On April 25, 2024, Cuu Long Pharmaceuticals Joint Stock Company (Stock code: DCL) held its successful Annual General Meeting (AGM) via an online conference.
During the meeting, the AGM reviewed and approved the annual reports from the Board of Directors, the Executive Management Team, and the Supervisory Board for 2023, and discussed plans for 2024. The shareholders ratified the profit distribution for 2023, the financial statements for the same year, selected the auditing firm for 2024, and approved the remuneration reports for 2023 and plans for 2024 for board members and the supervisory board, among other authoritative documents.
Despite a challenging economic landscape in 2023, DCL remained committed to its strategic goals as per the OGSM framework, continuously innovating its product lines and investing in infrastructure and employee development. The audited consolidated financial statement for 2023 reported an increase in total assets from VND 2.105 trillion to over VND 2.277 trillion and a rise in shareholders’ equity from over VND 1.391 trillion to more than VND 1.450 trillion.
The year 2023 also marked significant recognitions for DCL, including being named among the Top 10 Leading Brands in Vietnam, earning a Top 10 spot for its Cefixime brand in product quality, and being listed among the Top 10 Best Workplaces in Vietnam within the Pharmaceutical and Medical Equipment sector.
During the AGM, there were also changes in the company’s leadership, with the dismissal and election of several board members and supervisory board members. Nguyen Ngoc Bich and Tuong Thi Thu Hanh were relieved from the Board of Directors, and Le Thi Thuong from the Supervisory Board. New elections were held, appointing Nguyen Ngoc Mai and Pham Van Ngoc to the Board of Directors, and Nguyen Thi Thu Huong to the Supervisory Board.
The AGM also approved the Business Plan for 2024, focusing on key areas:
The Board of Directors will enhance their guidance for the Executive Management Team to carry out key tasks and implement flexible operational strategies that are in line with market conditions. The focus will be on spearheading areas of operation:
Pharmaceuticals: For 2024, DCL plans to initiate projects like the “EU-GMP Standard Non-betalactam Factory Upgrade in Vinh Long” and the “FDA Standard Capsule Factory Upgrade.” The company aims to collaborate with international partners on a “Functional Food Production and Marketing” project and will proceed with the detailed assessment for the “EU-GMP Standard Pharmaceutical Factory” project in Long An province. This project, representing an investment of VND 1,035 billion over 50,000 m2, is expected to produce 1.6 billion pharmaceutical products annually once operational.
Medical Equipment Manufacturing, DCL is expanding its medical equipment manufacturing facilities in Vinh Long with an investment of approximately USD 15 million over 10,846.6 m2, planned in two phases. The first phase will have a capacity of 35 million products per month, and the second phase will support 20 million products per month. The factory is scheduled to be operational in Q3 2024, positioning DCL as a leader in pharmaceutical and medical equipment manufacturing in Vietnam.
Empty Capsule Production, in response to increasing demand in the pharmaceutical and functional food sectors, DCL is investing in the fifth expansion phase of its Capsule Plant. With an investment of VND 232.5 billion and a capacity of 2.8 billion capsules per year, the plant is expected to start operations in Q2 2024.
At the meeting, Mr. Luong Trong Hai, CEO of DCL, congratulated the success of the 2024 AGM. He highlighted the company’s proactive, stable, and adaptable approach amid economic challenges in 2023. He praised the collective achievements of the management team and staff, expressing optimism that in 2024, DCL would continue to excel in its business operations, striving to realize its vision of becoming the most highly-regarded pharmaceutical company in Vietnam, appreciated by patients, partners, and employees through innovative, accessible, and top-quality products and services.
