The General Meeting of Shareholders of Gia Lai Electricity Joint Stock Company (code: GEG) is scheduled to take place on June 25, 2024, at the GEC Office, 253 Hoang Van Thu Street, Ward 2, Tan Binh District, Ho Chi Minh City.
Gia Lai Electricity Joint Stock Company (GEC, stock code: GEG) has announced the documents for the Annual General Meeting of Shareholders (AGM) for the fiscal year 2023, including 4 reports and 7 proposals to address 6 financial issues and 1 governance issue.
The financial issues expected to be presented at the AGM include: the 2023 Audited Financial Statements; selection of the audit firm for 2024; distribution of funds and dividends for 2023; dividend payment for 2024 to shareholders holding convertible preferred shares; the business plan and projected profit distribution for 2024; transactions with related parties.
Over the past year, GEC ensured stable growth in production and business activities, achieving its profit targets amid many challenges in the electricity sector.
According to the 2023 Consolidated Audited Financial Statements, GEC's net revenue reached 2,163 billion VND, an increase of 3% compared to the same period. This was achieved by maintaining stable operations of power plants combined with good cost control. The pre-tax profit for the year reached 195 billion VND, exceeding the plan by over 8%.
The undistributed after-tax profit for 2023, according to the Consolidated Financial Statements, is 179 billion VND. Based on this result, the company seeks the AGM’s approval to distribute a 2023 dividend at a rate of 5%.
The dividend payment will be made in 2024, with the Board of Directors authorized to choose the form of payment (cash or shares) and the timing suitable to the company's actual operations. Thus, GEC has maintained a stable dividend rate during the 2014-2023 period, equivalent to the industry average.
For 2024, the company proposes a consolidated total revenue target of 3,120 billion VND and a pre-tax profit of 335 billion VND (with a pre-tax profit target of 353 billion VND).
Circular 07/2024/TT-BCT, issued by the Ministry of Industry and Trade on April 12, 2024, which regulates the method of determining electricity prices and power purchase agreements, will serve as a specific basis for GEC and other companies with projects recording temporary electricity prices to expedite the negotiation process.
GEC's business plan is based on the assumption that price negotiations for transitional power plants will be completed in 2024 so that the company can fully recognize revenue from the time of operation (including the unrecorded revenue in 2023 from the Tan Phu Dong 1 Wind Power Plant - 100MW).
Adhering to legal documents to ensure safe and efficient operations, and applying international governance practices, besides the annual issues of fund allocation, dividend payments for convertible preferred shares, remuneration, and operating budget estimates for the Board of Directors and affiliated bodies, the company continues to seek approval for choosing one of the Big 4 auditing firms to audit GEC’s 2024 financial statements to ensure the financial data's standardization.
To date, GEC is also implementing the final settlement of the bond package in August, ensuring a healthy financial structure, ready for seeking and implementing projects according to Power Plan VIII.
Via Quick Securities News