ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
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Supervision Results and Evaluation by the Supervisory Board
Oversight Results on the Management Activities of the BOD and the BOM
Supervision Results on the Company’s performance and business result in 2024 Through oversight activities in 2024, the SB concluded that the Company's production and business operations were carried out in a secure manner, fully compliant with legal requirements, and consistently aligned with the directives and resolutions established by the GMS.
In addition to achieving financial objectives related to revenue and profit, the Company has successfully advanced its sustainable development objectives through ESG initiatives and robust risk management practices. These include enhancing personnel structures, researching and implementing appropriate ISO standards, and ensuring a balanced approach to the interests of all stakeholders. In 2024, the Company strictly adhered to disclosure requirements; transactions with related parties were approved within the appropriate authority levels and closely monitored. No disputes arose concerning business operations, nor were there any conflicts of interest with related parties. The SB did not receive any requests from group of shareholders holding 5% or more of voting shares to review the Company's operations or the management activities of the BOD and the BOM. In terms of business performance, in 2024, the Company's consolidated net revenue reached VND 3,980.9 billion, representing a 5.8% increase compared to 2023 and achieving 105.2% of the annual plan. NPAT was VND 420.0 billion, up 2.1% from 2023, achieving 95.4% of the annual plan. During the year, the Company recorded several extraordinary expenses, including adjustments for non-deductible tax costs and provisions related to receivables from Novareal. These expenses significantly impacted the recorded profit. However, excluding these extraordinary expenses, the Company's profit would still have demonstrated substantial growth, surpassing the annual plan. The Company continued to maintain a healthy financial position, characterized by low debt ratios and ample deposits. Total assets remained above VND 5,600 billion. The funding structure remained secure, with a low debt-to-equity ratio of 0.17 times. All borrowings consisted of short-term loans used to finance working capital. Liquidity ratios also remained robust. As of December 31, 2024, cash, cash equivalents, and deposits totaled over VND 2,458.7 billion, accounting for 43.6% of total assets.
enhancing governance capabilities and conducting comprehensive assessments, utilizing best practices in management adopted from leading regional and international standards. This proactive approach enabled the BOD to execute agile and innovative decisions while upholding a balance of rationality and prudence in steering the Company’s business operations. In 2024, the BOD and the BOM actively advanced the adoption of information technology and artificial intelligence across daily operations, from leadership levels to staff. They encouraged research and the implementation of innovations to enhance work efficiency, boost productivity, reduce costs, and achieve business objectives.
In 2024, the SB did not identify any irregularities in the activities of the BOD or the BOM. The management and operational activities of the BOD and the BOM adhered to the principles of legal compliance, upheld the Company's Charter, and closely aligned with the resolutions of the GMS. The BOD and the BOM fulfilled their functions and duties in full accordance with their authority as stipulated by the Law on Enterprises, the Law on Securities, other relevant laws, and the Company's Charter. Additionally, the BOD remained vigilant in monitoring macroeconomic developments to strategically align long-term and short-term objectives with prevailing economic conditions. Efforts were directed towards
Consolidated Net Revenue
5.8% Compared to 2023 105.2% Annual plan
NPAT
2.1% 95.4% Annual plan Compared to 2023
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