ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
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Dear valued shareholders, In 2024, supported by favorable policies enacted by the Government and other authorities, the business environment experienced substantial improvements, leading to marked economic recovery. This progress was evidenced by key indicators, including GDP growth rates and the total value of import and export activities…
The year 2024 marked a significant milestone for An Cuong as we celebrated the 30-year anniversary of our establishment. While 30 years may seem brief compared to the legacies of global corporations spanning centuries, it represented an extraordinary chapter of dedication, resilience, and ambition. The journey reflected the unwavering commitment of the founders and countless employees who devoted the prime years of their lives to the Company, overcame challenges together, and turned visions into reality. Their shared determination and passion have shaped An Cuong into the strong, dynamic, and innovative enterprise it has become. On this special occasion, I wish to express my deep appreciation and pride in having the opportunity to work alongside such a kind-hearted and professional team. It is this kindness—toward our work, colleagues, the Company, and our customers - that has guided our team to achieve excellence in every project and product delivered. Also, I would like to extend my heartfelt gratitude to all of my employees for unwaveringly maintaining their trust in the Company. This shared trust across our entire team has been instrumental in shaping An Cuong’s extraordinary journey over the past 30 years. As An Cuong embarks on a new phase of growth, I am confident that we will continue to nurture this trust as we innovate, create, and achieve new milestones together, forging a sustainable and enduring future. I would also like to take this opportunity to honor the unwavering dedication and invaluable contributions of the members of the Board of Directors. Equally significant, on behalf of the Board of Directors and the entire An Cuong team, I extend deepest respect and heartfelt acknowledgment to our esteemed customers and business partners. Your trust has served as the foundation of An Cuong’s 30-year journey and remains a source of inspiration, driving us to strive for even greater achievements in the future. Wishing you enduring health and success in all your pursuits.
Through the measures implemented to address the challenges of the previous year, we are grateful for the progress made in 2024. An Cuong recorded Net Revenue of VND 3,980.9 billion and NPAT of VND 420.0 billion , reflecting growth rates of 5.8% and 2.1% respectively compared to 2023. The annual gross profit margin reached 31.4%, the highest level in the past five years. These outcomes are a testament to the collective trust, collaboration, and unwavering commitment of nearly 2,500 An Cuong employees who united to overcome challenges and achieve meaningful progress. Training programs were organized with greater frequency to enhance staff and worker awareness of occupational safety, fire prevention and firefighting, as well as environmental protection. Throughout the year, An Cuong demonstrated a steadfast commitment to advancing initiatives aimed at carbon neutrality. Key efforts included the implementation of rooftop solar energy solutions, the gradual deployment of electric vehicles to replace fossil fuel-powered ones, and collaborative partnerships to organize reforestation activities, such as tree-planting projects in degraded areas… Shareholders can readily recognize the strategic transformation An Cuong has undertook in customer engagement throughout last year. This included the establishment of Creative Hub by An Cuong in major cities and the introduction of an Online Catalogue on the website. Additionally, Make Your Space application - a platform that empowers customers to design interior spaces effortlessly using intuitive actions on their smartphones or personal computers. At the manufacturing facilities, advanced automation technologies were integrated, and production processes were restructured to achieve significant improvements in operational efficiency and productivity. Furthermore, initiatives focused on minimizing material waste were implemented, leading to enhanced cost optimization in production activities. While the broader landscape revealed certain positive developments, it would be challenging to describe 2024 as a year of favorable conditions. Domestic consumers maintained a cautious approach to spending, and the real estate sector continued to face enduring challenges. These dynamics collectively presented significant headwinds to An Cuong’s business operations. In this context, An Cuong implemented a series of strategic solutions to adapt to evolving market conditions, while proactively redefining our approaches to business development and manufacturing processes.
Yours respectfully,
CHAIRMAN OF THE BOARD
(Signed)
LE DUC NGHIA
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