Searefico 2026 AGM: Backlog nears VND 3,000 billion, Arico divestment adds over VND 500 billion

Searefico 2026 AGM: Backlog nears VND 3,000 billion, Arico divestment adds over VND 500 billion

Searefico Joint Stock Corporation (HOSE: SRF) held its 2026 Annual General Meeting (AGM) on May 29, 2026, where shareholders approved key proposals and reviewed the company’s business outlook, backlog, and recent divestment results.

2026 Business Plan: Conservative Targets

Searefico set a relatively cautious business plan for 2026, despite carrying a sizable backlog.

The AGM approved consolidated targets including revenue of VND 1,600 billion, profit before tax (PBT) of VND 39 billion, profit after tax (PAT) of VND 24 billion, and EBITDA of VND 100 billion.

At the parent company level, revenue is expected to reach VND 860 billion with PAT of VND 2.2 billion, serving as the central hub for coordination and capital support for member companies.

Speaking at the meeting, Mr. Nguyen Khoa Dang, CEO of SRF, emphasized: "The VND 1,600 billion target was formulated conservatively to account for fluctuations in material prices and legal environments. In reality, the Group's total carried-forward backlog has reached nearly VND 3,000 billion – exceeding the revenue plan by nearly 200%."

The 2026 profit before tax (PBT) target of VND 39 billion also excludes any potential gains from the second phase of the Arico divestment. At the AGM, shareholders approved all submitted proposals. Key items included:

Arico divestment brings in over VND 500 billion

During the discussion session, Searefico’s management addressed shareholder questions related to the Arico transaction, business outlook, and dividend policy.

Management confirmed the completion of a two-phase divestment of Asia Refrigeration Industry Joint Stock Company (Arico) to strategic partner Hoshizaki (Japan), generating proceeds of more than VND 500 billion.

In addition, the company received around VND 30 billion in factory relocation support from the partner. According to management, these funds will be used to support financial restructuring and selectively invest in projects with longer-term cash flow potential, including industrial facilities, logistics infrastructure, and related developments.

Regarding the feasibility of the 2026 business plan, management reiterated that the targets were set conservatively and are considered achievable based on two main factors:

In response to shareholder questions about the dividend level, particularly suggestions to raise it to 8-10% amid a low share price, management said the company is prioritizing capital retention. Over the next three years, Searefico plans to implement several projects with total investment needs of around VND 550 billion, and retained earnings are expected to play a key role in funding these initiatives.

The AGM concluded with shareholder approval of all proposals. Management stated that the successful restructuring and transition through strategic deals promise to bring a robust and efficient financial profile to SRF in the upcoming period.

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