Mr. Vu Dinh Do suddenly resigned from the position of Chairman of DNP Holding before the Congress.

DNP Holding Corporation (code DNP - HNX floor) plans to reduce the number of Board members for the 2022-2027 term from 7 to 5, while dismissing 3 members and electing 1 additional member.

After more than 9 years as Chairman, Mr. Vu Dinh Do resigned 2 days before the Congress.

On May 22, DNP Holding received a request to resign from the Board of Directors of Mr. Vu Dinh Do and Ms. Phan Thuy Giang. The resignation will be approved at the 2024 Annual General Meeting of Shareholders.

According to research, Mr. Vu Dinh Do (born in 1982) is an investor, co-founder and accompanies the development of water infrastructure development companies, water infrastructure material manufacturing companies, construction materials... in the DNP Holding Joint Stock Company system.

Mr. Do joined DNP Holding in 2012 as CEO and was appointed Chairman of the Board of Directors of DNP Holding on April 6, 2015. Currently, before resigning, in 2022, Mr. Do was re-elected as Chairman of the Board of Directors for the 2022-2027 term.

Thus, Mr. Do's term still had time left, but he suddenly resigned.

In addition, the second person to resign is Ms. Phan Thuy Giang (born in 1979). Ms. Giang is introduced to have 25 years of experience in the fields of investment, finance, banking and has joined DNP Holding since 2017. In particular, she was elected as a member of the Board of Directors of DNP Holding from July 17, 2021 to present.

Plan to go backwards in 2024

In addition, as planned, on May 24, DNP Holding will hold the 2024 Annual General Meeting of Shareholders, the Meeting will be held in Dong Nai province.

In 2024, DNP Holding plans to have revenue of VND 7,986 billion, up 5.4% over the same period, with pre-tax profit expected to be VND 73 billion, down 61.4% compared to 2023. In particular, the revenue structure includes VND 2,630 billion from the water industry ecosystem; VND 1,917 billion from construction materials; VND 1,381 billion from clean water and environment; VND 1,304 billion from packaging; and the remaining VND 754 billion from household appliances.

For the clean water and environment sector, revenue in 2024 is expected to increase by 29.3% to VND 1,381 billion. In particular, the growth momentum comes from the merger of Saigon Water Infrastructure JSC into the ecosystem; natural growth of the existing market; increasing capacity and expanding water supply areas in some areas such as Bac Giang , Cu Chi (HCMC), Binh Thuan, Binh Phuoc; and adjusting water prices to increase revenue at some subsidiaries.

For the water industry, total revenue is expected to decrease by 3.1%, to VND 2,630 billion. In particular, the Company's goal is to promote revenue in the Northern market, including infrastructure pipes and civil pipes; in terms of products, the Company focuses on diversifying settling plate products, uPVC pipe adhesives, chemicals and other products through trade.

Regarding construction materials, the revenue target increased by 4.6% to VND 1,917 billion. In particular, the Company improved production efficiency, reduced costs through cooperation with international experts, improved technological equipment, refined systems, etc.

Regarding the profit distribution plan, DNP Holding proposed to shareholders not to pay dividends in 2023, all retained profits will be used to supplement working capital.

Regarding personnel, DNP Holding also submitted to shareholders the dismissal of Mr. Akhil Jain, Mr. Vu Dinh Do and Ms. Phan Thuy Giang from the positions of members of the Board of Directors. The dismissal period is from the date of approval by the General Meeting.

DNP Holding proposed to reduce the number of members of the Board of Directors for the 2022-2027 term from 7 to 5. Of which, it is expected to elect 1 additional member but the identity of the candidate has not been announced.

In terms of business activities, in the first quarter of 2024, DNP Holding recorded revenue of VND 1,771 billion, up 19.5% over the same period, profit after tax reached VND 6.08 billion, up 268.5% over the same period. In which, gross profit margin decreased from 21.6% to 18.6%.

Thus, ending the first quarter of the year with pre-tax profit reaching VND 10.88 billion, DNP Holding has only completed 14.9% of the profit plan of VND 73 billion in 2024.

Source: https://baodautu.vn/ong-vu-dinh-do-bat-ngo-tu-nhiem-vi-tri-chu-tich-dnp-holding-truoc-dai-hoi-d215859.html