Expecting the real estate market to be less difficult, Coteccons sets a revenue target of 25,000 billion VND

Mr. Bolat Duisenov - Chairman of the Board of Directors of Coteccons - said that this enterprise has no plans to issue bonds in the near future - Photo: THANH TUNG

On October 19, Coteccons Construction Joint Stock Company (stock code: CTD) held its annual general meeting of shareholders for the 2024 fiscal year (from July 1, 2023 to June 30, 2024).

According to the audited report, Coteccons closed the 2024 fiscal year with revenue of VND 21,045 billion, an increase of 30.8% compared to the 2023 revenue results, while the construction industry only grew 7.34% in the first half of 2024.

Revenue structure recorded a shift when the industrial sector (mostly FDI projects) accounted for a large proportion of 50%, civil about 45%.

Coteccons' gross profit in the fiscal year reached VND713 billion (up 97.2% over the same period). Profit after tax was VND310 billion, up VND10 billion after audit and up 358% over the same period.

According to Coteccons' leadership, this company has a Backlog (remaining contract value that has not been implemented) of VND30,000 billion. The Backlog for 2025 alone is about VND20,000 billion. In the 2024 fiscal year, Coteccons won a bid worth over VND22,000 billion. The winning rate for the year reached 58%, while the industry average is 24%.

Mr. Tran Ngoc Hai - Deputy General Director of Coteccons - said that this enterprise sets a business target for the 2024 - 2025 fiscal year with revenue of VND 25,000 billion, gross profit of VND 1,086 billion and net profit of VND 430 billion.

If this plan is completed, Coteccons will achieve its highest revenue since 2019.

According to Mr. Hai, the above target is challenging for the bidding team with the expected new contract value plan for 2025 being VND28,615 billion.

Ms. Nguyen Trinh Thuy Trang - Deputy General Director of Coteccons - said that this enterprise chooses to develop its business based on implementing sustainable development within the ESG (environment, society and governance) framework.

As an Industry Leader, Coteccons will strive to promote ESG standards across the industry, contributing to solving specific problems in the construction industry, and contributing in-depth values ​​to the common development.

Responding to Tuoi Tre Online 's question about the possibility of restarting construction of "frozen" projects as well as building new projects in Ho Chi Minh City, Mr. Tran Ngoc Hai said that the real estate market is at the bottom, there are few construction projects, so the projects where Coteccons is the contractor are also facing difficulties and have not been restarted.

According to Mr. Hai, recently this enterprise has worked with investors to rebuild, but it will take time to resolve the problems and hopes that by 2025 the picture will be brighter, the real estate market in the South will be as vibrant as the North.

In addition, Coteccons leaders also said that this enterprise has prepared resources to participate in the infrastructure and public investment sectors.

Mr. Bolat Duisenov - Chairman of the Board of Directors of Coteccons - said that this enterprise has no plans to issue bonds because the capital source is still sufficient, the company has been upgraded with a credit rating (BBB+), the owner's equity is stable and short-term revenue and profit are guaranteed.

According to Mr. Bolat, participating in the construction of factories by FDI enterprises such as Suntory PepsiCo , Pandora, Lego or Mapletree... is a great opportunity for Coteccons to follow enterprises to foreign markets. Currently, this enterprise has opened an office in the US to promote foreign projects.

A series of leaders were reshuffled before the congress.

Right before the congress, Coteccons changed the positions of a series of leaders when Mr. Vo Hoang Lam was no longer the general director and took on the position of deputy general director of Coteccons, concurrently general director of Coteccons Business Unit 01.

Coteccons also dismissed Mr. Pham Quan Luc from the position of deputy general director so that Mr. Luc could take over as deputy general director of Coteccons Business Unit 01.

This contractor transferred Mr. Tran Ngoc Hai and Mr. Nguyen Chi Thien from the position of executive director to the position of deputy general director of Coteccons.

Mr. Nguyen Van Dua will take on the position of Deputy General Director of Coteccons and Chief Financial Officer.

Ms. Nguyen Trinh Thuy Trang holds the position of Deputy General Director of Coteccons, replacing the previous position of Internal Affairs Director.

Responding to questions about the reasons for transferring these positions, the company representative said the restructuring is aimed at implementing the 2025 strategy with two main focuses: maintaining core business growth and building a foundation for new business segments, reaching out to international markets.

Source: https://tuoitre.vn/ky-vong-thi-truong-dia-oc-bot-kho-coteccons-dat-muc-tieu-doanh-thu-25-000-ti-dong-20241019160934596.htm