BLACK CAT JSC’S 2025 ANNUAL GENERAL MEETING: 22% GROWTH TARGET, CONTINUED CASH AND STOCK DIVIDENDS AMID ECONOMIC VOLATILITY
By Phuc Hoang . July 05, 2025 | News
On June 28, 2025, Black Cat Insulation Technical Joint Stock Company (stock code: BMK) held its 2025 Annual General Meeting (AGM) of Shareholders at Liberty Central Nha Trang Hotel, Nha Trang City. The meeting reviewed and approved key agenda items, including the company’s 2024 performance results, profit distribution plan, 2025 business targets, and strategic orientation for the medium and long term.
2024 Business Results: Stable Profit Margins Maintained
Chairman of the Board, Mr. Ho Minh Kha, delivered the opening remarks and presented the Board of Directors’ 2024 performance report at the AGM. Black Cat JSC recorded a total revenue of VND 213.4 billion, fulfilling 82.06% of the annual plan. However, profit before tax reached VND 13 billion, and net profit remained at a solid VND 9.1 billion.
Although the annual plan was not fully achieved, the Board of Directors considered these results to reflect the Management’s strong efforts amid a challenging business environment, where the industrial construction and technical materials sectors faced dual pressures from declining public investment and intensifying price competition.
As of March 31, 2025, total consolidated assets stood at VND 213 billion, with equity capital exceeding VND 85 billion, indicating that the company’s asset scale remained stable compared to the previous year (according to the 2024 Annual Report).
2024 Dividend Policy: Total Payout at 23%
Profit Distribution: Total dividend payout of 23%, including 5% in cash and 18% in shares
Shareholders at the AGM approved the 2024 profit distribution plan, with a total dividend of 23% of par value, comprising:
5% in cash, equivalent to VND 500 per share
– Expected payment date: From July 22, 2025
– Dividend payment method and location:
- For deposited securities: Shareholders shall receive dividends through the depository members where their depository accounts are maintained.
- For non-deposited securities: Shareholders shall receive dividends directly at the Accounting Department of Black Cat JSC
18% in stock dividends, expected to be implemented in 2025 after the State Securities Commission confirms receipt of all required issuance documents and reports.
The total dividend value amounts to VND 15.64 billion, sourced from undistributed after-tax profits as of March 31, 2025, which stood at VND 15.91 billion. The remaining balance after distribution is VND 0.271 billion (according to Proposal No. 03 submitted by the Board of Directors regarding the 2024 profit allocation plan).
The company’s dividend policy has remained consistent over the years. Particularly in a volatile market environment, this approach reflects the Executive Board’s commitment to safeguarding the interests of existing shareholders.
Revenue Structure Shifts Toward Higher Value-Added Segments
In 2024, Black Cat JSC continued restructuring its product and service portfolio. The technical services segment – including insulation, scaffolding, specialized technical support services – remained the company’s core business, accounting for approximately 75% of total revenue.
Notably, the semi-finished products segment, primarily comprising in-house processed items such as PIR, phenolic, and Foamglas pre-formed insulation, metal cladding, and removable insulation pillows, recorded revenue of over VND 30 billion, representing a nearly fivefold increase compared to 2023. In contrast, the pure trading segment contributed only about 6% to total revenue, clearly reflecting the company’s strategic shift away from merchandise distribution toward strengthening internal capabilities.
The company’s overall gross profit margin remained steady at 17–19%, indicating continued effectiveness in cost control and cost-of-goods optimization, as reported in the audited 2024 consolidated financial statements.
2025 Business Plan: 22% Growth Target and Export Market Expansion
For 2025, Black Cat JSC has set a revenue target of VND 260 billion, representing a 22% increase compared to the 2024 actual results. The company will focus on the following strategic initiatives:
- Promote the fabrication of cold insulation materials – increase the proportion of export revenue and develop the export of finished products to technically demanding markets.
- Develop the insulation segment for HVAC and chilled water systems, with a focus on FM-approved materials.
- Expand access to advanced insulation materials, including Aerogel and GRP
- Complete ERP implementation, optimizing the supply chain and operational data systems.
- Enhance internal management capabilities, maintaining compliance with ISO 9001, ISO 14001, and ISO 45001 standards.
In parallel, the company will continue to seek new customers, strengthen relationships with existing clients, and explore new product lines aimed at increasing profit margins and reducing dependency on short-cycle orders.
Election of New Board of Directors and Board of Controllers for the 2025–2030 Term
As of the date of the Annual General Meeting, the Board of Directors (BOD) of Black Cat JSC consisted of three members, including two non-executive directors. This composition was assessed to be appropriate, ensuring the necessary level of independence in accordance with the Law on Enterprises and corporate governance standards for public companies.
In 2024, the Company also implemented a number of significant organizational changes, including:
- Establishing new branches and restructuring several departments to enhance specialization
- Improving operational efficiency in alignment with long-term strategic goals
- Seeking new clients and upgrading customer service processes for existing ones
- Initiating R&D for new products, tailored to industry-specific demands
- Amending the Charter and internal governance regulations to align with standardized public company governance models (2024 Annual Report)
Strategic Direction: Core Quality – Operational Efficiency – Enhanced Production Capacity
Speaking at the AGM, Mr. Le Xuan Man – Director of Black Cat Insulation Technical Joint Stock Company – emphasized that the company’s near-term executive direction will focus on core product quality, operational efficiency, enhancing in-house manufacturing capabilities, and maintaining transparency in both financial reporting and corporate governance.
Although not all 2024 business targets were met, Black Cat JSC maintained a reasonable growth pace, a healthy financial structure, and a consistent dividend policy. The 2025 business plan was developed with a prudent outlook yet reflects the company’s determination to expand further and solidify its market position.
Below are some images from the 2025 Annual General Meeting of Shareholders:
The 2025 Annual General Meeting of Shareholders marked a significant milestone in Black Cat JSC’s ongoing journey of comprehensive restructuring and operational system enhancement. With a stable financial foundation, a clear strategic direction, and a flexible, experienced leadership team, the Company expects 2025 to serve as the beginning of a new growth phase, sustainable and far-reaching within its industry landscape.
