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On April 27, 2023, Siam Brothers Vietnam (SBV), listed on the Ho Chi Minh Stock Exchange, held its 2022 annual general meeting of shareholders with the participation of many major shareholders of the company.
The meeting was attended by familiar faces, including customers, distributors, and investors who have stood by the company since its early days of exploring the Vietnamese market to become the first company to produce ropes, fishing gear, and fishing logistics to be listed on the Ho Chi Minh Stock Exchange.
Pic1: The 2023 Annual General Meeting of Shareholders of Siam Brothers Vietnam
At the meeting, the board of directors (BOD) of Siam Brothers Vietnam made important statements to confirm the major fluctuations in the overall economy as well as its impact on the company's operations in 2022 in particular. Some notable points are the production and business situation, the revenue structure has shifted from domestic fishing ropes accounting for 63% of total revenue in 2021 to 54.3% in 2022, and the export rope segment of 30% in 2022 increased to 38.6% in 2022. Siam Brothers Vietnam's revenue (billion dongs) in 2022 was 472 billion dongs, achieving 76.37% of the plan (the plan for 2022 was 618 billion dongs), pre-tax profit was 18 billion dongs, achieving 23.37% of the plan (the plan for 2022 was 77 billion dongs). Siam Brothers Vietnam also cited a number of reasons why the company did not meet its plan, such as the international situation, the war in Russia and Ukraine, which caused gasoline, gas, and other prices to continuously set new records, pushing the Vietnamese seafood industry to its “endure” limit after a series of difficulties in the past 4 years. Not only the market for ropes for fishing and seafood is facing difficulties, but the agricultural rope segment of the Company also could not maintain its growth due to large-scale clean agriculture companies being unable to export goods to the Chinese market, forcing them to reduce production areas, indirectly reducing the proportion of the agricultural rope segment in the revenue structure from 3% in 2021 to 2% in 2022. In addition, the situation of supply chain disruptions caused the prices of raw materials and transportation costs to rise sharply. Besides the reasons that made Siam Brothers Vietnam not meet its commitment targets, the company also made some efforts to overcome and resolve the difficult situation, such as exploring new export markets, the market share of fishery logistics commercial products such as specialized lubricants for ships also had a certain market after many years of implementation, gradually becoming the company's flagship product in the product structure, although the business situation in 2022 was not optimistic, the lubricant product still continued to increase in terms of sales and revenue, from 2.3 billion dongs in 2019 to nearly 12 billion dongs in 2022.
Pic2: Mrs. Ngo Tu Dong Khanh - CEO of Siam Brothers Vietnam is presenting
In the midst of those fluctuations, the production and business situation of Siam Brothers Vietnam still had many notable bright spots. Specifically, in 2022, the company still recorded a profit. In addition, the company's development team has been constantly innovating products and expanding into new areas of agricultural and multipurpose ropes. This is a creative step to adapt to the ever-changing market in a timely manner, contributing to helping the Siam Brothers Vietnam team overcome the immediate difficulties as well as opening up potential development directions in the future. With that goal in mind, Siam Brothers Vietnam has successfully signed long-term contracts with large partners in the agricultural and household appliance industries.
In the spirit of working urgently, and looking ahead to the future, at the shareholders' meeting this year, Siam Brothers Vietnam company has approved the following important contents:
Also at the meeting, the Board of Directors (BOD) also put forward plans and orientations for the company's operations. Accordingly, the company's most urgent need is to change the business orientation and customer base to diversify revenue sources, avoid relying on the domestic market, which is in a stagnant trend due to many internal and external factors, update and build a digital marketing plan for the company's communication channels, standardize the customer care system by app.
The 2023 Annual General Meeting of Shareholders of Siam Brothers Vietnam Company with the theme "Resiliently moving forward" has ended successfully. Siam Brothers Vietnam would like to sincerely thank the shareholders and investors who have always trusted and accompanied the company over the past years. Hope the company will continue to receive the attention, support and support of customers and partners in the future. Wish the shareholders and investors good health and a successful year!
