Hoang Anh Gia Lai Joint Stock Company (HAGL, HoSE: HAG) has just approved changing the position of General Director.
Mr. Vo Truong Son, who has held the position of General Director at Hoang Anh Gia Lai Joint Stock Company (HAGL) for 16 years and held the highest position in the board of directors for 9 years, has decided to resign. This decision was officially announced by HAGL on February 7 according to Mr. Son’s personal wishes.
Mr. Vo Truong Son, born in 1973 and graduated with a master’s degree in finance, before joining HAGL in 2008, had a significant working history at leading auditing companies such as A&C and Ernst & Young.
Mr. Vo Truong Son suddenly resigned from his position as General Director of HAG following 9 years
In 2015, Mr. Son was appointed to the position of General Director at HAGL. During 16 years working at the company and 9 years holding the highest position in the board of general directors, he contributed to the development of HAGL.
At the same time, the HAGL Board of Directors decided to appoint Mr. Nguyen Xuan Thang to replace Mr. Son as General Director and legal representative of the company for a period of 5 years, from February 7, 2024 to June 6. February 2029.
Mr. Nguyen Xuan Thang, born in 1977 and has a bachelor’s degree in Economics, previously worked as head of the supervisory board, deputy general director of HAGL and is currently a member of the company’s Board of Directors.
HAGL accumulated loss of 1,633.5 billion VND
According to the Consolidated Financial Report of the fourth quarter of 2023, Hoang Anh Gia Lai Joint Stock Company (HAGL; HoSE: HAG) recorded sales and service provision revenue of VND 1,897.9 billion, an increase of 16% over the same period last year. before. Cost of goods sold increased by 39% to VND 1,680.7 billion.
HAGL said that compared to the same period in the fourth quarter of 2022, fruit revenue increased by 365 billion VND (reaching 903 billion VND), revenue from selling goods and providing services increased by 132 billion VND (reaching 530 billion VND) and Pig sales decreased by 239 billion VND (reached 465 billion VND).
Financial activity revenue this period increased by 265% to VND 295 billion because HAGL liquidated a number of investments and this loan did not arise in the same period in 2022. In addition, in financial activity expenses This quarter of HAGL had big fluctuations thanks to Eximbank’s loan interest exemption, helping quarterly profits increase dramatically. Selling expenses increased 65% to 83.9 billion VND. Business management costs decreased by 64% to 77.4 billion VND.
As a result, HAGL reported pre-tax profit of 1,092.3 billion VND, profit following tax of 1,107.7 billion VND, an increase of 410% and 377% respectively over the same period in 2022.
Cumulatively in 2023, HAGL will record sales and service provision revenue at VND 6,932 billion, financial activities revenue will reach VND 586.1 billion, up 36% and 21% respectively compared to 2022.
In 2023, HAGL’s pre-tax profit will be at 1,805.6 billion VND, following-tax profit will be at 1,817.4 billion VND, an increase of 76% and 62% respectively compared to the previous year.
In 2023, HAGL plans to have a profit following tax of VND 1,130 billion. Thus, with the above results, HAGL has exceeded 61% of the yearly plan set out at the 2023 Annual General Meeting of Shareholders.
As of December 31, 2023, HAGL’s total assets were at VND 21,527.8 billion, an increase of 9% compared to the beginning of the year. Cash reserves are at VND 8,412 billion, up 23% compared to the beginning of the year. Inventories decreased by 20% to VND 921 billion.
By the end of 2023, HAGL’s total liabilities are VND 14,081.9 billion, a slight increase compared to the beginning of the year and accounting for 69% of total capital. Of which, financial lease debt was at VND 7,910 billion, down 3% compared to the beginning of the year. HAGL’s accumulated loss was 1,633.5 billion VND, down from 3,341 billion VND at the beginning of the year.
Notably, long-term debt decreased by more than 1,000 billion VND to 3,081.7 billion VND. In 2023, HAGL has paid 587 billion VND of debt at Eximbank but incurred 2 more large loans from Lien Viet Post Commercial Joint Stock Bank (LPBank) and Tien Phong Commercial Joint Stock Bank (TPBank). As for LPBank, HAGL borrowed a new 750 billion VND and TPBank borrowed an additional 566 billion VND. The total of 2 loans is 1,316 billion VND.
