Đăng nhập

Thông tin công ty


On April 11th, 2019, Gia Lai Electricity Joint Stock Company (GEC, GEG - Upcom) announced all the proposals for the Annual General Meeting of Shareholder 2019, hold in the morning of April 26th, 2019 at TTC Hotel Deluxe, 489 Ly Thuong Kiet, Ward 8, Tan Binh District, Ho Chi Minh City. The contents to discuss in relation to Finance and Governance including (1) Audited financial statements in 2018 (2) Profit distribution in 2018 (3) Business plan and profit distribution plan for 2019 (4) ESOP issuance (5) Selection of External Audit for fiscal year 2019 (6) Wind Power development strategy (7) Remuneration of the Board of Directors (BOD) (8) Supplement the Company's business lines and (9) Transactions with Related parties.

In 2018, GEC became the leading bird in realizing the goals of Solar Energy with the first 117 MWp that connected to the national grid, increased the total generation capacity of GEC to 168 MW including 14 Hydropower plants and 2 Solar power plants, double the capacity of 2017. Revenues from Hydropower production increased, and diversification into Solar power, besides well-controlled operating expenses helps GEC to exceed the targets. Total revenue of GEC in 2018 achieved VND 581 billion, reaching 106% of the plan, total expense is VND 374 billion, higher than planned, so profit after tax of 2018 reached VND 187 billion, exceeding 21% of the plan. In 2018, the company had more 314 new customers, increased the total number of customers of Chu Prong Branch – the only group of Hydropower plants in Vietnam belonging to private enterprises permitted to sell electricity directly to the customers – to 7,318 customers. Electricity price for customers is issued by the Ministry of Industry and Trade with a relatively high average selling price of VND 1.700/kWh. This cluster of plants sells electricity through two forms: prioritizing retailing electricity to customers and remaining output electricity to EVN at negotiated prices.

With stable cash flow from Hydropower business, in recent years, GEC has always ensured the interests of Shareholders and Investors through payment of dividends in various forms, with stable cash dividends from 2014 to now is 10% and stock is 20%. To focus on improving financial capacity in expanding a series of Solar power projects, allocating resources for wind power in 2019, is a premise for stable cash flow and long-term business advantages, GEC only proposed dividends at the rate of 7% by cash, still ensuring the interests of Shareholders and Investors.

2019 is a peak year of Solar Power when GEC expects to operate 5 Solar plants with the total capacity of 240 MWp, increasing the Solar Energy portfolio up to 7 plants with capacity of 358 MWp. GEC expects a total revenue of VND 1,014 billion, increase of 74% and Profit before tax reached VND 240 billion, increase of 16% compared to 2018. The total commercial electricity of 590 million kWh increases of 55% compared to 2018, in which Hydropower are 352 million kWh accounting for 60%, based on an average of 5 years and Solar powers are 238 million kWh, accounting for 40%, calculated on the commitment of EPC contractors. In 2019, GEC continues to expect dividend payment in the range of 8% to 10% due to stable revenue from Hydropower plants, fully recording the full revenue of 2 Solar power plants Phong Dien and Krong Pa with an expected output of 163 million kWh as well as plans to operate another 5 Solar power plants.

In addition, GEC suggests to approve ESOP issuance at the rate of 5% with the price of VND 11,000/share, equivalent to 9.7 million shares and the total number of shares after ESOP issuance are around 204 million. Expected transfer restriction time is 6 months for 30% of shares and 1 year for 70% of the remaining. Distribution objectives consist of the Board of management, Heads of units, Managers and highly qualified personnel. The total amount expected from the ESOP issuance are around VND 107 billion that shall be supplemented with working capital. Authorized capital after ESOP issuance reach VND 2,039 billion.

Prominent in 2019 is a Solar power pioneer to develop Wind power segment based on the development orientation to 2020 and vision to 2022 is constantly diversified of Renewable energy and promote strong cash flow from different revenue sources. GEC's total capacity is expected to be 1,136 MW by 2022, nearly 3 times higher than the end of 2019; of which Hydropower is 184 MW, Wind power is 250 MW and Solar power is 702 MW, respectively accounting for 16%, 22% and 62%. GEC submits to the General Meeting for approval of the policy of research, selection and implementation of potential and effective investment in Wind power projects with investment expenses not exceeding VND 45 billion/MW excluding VAT in Southwest region, Highland, ... the BOD pays high attention to opportunities for developing Wind power when the current price of Wind power is preferential until November 2021. Off-shore price is 9.8 cents/kWh and on-shore price is 8.5 cent/kWh; however, going along will be challenges in Wind power development technology, requirements for supplementation into electricity master plan ...

The BOD also suggest to approve the total wages and estimated operating expenses for members of the BOD and its units in 2019 at a maximum of VND 1.31 billion. In addition, GEC added the business lines related to electrical engineering to make the most of the strength of existing technical personnel to maximize revenue sources including: Consulting on Renewable Energy, Energy audit, architectural activities and technical consultancy, scientific research and technological development, rental of machinery and equipment, ...


For further information, please contact:

Mr. Nguyen Anh Vu

Investor Relations Department

Email: vuna@geccom.vn