News Mar 31, 2022

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Traphaco is determined to maintain the compound growth momentum in 2022 thanks to business restructuring

On March 31st, 2022, Traphaco Joint Stock Company (code: TRA) successfully held the Annual General Meeting of Shareholders in 2022 in two forms of face-to-face and online meetings. The General Meeting is organized in accordance with the provisions of the law on epidemic prevention in the complicated situation of Covid-19.

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Mr. Nguyen Anh Tuan - Vice Chairman of the Board of Directors spoke at the meeting

2021 can be said to be a successful year in all aspects for Traphaco. Traphaco company has completed all the set targets, net revenue reached more than 2,160 billion, reaching 102.8% of the plan, growing 13.2% compared to 2020; profit reached 265 billion, 10.5% higher than the plan, up 22.2% compared to 2020. Sales of manufactured goods and distributed goods both achieved good growth.

Also in 2021, the Company has implemented many major activities such as: proactively responding to the COVID-19 situation, continuing to apply Traphaco Culture in the new period. The company has completed the business restructuring plan, in which separating the herbal and non-herbal medicine business aspect. This is a transformational step to improve competitiveness, flexibly adapt to market changes, in order to realize the strategic goal of "Maintaining the No. 1 position in Herbal Medicine, Focusing on development investment of Non-Herbal Medicine”; implementing cost limits, ensuring 30% dividend payment, increasing employee income by more than 10%, technology transfer and other activities (promoting marketing activities, developing new pharmaceutical products, product distribution, technology transfer, etc.).

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In terms of social community development, in the past year, Traphaco shared the activities to prevent epidemics: Supporting hospitals and frontline forces to fight the epidemic with 1 billion VND, supporting the Covid-19 Vaccine Fund. , Support the program of Safe medicine bag (Ministry of Health) with 200,000 bottles of TB Fresh antiseptic mouthwash, Ensure policies to support company employees infected and affected by the Covid-19 pandemic.

The meeting unanimously approved the following contents, specifically: Report for the year 2021 of the Board of Directors, Board of Supervisors, Audited Consolidated Financial Statements; Operation Orientation in 2022; Profit distribution plan in 2021 and expected for 2022. The meeting approved business plans in 2022, including:

  • Consolidated revenue target is 2,345 billion VND, increased 10% compared to 2021.
  • Consolidated profit after tax is 286 billion VND, increased 7% compared to 2021.
  • Dividend ratio maintained at 30% of charter capital in cash.

Entering 2022 - the 50-year milestone of Traphaco's construction and development, in order to promote the achieved results, maintain and promote traditional values to continue to develop, and implement the 6 ultimate cultural principles, emulate epidemic prevention and control, maintain and stabilize production and business development, take care of jobs & income and life for employees, turn difficulties and challenges into development opportunities, Traphaco will do a few main things as follows:

  • Continuing to implement Traphaco Culture in the new period.
  • Building a new organizational model.
  • Completing the working process according to the new model after restructuring.
  • Separation of Oriental Medicine and Non-Traditional Medicine pharmacists.
  • Manage expenses with a budget plan.
  • Improve the way of assigning and evaluating work goals according to the KPI system.
  • Promote R&D activities, develop new products.
  • Upgrading the information technology system.
  • Development of distribution products.
  • Technology transfer.
  • Quality management.
  • Human Resource Management.

Restructuring in terms of governance is absolutely necessary for the company to develop better, with the goal of maintaining stability along with improving business performance. The process of implementing the Business Restructuring project is based on legal and practical grounds, as well as shareholders' expectations, especially achieving high internal consensus. This is innovation, the product of intellect and enthusiasm; carefully implemented and will be a driving force for long-term development for the Company.

The Business Restructuring process is the rearrangement of functional areas along Traphaco's value chain: Sales & Marketing, Research & Development, Finance & Planning and supporting departments. During and after the implementation of the Restructuring, the Company is committed to ensuring job stability and the entire remuneration regime for employees so that employees can work with peace of mind with a stronger and more motivated effort to achieve better results.

The division of R&D Department into Herbal and Non-Herbal medicine research departments (including technology transfer products) helps to focus R&D activities on the parent company, taking advantage of the common platform. on facilities such as LABO research, system standardization. Right from the first quarter of 2022, 7 new products (9 SKUs) were launched into the market, sales exceeded 62% of the plan.

Separation activities of Herbal and Non-Herbal Medicine sales reps was also implemented right from January 2022, with 6 pioneering provinces separating the group of tHerbal and Non-Herbal medicines, including: Hanoi 1, Thai Binh, Phu Tho , Nghe An, Khanh Hoa, Long An. The business results in the first quarter of these provinces all grew better than the national average, with total sales growing by 44% over the same period, of which non-herbal products increased by 82%, the group herbal medicine grew by 26% over the same period.

This shows that, the new organizational model and improved and more appropriate management method will create a resonance of resources and values, promoting Traphaco's strong development.

The meeting unanimously dismissed Mr. Lai Tran Dong - Member of the Board of Directors, and elected 1 new member. Mr. Nguyen Phu Khanh (nominated by SCIC shareholder) was elected as a member of the Board of Directors with 38,038,710 votes.

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The Presidium congratulated Mr. Nguyen Phu Khanh on the election of additional members of the Board of Directors

During the discussion session, many shareholders questioned the opportunity to develop the non-herbal medicine segment - a new business that is expected to bring innovation and breakthroughs in the future. Ms. Dao Thuy Ha – COO in Sales & Marketing, Co-head of the Non Herbal Subcommittee shared about this issue. Currently, Traphaco still has many opportunities to develop the ETC channel. Even on the OTC channel, which is Traphaco's strength, after splitting the program of Herbal and Non Herbal Medicine, the non-herbal group achieved very high growth.

As a solution to exploit these markets, in the spirit of the Resolution of the General Meeting of Shareholders for the term 2021-2025, the Board of Directors established a Non Herbal Sub-Committee, discussed ways to develop non-herbal products through technology transfer activities from Daewoong Pharmaceutical Group - a corporation with rich experience in developing new pharmaceutical products, many new inventions for products for chronic diseases, which can be transferred to Traphaco to access, carry out the production and registration. The subcommittee also discussed developing new channels such as ETC, clinics, hospitals and creating activities that resonate with Traphaco's values: research and development, market research, sales implementation of ETC -OTC, increasing the value chain of the Company.

With the current speed of researching and deploying products to the market, it will create more non herbal products to be sold on OTC and ETC channels. The division in the area gives the pharmacists the opportunity and time to focus on introducing new drugs, boosting the factory's sales and output, and creating long-term resonance development value.

Therefore, for this activity, the resonance value and coordination of marketing and business is very important. Sales policies between OTC - ETC channels, between herbal and non-herbal medicines are an important factor to develop the non-traditional medicine segment, which is focused on investing and creating breakthroughs in the future.

The meeting was a great success, took place according to Traphaco's annual plan, in accordance with the provisions of the law, demonstrating the initiative of the Organizing Committee, ensuring shareholders' interests, deciding to develop Traphaco, exercising rights term, shareholder responsibility in accordance with the law.

Some other pictures at the congress:

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Mr. Tran Tuc Ma - member of the Board of Directors, CEO presented the report on the results of company's performance in 2021

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Ms. Dao Thuy Ha - Member of the Board of Directors, COO of Sales and Marketing presented the Report on the results of the business restructuring project

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Mr. Kim Dong Hyu - Member of the Board of Directors, Executive VICE CEO presented the company's operation direction in 2022

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Mr. Pham Hoang Anh - Chief of Finance and Planning presented the Audited Consolidated Financial Statements Report for 2021

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Shareholder Vu Thi Thuan - Former Chairman of the Board of Directors spoke at the meeting

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The Presidium gave flowers to Mr. Lai Tran Dong, who was dismissed from his position as a member of the Board of Directors

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The Organizing Committee guides shareholders to vote online at the meeting