Unit: billion VND
| Indicator | 2023 plan | Implementation in 2023 | Implementation in 2022 | ||
|---|---|---|---|---|---|
| Value | % / 2023 plan | Value | % increase/ decrease 2023/2022 |
||
| Signed contract value | 1,500 | 1,116 | 74.40% | 930 | 120.32% |
| Revenue | 1,700 | 1,644 | 96.69% | 1,186 | 138.59% |
| Earning after taxes | 31.48 | 3.76 | 11.95% | (141) | 103.50% |
Compared to 2022, operating results have improved with revenue of 1,644 billion VND, up by more than 38% YoY and signed contract value of more than 1,116 billion VND despite difficult market situation and fierce competition.
Unit: billion VND
| Signed contract value | Engineering, construction and logistics | Industrial refrigeration | Construction material |
|---|---|---|---|
| 2023 | 735.58 | 191.97 | 188.29 |
| 2022 | 398.16 | 381.66 | 150.18 |
Unit: billion VND
| Revenue | Engineering, construction and logistics | Industrial refrigeration | Construction material |
|---|---|---|---|
| 2023 | 1,172.90 | 305.97 | 164.65 |
| 2022 | 741.71 | 226.46 | 217.44 |
Position: Chairman of the Board of Directors
Year of birth: 1965
Professional qualification: Thermal Engineer
Number of shares held: shares, accounting for 2.66% of the Company’s charter capital.
Mr. Le Tan Phuoc currently holds the position of Chairman of the Board of Directors and is a founding shareholder of Searefico.
With the aspiration to create the top “Made in Vietnam” products in the world, he and the Board of Directors are determined to develop Searefico into a National Brand in the field of engineering and technology, and gradually affirm our position in Vietnamese and global markets.
Focusing on building a sustainable business, he is also the leader in developing Vietnamese business community with healthy business culture, aiming to contribute practical values to the society.
The BOM experienced a change of positions as follows:
Appointed Mr. Nguyen Kinh Luan to hold the position of Deputy General Director of Searefico from 01/10/2023 according to the BOD’s Decision No. 012/QD/SRF/HDQT/23 dated 29/9/2023.
As of 31/12/2023, the total number of employees in the Company was 451 people with the specific structure as follows:
| Item | Quantity | Percentage (%) |
|---|---|---|
| Total number of employees | 451 | 100% |
| Educational level | 451 | 100% |
University graduate and post-graduate |
284 | 63% |
College |
59 | 13% |
Intermediate |
36 | 8% |
Manual workers (*) |
72 | 16% |
| Personnel structure by gender | 451 | 100% |
Male |
373 | 83% |
Female |
78 | 17% |
| Job role | 451 | 100% |
Senior manager |
24 | 5.32% |
Middle-level manager |
68 | 15.08% |
Employee, specialist |
359 | 79.60% |
| Annual per capita income (million VND/month) | 19.4 | |
| Average seniority (years) | 5.4 | |
| Average age (years) | 35.8 |
(*) Manual workers: Workers without vocational training certificates
Our approach prioritizes the cultivation of talent, understanding that it is the individuals who drive the creation and growth of successful companies. Searefico always aims at developing a sustainable team in both quantity and quality aspects. In particular, core values, corporate culture, and legacy inherited from previous generations are the roots of this sustainable development.
Attract suitable candidates
Formulate and develop a succession plan
Searefico consistently honours our commitment to building a fair, transparent, flexible and competitive salary, reward and welfare policy in order to attract and retain talents. This not only ensures competitive salaries and welfare benefits, but also creates an environment where employees are valued and recognized for their contributions and achievements.
In 2023, despite the market trends of laying-off and salary reduction, we still managed to grow our employee average income by 3% over that in 2022.
Unit: billion VND
| Indicator | 2023 | 2022 | %2023/2022 |
|---|---|---|---|
| Total asset | 1,753 | 1,731 | 100.46% |
| Net revenue | 1,644 | 1,186 | 138.45% |
| Operating income | 3.58 | (128) | - |
| Other income | 3.95 | 0.6 | - |
| Earnings before taxes | 7.53 | (127) | - |
| Earning after taxes | 3.76 | (141) | - |
| Dividend payout/charter capital rate (%) | 0% | 0% |
In 2023, Vietnam’s real estate market took a major hit as many investors and developers were forced to reduce their product prices and even accept heavy discounts to stimulate sales demand. This situation reflected a challenging and volatile market. Many real estate businesses had to downsize and restructure their organizations, wind up certain subsidiaries, cut down on their workforce, and temporarily suspend the operations. Typically, a number of big market players had to downsize 50-75% of their workforce.
In 2023, due bond pressure and cash flow shortage greatly affected the construction progress and delayed the payments to contractors. In that context, however, Searefico still managed to carry out our projects on schedule and speed up payment progress with remarkable achievements, e.g., total revenue reached 1,644 billion VND in 2023, up by more than 38% YoY.
During the year, Searefico continued focusing on handling backlogs from previous years, reviewing the inventory, re-evaluating receivables, and setting aside provisions for certain investments in line with applicable accounting regimes and standards. Earning before taxes was 7.53 billion VND, a remarkable result compared to the loss of 127 billion VND in 2022.
In particular, in 2023, for the first time after 4 years of incorporation, Searefico E&C made prepayment of dividends to shareholders at rate of 3.3% of par value despite many difficulties in the real estate market. Meanwhile, Phoenix also paid dividends to its shareholders at rate of 20% of par value. The long-term investment in Searefico E&C and Phoenix has born fruits, promising to provide Searefico with a stable source of income in the future. This is the proof for the correct direction set by the BOD for the 3rd restructure, conversion of the operational model into Holdings Company with initial success.
| Indicator | UNIT | 2023 | 2022 |
|---|---|---|---|
| Solvency indicators | |||
| Current ratio | Times | 1.1 | 1.1 |
| Quick ratio | Times | 0.9 | 0.8 |
| Capital structure indicators | |||
| Debt-to-capital ratio | Times | 0.8 | 0.8 |
| Debt-to-equity ratio | Times | 3.0 | 3.0 |
| Operating capacity indicators | |||
| Receivables turnover | Cycle | 2.2 | 1.6 |
| Inventory rotation | Cycle | 5.9 | 3.9 |
| Asset turnover | Cycle | 0.9 | 0.7 |
| Profitability indicators | |||
| Operating income/Net revenue | % | 2.89 | (15.4) |
| Earnings after tax/Net revenue | % | 0.23 | (11.9) |
| Return on equity (ROE) | % | 1.06 | (39.7) |
| Return on assets (ROA) | % | 0.21 | (8.2) |
Despite many difficulties in 2023, such as cash flow shortage and slow payments from investors, we still managed to ensure the solvency and make timely payments to subcontractors and suppliers. Specifically, current ratio in 2023 was equivalent to that in 2022 while quick ratio grew from 0.8 times in 2022 to 0.9 times in 2023.
Regarding capital structure, we continued affirming our capacity and credibility with credit institutions, subcontractors, and suppliers. Our debt-to-capital and debt-to-equity ratio were maintained as stable as those in 2022.
Regarding operational efficiency, we continued maintaining and promoting effective debt collection and inventory management practices. Asset turnover ratio continued growing from 0.7 cycle in 2022 to 0.9 cycle in 2023.
In 2023, the BOM has strengthened risk management and flexibly adapted to market fluctuations. Our profitability indicators were all positive, proving again the BOD’s correct direction and effectiveness of management work performed by the BOM. Searefico has proven that 2023 was the starting point for implementing our pivot strategy and successfully navigating the storm on the road to a new cycle of success.
As of 31/12/2023, the number of shares in the Company was as follows:
Number of shares issued and listed:
35,566,780 shares
Number of shares outstanding:
33.786.780 shares
Number of treasury shares:
1.780.000 shares
Par value of the share:
10.000 VND
Changes of the equity: was no change in the equity in 2023 over that in 2022.
Treasury share transactions: is no treasury share purchase or sale transaction in 2023.
List of shareholders
| Category | Domestic shareholders | Foreign shareholders | Total | |||
|---|---|---|---|---|---|---|
| Number of shares | % CC | Number of shares | % CC | Number of shares | % CC | |
| Shareholders with over 5% shares | 6,424,471 | 18.0% | 16,059,456 | 45.2% | 22,483,927 | 63.2% |
| Shareholders owning from 1% to 5% shares | 6,185,436 | 17.4% | - | - | 6,185,436 | 17.4% |
| Shareholders owning below 1% shares | 4,822,460 | 13.6% | 294,957 | 0.8% | 5,117,417 | 14.4% |
| Treasury shares | 1,780,000 | 5.0% | - | - | 1,780,000 | 5.0% |
| Total | 19,212,367 | 54.0% | 16,354,413 | 46.0% | 35,566,780 | 100.0% |
List of strategic and major shareholders
| Major shareholders | Number of shares | Ownership ratio (%) |
|---|---|---|
| Taisei Oncho Co., Ltd | 8,909,456 | 25.05% |
| Sanyo Vietnam Engineering & Development Co., Ltd. | 7,150,000 | 20.10% |
| Vietnam Seaproducts Joint Stock Corporation | 4,567,200 | 12.84% |
| Nguyen Huu Thinh | 1,515,258 | 4.26% |
| Nguyen Thi Hong (*) | 1,857,271 | 5.22% |
Note: (*) Mrs. Nguyen Thi Hong is a related person of Mr. Nguyen Huu Thinh - a non-executive member of the BOD.
