TSC will strongly focus on Westfood and FMCG sector of FIT Consumer.
TSC annual shareholders general meeting (SGM) 2017 was held on 01.04.2017. In the meeting, the Board of Management (BOM) issued the report to the shareholders: BOD report result in 2016 and plan for 2017; report of production and business activities in 2016 and plans for 2017; and other related reports.
Key points and the interest of shareholders to ask questions at most spots is around the performance of 2016 and business plan in 2017. Mr. Phan Minh Sang – CEO of TSC solved the production and business results in each sector and state the reasons leading to a decline in the profitability of the company in 2016. In 2016, the sector accounted for a large proportion of TSC sales is met the difficulties when Chinese border closed for several months that the Vietnam export sectors severely affected. With the seed sector (hybrid corn, hybrid rice is 2 main products of TSC), the past year has faced challenges when corn imported even lower prices than domestics source that made many farmers gave up growing maize, this led to businesses ineffective. While, Plant protection segment also faced many difficulties during the mangrove history in last year. In the field of business, there are three areas seriously affected the business result in 2016 of TSC couldn’t achieved as plan.
So since 2017, with the difficulties of the sector of plant protection products, seeds, TSC has decided to these business and focus on FIT Consumer and Westfood. Mr. Sang emphasized in 2017 and up coming years, TSC will invest in sectors of growth potential big profits of export agriculture-food producing canned and frozen fruits of Westfood and FMCG sector of FIT consumer. In 2017, TSC will continue to expand investment in the material in order to increase the autonomy and improve margins for Westfood. FIT Consumer also will invest more powerful to rise up the ranks of the top enterprises in the FMCG sector.
With the plan, expected in 2017, total revenue of TSC will gain to1.557 billion, profit before tax was 31.86 billion, while profit after tax was 26.97 billion. And Mrs. Nguyen Thi Minh Nguyet – Chairman of TSC shared: TSC’s strategy is sustainable development, focus on improving corporate value. Company leaders will do the best for the transparency operations by providing most accurate updated information to shareholders, investors, and make every effort to complete to achieve the business plan.
Also,in the meeting, the Board of Directors and shareholders have unanimously approved the authorized decision for BOD to decide on investments, sale of assets with a value equal to or greater than 35% of the total value of assets of the company and decided to allow FIT Group is owned to 80% of ordinary shares without going through a public bid procedure.
With orientation consistent from FIT Group along with strategic business development in long term, TSC will not only achieve the index as plan in 2017, but will have strong step in the next year, bringing the member companies as Westfood, Vikoda, become the major companies in the industry.
