PETROSETCO Annual General Meeting of Shareholders 2020: Prospects from developing new businesses, Dividend Payment Ratio 10%

Reporting to shareholders, PETROSETCO's managers said that in 2019, the US-China trade war had affected many aspects of the economy, bringing many opportunities and challenges to Vietnamese businesses, including PETROSETCO. Besides that, oil prices are still low; projects of Oil and Gas industry are still delayed; The market of distributing telephone and electronic saturated, purchasing power reduces, causing a lot of difficulties for PETROSETCO's operations. However, with constant effort, PETROSETCO has achieved beyond expectation, with VND 10,008 billion in revenue, 11% higher than target, profit before tax of VND 185 billion, 3% higher than target.

Mr. Phung Tuan Ha - Chairman of the Board of PETROSETCO

In 2019, the expansion businesses is PETROSETCO priority of implementation - expanding industries and diversity of distributed products on the basis of leveraging existing resources including personnel, experience and capacity, etc. PETROSETCO has begun to distribute medical supplies and equipments from the second quarter of 2019; testing the business of organic fertilizer imported from the US from August 2019 has achieved certain outcomes and delivered positive prospects in the future.
The 2019 achieved results continue to prove PETROSETCO’s efforts and relentless creativity in the determination to manage business operation under the streamlined, most dynamic model which focus on multi-disciplinary development, seeking new distribution products, exploring the market outside the oil and gas industry, in order to keep bringing PETROSETCO to become a diversified services provider for a stable development and willingness of facing challenges and ability to respond flexibly to difficult business environment.

Mr. Vu Tien Duong - CEO of PETROSETCO

From the beginning of 2020, the dual impact of Covid – 19 epidemic and the decline in oil prices have greatly affected the business situation of PETROSETCO because all subsidiaries' operations are delayed or reduced. Before social distancing, the board of Directors quickly directed many scenarios which proposed many measures to respond to difficulties. Therefore, PETROSETCO still retained its business plan in 2020 which was proposed before Covid-19 epidemic with a turnover of VND 9,100 billion, profit before tax of VND 180 billion, profit after tax of VND 140 billion.

Shareholders make a question to the Presiders

From May 2020, PETROSETCO became one of the four distributors of Apple brand in Vietnam. This is considered as a turning point of PETROSETCO in business cooperation with global brand partners. This is also an opportunity for PETROSETCO to affirm its leading position in the field of distribution in Vietnam market. 
PETROSETCO keeps developing the distribution of medical devices and organic bio-fertilizer imported from the United States (Humate USA), setting a goal of becoming a strategic distributor of well-known brands in Vietnam market in the coming time.

At the meeting, PETROSETCO managers answered questions of shareholders, reported on PETROSETCO's preliminary results in the first 6 months of 2020 with an estimated revenue of 5,000 billion VND and an estimated profit of 80 billion VND. The distribution of Apple products is also progressing well. Last week, Apple's first shipments were distributed by PETROSETCO to consumers.

Congratulations to Ms. Vu Viet Anh on being elected as an independent member of PETROSETCO’s BOM

After reports and discussions, The AGM has voted and approved all agendas presented at the Meeting with a high consensus. In that time, PETROSETCO’ AGM approved the payment of dividends in 2019 and the plan of dividend payment by cash in 2020 at the same rate of 10% of the charter capital as well as electing Ms. Vu Viet Anh as an independent member of PETROSETCO’s BOM for the term 2020 - 2025.