VINACONEX RECORDED AN AFTER-TAX PROFIT OF VND 780 BILLION IN Q1, FULFILLING OVER 55% OF TARGET.
Fri , 06/05/2022, 07:00:00 (GMT+7)
Vinaconex Corporation (HOSE: VCG) achieved more than VND1,300 billion in revenue, and VND 789 billion in profit after tax, fulfilling 13% of the revenue target and 55.6% of the profit target for the entire year.
According to the consolidated financial statements, in the first quarter of 2022, revenue from sales and service provision of VCG reached VND1,333 billion, and revenue from financial activities reached VND 736 billion. When expenses were deducted, the corporation had a pre-tax profit of VND 787 billion. As a result, Vinaconex's net revenue and profit before tax increased by 40% and 74%, respectively over the same time period last year.
VCG's consolidated profit after tax was VND 780 billion, up 126% over the first quarter of 2021. The consolidated financial statements of the newly invested subsidiaríe, according to Vinaconex, were the primary cause for the sharp increase in consolidated profit
VCG's Annual General Meeting recently approved the 2022 plan to achieve a total consolidated revenue of VND 15,300 billion, and a consolidated profit after tax of VND 1,400 billion, up 143% and 169% respectively compared to last year. Thus, by the end of the first quarter, VCG had fulfilled 13% of the revenue target (including financial revenue), and 55.6% of profit one.
As of the end of the first quarter, VCG had VND 1,642 billion in cash and equivalents, VND 4,399 billion in short-term financial investments, VND 10,416 billion in short-term receivables, and VND3,742 billion in inventories.
The equity of VCG increased slightly from the start of the period to VND 30,628 billion, and undistributed profit after tax was VND2,048 billion, about VND 400 billion higher than at the start of the period.
Basic earnings per share increased to VND1,719 from VND858 year-on-year, more than doubling.
The liabilities of VCG at the end of the first quarter of 2022 were VND21,479 billion, down 8% from the beginning of the year.
The financial statements also show that VCG's current ratio is about twice as high as at the beginning of the year, indicating that the unit's liquidity has enhanced.
It’s expected to invest VND 2,000 billion in the Cat Ba - Amatina project in 2022
In 2022, VCG's executive board intends to keep promoting production and business activities on three central pillars, which are construction, real estate, and financial investment.
Regarding the construction field, VCG has won a number of significant projects, typically the bidding packages for the Vung Ang thermal power plant, the Expanded Yaly hydropower, the Vinh Tuy bridge second phase, and the Long Thanh International Airport, etc. According to VCG, the quality and schedule of the Corporation's building projects are assured.
At the Vinh Tuy bridge project (phase 2), one of the key projects in the capital, VCG, and its joint venture have finished the construction of all drilled piers with a diameter of 2 meters and a depth of more than 50 meters.
VCG also completed and handed over items in key projects such as Mikazuki Spa& Hotel Resort (Da Nang); Long Son Refinery and Petrochemical Complex (Ba Ria - Vung Tau) to foreign investors as scheduled.
Projects that can bring about revenue and profit in 2022 include The Green Diamond office and luxury apartment complex project at 93 Lang Ha, Hoa Lac Hi-Tech Park in Hanoi, KM3, KM4 Urban Area in Hai Yen Ward, Quang Ninh, etc.
Moreover, VCG has also worked on a variety of projects in localities such as the Bien Ho cultural and eco-tourism resort in Phu Yen (338 hectares); Lai Nghi Green village in Quang Nam (460 hectares); Doi Che urban area in Quang Ninh (50 hectares), etc. as well as aggressively sought for and developed a number of projects around Hanoi and surrounding provinces.
Vinaconex - ITC has accelerated the investment in infrastructure construction and utility works of Cat Ba - Amatina tourist urban area with an investment output of over VND 2,000 billion projected this year. VCG has increased its stake in Vinaconex - ITC to 51%.
According to the VCG, financial investments in the energy, clean water, and education sectors, etc provide high and sustainable profits. These investments are constantly restructured to meet the needs of each development stage.
VCG pays 28% dividends to stockholders in 2021, including 18% in cash and 10% in shares.
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