On April 24, 2018, Can Tho Agricultural Technology and Technique Joint Stock Co (TSC) held the Annual General Meeting (AGM) in 2018 at Floor 5 – Times Tower – HACC1 Complex – No. 35 Le Van Luong – Thanh Xuan District – Hanoi.
At the meeting, the Board of Directors and shareholders approved the report on business results in 2017 and the production and business plan of 2018 of the Board of Directors; adopting the CG Regulations; approving for FIT Group to own up to 80% of TSC shares without having to make public tender offer and other issues under the authority of the General Meeting of Shareholders.
In 2017, TSC’s net revenue was 824 billion VND, reaching 53% of the plan. The reason for the unsuccessful sales is the fluctuation of production and export of agricultural products in the country facing many difficulties, meanwhile, the consumer goods market is also experiencing fierce competition.
Furthermore, companies in the consumer goods sector of TSC are still in the strong investment stage to build factories, expand the distribution system and market so profit from business activities is not enough to offset the cost.
In addition, TSC is in the process of divesting capital at Can Tho Agro-chemical Joint Stock Company (TSP) and stopping Nong Tin’s trading activities has reduced the company’s sales. The drop in sales and shrinking of trading activities is necessary to ensure the interests of shareholders in the future.
Business plan in 2018 has also been approved by the shareholders at the meeting with the target of net revenue in 2018 expected to reach 1028 billion VND, up 20% compared with 2017 while profit after tax reached break even. In order to achieve the target, TSC will continue to focus on areas of business that are considered strengths of the company and optimize costs.
In 2018, the company will continue to invest heavily in the consumer goods industry with the goal of bringing consumer goods companies into the ranks of leading companies in the field of activity. It is anticipated that TSC’s consumer goods group will start to make significant changes to take the loss and start profitable from 2018.
As for the food industry, Western Food Processing and Export Joint Stock Company (Westfood) – a member company of TSC, will continue to expand investment in raw material areas, to increase the activeness and improve profit margins, meanwhile, the production capacity will also be increased to meet the large orders from foreign partners, helping to maintain and stabilize business performance.
Since becoming a subsidiary of FIT Group, TSC has received strong support in terms of capital as well as support in management and operating activities from the parent company. With the strategic orientation in the long run of the parent company, together with the efforts and determination of the Board of Directors and all employees in implementing and fulfilling the plan, in 2018 TSC will confidently overcome difficulties, gradually stabilize and expand key business activities, bringing the company to strive for sustainable development in the future.