REE's 'female general' in her 80s received a salary of 832 million in just over a month as general director

Refrigeration Electrical Engineering Corporation - REE - has just gone through the last quarter of 2024 with positive results. Total remuneration and income of leaders also increased compared to the same period last year.

Ms. Nguyen Thi Mai Thanh is the person who steered the "ship" REE from the very first days until it became a famous and developed enterprise as it is today - Photo: REE

REE's recently announced fourth-quarter 2024 financial report said the company spent more than VND7 billion to pay total income and remuneration to leaders, an increase of 40% compared to the fourth quarter of 2023.

Of which, REE paid Ms. Nguyen Thi Mai Thanh - Vice President - VND840 million in the fourth quarter of 2024, a decrease of VND270 million compared to the same period. This decrease occurred in the context that Ms. Mai Thanh left the chairwoman position since the end of November last year.

Immediately after leaving the chairwoman position, Ms. Thanh became the general director. After just over 1 month in the executive position, Ms. Thanh received an income of more than 832 million VND.

Meanwhile, Mr. Alain Xavier Cany - Chairman of REE - received 510 million VND in the fourth quarter of 2024, unchanged compared to the same period. Mr. Alain Xavier Cany - formerly non-executive vice chairman of REE - became the new Chairman of the Board of Directors to replace Ms. Mai Thanh from the end of November 2024.

Regarding the new Chairman Alain Xavier Cany, he joined REE in 2021 and represents shareholder Platinum Victory Pte.Ltd, which is holding 34.9% of REE's capital.

In the board of directors, Mr. Le Minh Quang - who sat in the "hot seat" of general director for 4 months (removed from November 22, 2024) - received an income of 1.5 billion VND in the 4th quarter.

Meanwhile, Mr. Nguyen Quang Quyen - Deputy General Director - received an income of more than 1.46 billion VND, a sharp increase compared to 600 million VND in the same period in 2023.

Also in the position of deputy general director, Mr. Nguyen Ngoc Thai Binh received 880 million VND, an increase of 600 million VND over the same period.

Regarding business performance, REE recorded consolidated revenue of VND2,336 billion, up 13% over the same period. Consolidated profit after tax reached VND882 billion, up 37%.

REE's board of directors said that consolidated after-tax profit increased mainly due to the refrigeration and electrical engineering segment in the fourth quarter of last year reaching nearly VND79 billion, while in the same period last year it lost VND76 billion.

"The real estate market has recovered and flourished, and infrastructure projects have accelerated, creating favorable conditions for the refrigeration and electrical engineering sector to record positive revenue and profits, and improved debt collection ability," said a REE leader.

However, cumulatively for the whole year of 2024, REE's revenue reached VND 8,394 billion, down 2% compared to 2023 and profit after tax reached VND 2,396 billion, down 14%.

The huge scale of REE - the first enterprise listed on the Vietnamese stock exchange

Refrigeration Electrical Engineering Corporation (REE) is a multi-industry business group established in 1977.

After converting from a state-owned enterprise to a public company through equitization in 1993, REE was the first company listed on the Vietnamese stock exchange in 2000.

After 24 years of listing, with many ups and downs of the economy as well as the stock market, REE has risen to become a leading name in the energy sector in Vietnam with a capitalization of more than 31,000 billion VND.

Notably, from the initial capital of 150 billion VND, REE's charter capital has now increased 31 times - to more than 4,700 billion VND. Asset size has also increased 140 times, reaching approximately 35,000 billion VND.

At the same time, from a profit of 30 billion VND in 2000, up to now, the leading energy enterprise has regularly brought in thousands of billions of VND in profit each year.

Source: https://tuoitre.vn/nu-tuong-u80-cua-ree-nhan-luong-832-trieu-trong-hon-mot-thang-lam-tong-giam-doc-20250206153526206.htm