Loc Troi Group dismisses General Director

Loc Troi dismissed from the position of General Director

The Board of Directors of Loc Troi Group (Code: LTG) has just approved the dismissal of Mr. Nguyen Duy Thuan from the position of General Director from July 15; at the same time, Mr. Thuan is no longer the legal representative of Loc Troi. It is known that Mr. Nguyen Duy Thuan was appointed as General Director of Loc Troi from May 2020 to present.

Mr. Thuan is responsible for handing over work, files, documents, and related equipment to Chairman of the Board of Directors Huynh Van Thon or the responsible individual designated by Mr. Thon in accordance with internal procedures and related laws from July 16.

Immediately after the above decision, on July 16, Mr. Huynh Van Thon, Chairman of the Board of Directors of Loc Troi Group, sent an open letter to relevant organizations and individuals to announce this change in key personnel.

In the open letter, Mr. Thon wrote: "In the coming time, I will directly direct and manage all activities of the Group until a decision is made to appoint a new General Director."

Mr. Thon expressed that Loc Troi Group is still in a difficult period and hopes to receive support from all parties, especially banks, to help Loc Troi have enough financial resources, stabilize production and business in the last 6 months of 2024 and the following years in a sustainable manner.

"After stabilizing our staff and stabilizing effective production and business, we will fulfill our responsibilities and obligations to all of you in accordance with current laws" - the head of Loc Troi Group committed.

Mr. Huynh Van Thon - Chairman of the Board of Directors of Loc Troi Group will hold an additional executive role during the vacancy of the General Director position.

How does Loc Troi achieve annual profit of 50 billion VND?

Loc Troi Group, formerly An Giang Plant Protection Service Company (established in 1993), operates in many fields such as: Plant protection drugs, plant varieties, food, etc.

In the first quarter of the year, Loc Troi recorded more than VND 3,800 billion in net revenue, an increase of 57% over the same period in 2023.

However, after deducting expenses, this leading agricultural enterprise reported a net loss of more than VND96 billion , an increase from the VND81 billion recorded in the same period in 2023.

In 2024, Loc Troi plans to make a profit of 50 billion VND.

Loc Troi has set a plan for after-tax profit of VND50 billion for the whole year of 2024, three times higher than in 2023. Regarding the operational orientation from now until the end of 2024 and the whole year of 2025, with the foundation of core business activities and high growth in the food and agricultural materials industry..., Loc Troi will strive and be determined to conquer the highest possible revenue and profit target for this year.

The Group will focus on improving cash flow from operations by shortening the collection cycle from customers, helping to pay for rice purchases from farmers and repay debts.

In 2024, the Group will increase sales of agricultural materials and increase sales of seeds. At the same time, it will balance the financial capital balance to ensure a harmonious capital structure, increase the efficiency of capital use, and increase equity through stock issuance.

Regarding investment and development activities, Loc Troi plans to mobilize long-term capital to build a rice factory with a capacity of 10,000 tons/day in Long An . Loc Troi will participate deeply in the 1 million hectare high-quality rice project approved by the Government.

Regarding business strategy, Loc Troi will continue to focus on rice and by-product products, aiming to increase revenue and profit. The group said it has signed contracts to sell rice husks with Nike and other partners, ensuring high profit margins. Trading rice and by-products is profitable, but it takes time for the system to operate more effectively.

It is known that as of March 31, Loc Troi's total assets reached nearly 12,000 billion VND , up 4% compared to the beginning of the year. Of which, cash and cash equivalents decreased by 78% to more than 105 billion VND , inventories increased by 43%, reaching more than 2,800 billion VND .

Previously, Loc Troi Group held its annual general meeting of shareholders on June 26. The meeting elected and introduced the Board of Directors and Supervisory Board for the 2024-2029 term. The members of the Board of Directors unanimously elected Mr. Huynh Van Thon to continue holding the position of Chairman of the Board of Directors.

Source: https://danviet.vn/tap-doan-loc-troi-mien-nhiem-tong-giam-doc-20240716205742179.htm