms. Hanh submitted a resignation letter 3 days ago. The company also dismissed Ms. Le Thuy Duong from the position of member of the Supervisory Board, also from April 16.
The two elected replacements are Mr. Nguyen Phuc Thinh and Ms. Bui Thi Lieu, respectively.
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