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GeoVision Annual Shareholders' Meeting Approved No Dividends Distribution for the Year 2017


GeoVision (3356TW) held the 2018 annual shareholders general meeting on June 5th in Taipei, Taiwan. The shareholders approved the 2017 Financial Statements and the resolution of the deficit for 2017, which resulted in no dividends payout for the first time since its IPO.

Consolidated net profit in 2017 were NT$174.9 million. Based on the current shares of NT$894.3 million, the loss per share was NT$1.98. Due to the first-time loss since its IPO, the shareholders attending the AGM meeting approved the proposal of no dividends payout for 2017.

The proposal of issuing new restricted employee shares of 500,000 shares as a compensation system to encourage R&D employees was also approved at the AGM held yesterday.

George Tai, Chairman and Chief Executive Officer of GeoVision, commented at the AGM meeting, “It was the first time that GeoVision experienced a net loss for the year in 2017. The revenues and the profits declined due to the market competition and the foreign exchange losses from large appreciation of Taiwan dollars, which also led an impact to the gross margin”, he added. “The video surveillance market is facing a big challenge, and GeoVision, welcoming its first 20 years after establishment, needs to speed up its transformation too. We catch up with the future video surveillance trends by developing video application in artificial intelligence such as facial recognition technologies, and introduce new solutions of Industrial 4.0 and Smart Retail to the market. The core value of GeoVision is in the software. We will have a good startup for the next stage by implementing AI and deep learning technologies into our solutions, ” the CEO said with confidence.