Biwase’s General Meeting of Shareholders: Biwase Continues to Seek Investment Opportunities in Core Industries

On the morning of March 25th, 2024, Binh Duong Water - Environment Corporation - Joint Stock Company (Biwase, stock code BWE - HoSE) held its Annual General Meeting of Shareholders.

Discussing at the meeting, Mr. Nguyen Van Thien, Chairman of Biwase, said that in 2023, due to the general impact of inflation, global economic recession, and conflicts in many regions, economic recovery after the Covid-19 pandemic will be more difficult. Many businesses have to close or cut production, leading to a decrease in water consumption and a decrease in the amount of waste received.

Mr. Nguyen Van Thien, Chairman of Biwase, reported on the company's business results for 2023 and its business orientation for 2024. Photo by Le Toan.

“To achieve the goals set for 2023 by the General Meeting of Shareholders, the Board of Directors and the Executive Board have made efforts to seek opportunities for the company’s development. As a result, the company's business performance in 2023 has improved compared to 2022,” Chairman Nguyen Van Thien emphasized.

At the end of 2023, Biwase reported total revenue of 3.978 billion VND, reaching 100.2% of the plan, a 2% increase compared to the same period last year; net profit after tax was 601 billion VND; and basic construction investment disbursed during the year was 370 billion VND. The water loss rate continued to maintain a record low of 5%.

Regarding notable business activities in 2023, Mr. Nguyen Van Thien mentioned that in April 2023, the company completed negotiations to acquire shares of water supply companies in Long An (4 companies became subsidiaries, 1 company became an associate) and 1 water supply company in Quang Binh also became an associate.

“Under Biwase’s management, all acquired units have become profitable,” Mr. Nguyen Van Thien highlighted that investments in the water supply sector have started to generate profits.
In May 2023, Con Voi Trading Branch, the Con Voi Bình Dương organic fertilizer brand, launched 7 organic fertilizer products with different packaging, names, and uses suitable for all types of crops. The products were approved by the Plant Protection Department, Ministry of Agriculture and Rural Development for nationwide distribution.

In September 2023, Biwase successfully organized the brand identity announcement event and the Vietnam Water Week 2023.

In December 2023, Biwase put into operation a 5 MW waste-to-energy plant and 840 tons/day organic fertilizer production line - phase 4, with the inauguration ceremony held in January 2024.
“This is a plant where the company controls the technology from design to operation,” Mr. Nguyen Van Thien happily shared about the operation of the waste-to-energy plant.

In November 2023, at the Vietnam M&A Forum 2023 with the theme "Joining Hands for Prosperity" organized by Investment Newspaper (Ministry of Planning and Investment), the company received the award for Best M&A Companies in Vietnam 2023. Photo by Le Toan.

In addition to business activities, in June 2023, Biwase was ranked in Forbes' Top 50 Best Listed Companies in Vietnam 2023, marking the fourth consecutive year the company has been honored. In July 2023, the company proudly received two major national awards: "Green and Sustainable Economic Development Company" and Top 10 Representatives in the Clean Water and Environmental Sanitation sector for the "Famous Brand - Competitive Brand Vietnam 2023" award. In November 2023, at the Vietnam M&A Forum 2023 with the theme "Joining Hands for Prosperity" organized by Investment Newspaper (Ministry of Planning and Investment), the company was awarded as one of the Best M&A Companies in Vietnam 2023.

Looking ahead to 2024, Chairman Nguyen Van Thien anticipates many positive changes in the economy, especially towards the end of the year. With high experience and determination, the company will continue to leverage its management role, strive to fulfill the responsibilities entrusted by shareholders, and ensure the company’s growth in scale, financial sustainability, and focus on a green environment.

“Continuing to effectively implement investment and development plans, ensuring clean water supply in provinces where the company is investing such as Dong Nai, Binh Phuoc, Can Tho, Long An, and Quang Binh. Additionally, the company will ensure safe water supply, a clean environment, and safety for investors, maintaining or reducing the current water loss rate,” Chairman Nguyen Van Thien emphasized the 2024 strategy.

Regarding financial targets, in 2024, Biwase plans to achieve revenue of 4,100 billion VND, an increase of 3.1% compared to the previous year, with a projected net profit of at least 700 billion VND, a minimum increase of 16.5% compared to 2023. The expected cash dividend is 13%, and the company's overall water loss rate is targeted to be 5% or below.

In the water supply sector, the company plans to invest in pipeline systems bringing water to remote areas in Binh Duong and other provinces where Biwase provides water services; continue to complete and approve clean water pricing plans; upgrade the capacity of Nhi Thanh Water Plant by an additional 60.000 m³/day, and increase Gia Tan's capacity to 40.000 to 50.000 m³/day by 2025.

In the waste management sector, the company will research and invest in expanding markets in strategic areas; explore more advanced waste treatment solutions; continue to find outlets for recycled products, especially Con Voi Bình Dương fertilizers; invest in a 500 tons/day waste incineration plant combined with a 12 MW power generation unit; complete and approve waste pricing plans; and finalize legal documents for the solid waste treatment complex in Tan Long Commune, Phu Giao District, Binh Duong Province.

In the wastewater sector, the company will continue to implement and enhance customer connections for wastewater; finalize and approve pricing for wastewater services; strengthen asset management and maintenance for effective operation, contributing to water environment protection.

“Regarding mergers and acquisitions (M&A), if there are good opportunities in the water supply and waste management sectors in potential areas within Biwase’s financial capacity, the company will continue to invest in core industries. Biwase has already invested in companies in Dong Nai, Long An, Quang Binh, etc.,” Mr. Nguyen Van Thien emphasized the ongoing pursuit of M&A opportunities in core sectors if favorable conditions arise.

For project implementation, the company will continue to monitor and organize the legal documentation for the Long Thanh Water Pipeline project in Dong Nai Province; invest capital to support development needs at Biwase-invested companies in Dong Nai, Long An, Quang Binh; implement water supply projects for Becamex - VSIP industrial zones; strategize funding sources such as ADB's low-conditional ODA (non-sovereign), World Bank (WB), Japan International Cooperation Agency (JICA), DEG Financial Organization of Germany, etc., for water supply, waste management, and financial investment projects.

Investment Newspaper - Baodautu.vn will continue to update information on Biwase’s Annual General Meeting of Shareholders for 2024.

Source: https://baodautu.vn/dhdcd-biwase-biwase-tiep-tuc-tim-kiem-co-hoi-dau-tu-vao-nganh-cot-loi-d211455.html