Loc Troi expects to lose 524 billion VND this year

In 2025, Loc Troi plans to have revenue of VND 4,200 billion and an expected loss before tax, interest and depreciation of VND 524 billion.

Regarding business orientation, in 2025, Loc Troi will continue to enhance its corporate governance role, ensure compliance with the provisions of law and the Company's charter, inspect and urge the General Director as well as the Executive Board to fully implement the Resolutions and Decisions of the General Meeting of Shareholders and the Board of Directors to achieve the goals committed to shareholders.

In addition, Loc Troi will also, through its management and strategy building activities, continue to provide the necessary support and connections for Loc Troi Group to gradually overcome the difficult period, maintain stable operations of the agricultural ecosystem, strongly restructure to optimize finances, and serve as a foundation towards stable production and supply of high-quality agricultural products to the market.

Regarding personnel, Loc Troi has received the resignation letter from Mr. Johan Sven Richard Boden as a member of the Board of Directors and the resignation letter from Ms. Nguyen Thi Thuy and Mr. Tieu Phuoc Thanh as members of the Board of Supervisors.

Therefore, Loc Troi proposes to shareholders to elect 1 additional member of the Board of Directors and 2 members of the Supervisory Board for the 2024-2029 term. The candidate list has not been announced yet.

In addition, Loc Troi also submitted to shareholders the cancellation of the 2023 dividend payment plan. In particular, the Company approved the 2023 dividend payment at a rate of 30% in shares.

Explaining the cancellation of the approved 2023 dividend payment plan, Loc Troi said that due to the difficult production and business situation in the first 6 months of the year, there were no longer enough resources to pay dividends according to the approved plan.

As of now, Loc Troi has not yet announced its audited semi-annual financial statements (SFS) for 2024 and its audited 2024 SFS. According to the group, the auditor, Ernst & Young Vietnam Co., Ltd. (EY Vietnam), is analyzing and performing additional audit procedures to draw conclusions on the company's ability to continue operating as a going concern. The company's Board of Directors plans to continue implementing solutions to overcome difficulties this year.

In another document, the company said that its production and business situation in the past 6 months has encountered many difficulties, and it no longer has enough resources to pay the 2023 dividend at a rate of 30%.

On the other hand, the company still owes the state, including taxes, social insurance, and debts to suppliers, partners, and bank loans. Therefore, the Board of Directors submitted to shareholders for approval to cancel this dividend payment plan.

According to the latest report, in 2023, Loc Troi achieved a record revenue of VND 16,088 billion, an increase of 38% compared to the previous year, mainly from the food sector with revenue of VND 11,000 billion, accounting for 70% of the structure. However, after-tax profit only reached nearly VND 16.5 billion, a decrease of 96% compared to the previous year.

Source: https://baovanhoa.vn/kinh-te/loc-troi-du-kien-lo-524-ti-dong-nam-nay-144069.html