According to the report presented by the Executive Board at the meeting, in 2023, the hydrological situation of the reservoirs was relatively favorable. Specifically, the average water flow to the Don Duong reservoir was approximately the same as in 2022, the average water flow to the Ham Thuan reservoir was higher than in 2022, and the water flow to both reservoirs was higher than the multi-year average.
Mr. Le Van Quang, Chairman of the Board of Directors, is presiding over the Annual General Meeting.
Thanks to favorable hydrology, by December 31, 2023, the entire company had produced 3.1 billion kWh, achieving 107.5% of the annual plan. The production and business activities of DHD in 2023 yielded many positive results, as financial indicators such as total revenue, total expenses, and net profit after tax all met the planned targets.
At the event, the Board of Directors presented the proposed profit distribution plan for the year 2023 to the shareholders' meeting.
Currently, DHD is investing in four joint-stock companies: Lower Song Pha Hydropower Joint Stock Company, A Vuong Hydropower Joint Stock Company, Song Ba Ha Hydropower Joint Stock Company, and Thuan Binh Wind Power Joint Stock Company. In 2023, both subsidiary and affiliated companies with DHD's capital contribution operated effectively.
Regarding management work, according to the report on the company's management situation presented at the meeting, by the end of 2023, the company had achieved and exceeded the targets set by the Annual General Meeting resolution in 2023. The production and business tasks for 2023 were implemented and achieved good results. Specifically, targets for electricity production, revenue, expenses, profit, and dividends were all met and exceeded the plan. Throughout the year, the Board of Directors issued 138 resolutions/decisions related to production and business management and investment through meetings or written opinions.
According to the assessment of the Board of Directors, in 2023, the General Director made many efforts in organizing and implementing tasks according to the resolutions of the Annual General Meeting of Shareholders and the Board of Directors. During the operation, the General Director regularly reported to the Board of Directors on the production and business situation, financial situation, progress of investment projects, and other activities of the company for timely direction. Additionally, the General Director maintained monthly meetings to summarize, evaluate, learn from experience, and timely adjust solutions in management work flexibly.
With the achieved results in output, revenue, profit, and dividends, the Board of Directors highly appreciated the management work of the General Director in 2023.
In 2023, the Control Board closely monitored the company's activities. Throughout the year, the Control Board conducted regular and frequent monitoring, fully participated in Board of Directors meetings, reviewed documents, contributed opinions on issues discussed by the Board of Directors, regularly monitored the direction, management, and operation of the company by the Board of Directors and Management Board, and checked the company's activities.
For the 2024 Plan, the company will focus on repairing fixed assets and making new investments to ensure the safe, stable, and efficient operation of equipment and facilities.
The General Meeting approved the production and business plan for 2024 with the following main targets: Electricity production output of 3,045 million kWh; implementation of 13 major repair projects and 32 regular repair projects; striving to achieve production and business targets, meeting shareholder expectations.
All issues presented at the General Meeting were approved by the shareholders.
In addition to directing the Executive Board in production, business, and investment, the Board of Directors will direct issues related to workforce restructuring and arrangement, review and adjust the regulations on electricity production distribution and internal management regulations to suit the actual situation of the company.
Speaking at the General Meeting, Mr. Nguyen Manh Huan, Member of the Board of Directors of EVNGENCO1 - the controlling shareholder of DHD, congratulated DHD for achieving its production and business targets despite facing many challenges in 2023.
Mr. Nguyen Manh Huan suggested that the DHD leadership and employees continue their efforts, leverage their experience to meet the production and business targets for 2024 assigned by EVNGENCO1 to ensure efficient power supply and meet shareholder expectations. He added that the dividends received from DHD contribute to the effectiveness of EVNGENCO1.
Mr. Nguyen Manh Huan, Member of the Board of Directors of EVNGENCO1
On behalf of the Board of Directors, Mr. Le Van Quang sent his gratitude to EVNGENCO1 for timely directing its Representative in management work, helping the company achieve good results in production and business. Mr. Le Van Quang stated that the electricity production work in 2024 would face many difficulties due to unfavorable hydrology. He hoped to receive timely guidance from EVNGENCO1 to fulfill the production and business targets for 2024.