On April 18, 2023, Can Tho Agricultural Technical Material Joint Stock Company (stock code: TSC) successfully held its 2023 Annual General Meeting of Shareholders (AGM) in Hanoi.
The AGM approved the report on 2022 business results and the 2023 business plan; the audited 2022 financial statements; as well as other matters within the authority of the Shareholders’ Meeting.
Overview of TSC AGM 2023
According to the shareholders’ meeting report, 2022 was a challenging year for businesses in general and for TSC in particular. TSC closely monitored and responded to market developments, maintaining and steadily developing strategic and traditional markets while expanding and diversifying consumption markets both domestically and internationally. As a result, TSC recorded net revenue of 898 billion VND in 2022, an increase of 380 billion VND, or 73% compared to 2021. Gross profit increased significantly to 175 billion VND, up 76% compared to 2021. Total company assets increased from 2,303 billion VND in 2021 to 2,724 billion VND in 2022.
In the trading sector, recognizing the potential of the agricultural market, TSC expanded its portfolio of high-profit and competitive agricultural products.
In the FMCG sector: TSC achieved encouraging results with its flagship brand, Vikoda Natural Alkaline Mineral Water, as modern sales channels reached 80% coverage, and revenue increased 300% compared to the same period, with 5-star resort sales doubling compared to the previous year.
In the cosmetics sector: TSC made significant progress over the past year with its subsidiary, FIT Cosmetics JSC, as the company’s growth in 2022 reached 33% compared to the same period. Key brands like DrKool and TERO grew over 44% compared to 2021.
In the food processing sector: The company continuously connected and expanded export markets while expanding raw material areas to meet market demand. In addition, the company invested in and built the European-standard Westfood Hau Giang factory, allowing Westfood to create new, high-quality product lines alongside its existing products.
At the AGM, in response to shareholders’ questions about business direction, TSC’s Board of Directors said the company sees 2023 as a challenging year but, with determination and experience gained over the years, TSC is always ready to face economic fluctuations to find practical solutions that bring the best results for the company. TSC will continue to narrow down ineffective, high-risk business areas to focus on those with potential.
On that basis, the company’s AGM approved the 2023 business plan with revenue of 957 billion VND, a 4.93% increase compared to 2022. In the food sector, TSC and its subsidiaries will continue to invest in expanding raw material sources and promoting research and development of new products with higher added value while boosting the brand in the domestic market at large restaurants and hotels. In the consumer goods sector, TSC will continue to invest deeply in this area, bringing FIT Cosmetics and its subsidiaries to the forefront of the FMCG industry.
In addition, the AGM continued to approve the restructuring of senior personnel. With the agreement of 100% of attending shareholders, the TSC Shareholders’ Meeting elected Ms. Vo Thi Hong Tham as a new member of the Board of Directors.
Ms. Vo Thi Hong Tham was approved by 100% of the attending shareholders, becoming a new member of the Board of Directors.
With the strengthening of senior leadership and strategic investment from FIT Group, TSC promises to make significant breakthroughs in the long run.
