Coteccons Chairman’s Unbelievable Income
Coteccons Construction Joint Stock Company (CTD) has just released its audited consolidated financial statements for 2021. The most noticeable point in this report is the income of the company’s leaders.
Specifically, according to the financial report, in 2021, this business has spent more than 34 billion dong to pay members of the Board of Directors and the company’s leaders. Mr. Bolat Duisenov – Incumbent Chairman of the Board of Directors of Coteccons received a remuneration of only VND 200 million in the past year of 2021, equivalent to VND 16.7 million per month.
Worth mentioning here is that this remuneration is only close to 1/35 of the remuneration that former Coteccons Chairman Nguyen Ba Duong received. In the fiscal year 2020, Mr. Duong received a remuneration of VND 6.9 billion, nearly 35 times higher than Mr. Bolat Duisenov.
At the end of 2021, Mr. Duisenov also announced that he will only receive a symbolic salary of 1 USD until shareholders no longer worry about the future and focus on the company’s long-term sustainable growth path.
Other members of the Board of Directors have an income of 267.5 million VND. In which, the deputy directors of the company received the lowest salary of 1.9 billion VND, the highest was Mr. Tran Tri Gia Nguyen with 6,475 billion VND. Members of the company’s supervisory board have a remuneration of from 200 million VND – nearly 2 billion VND.
According to the financial report, in 2021, Coteccons’ revenue decreased by 37.64%, to 9,077 billion VND. Profit reached 24.1 billion dong, while in 2020, this figure reached 334.5 billion dong, corresponding to a decrease of 92.79%.
Coteccons said that the revenue and profit in 2021 of the business decreased sharply because the revenue of the Group’s construction segment decreased sharply by 5,480 billion VND, equivalent to a decrease of 37.64% compared to 2020.
Along with that, the high cost of raw materials and labor, affected by the Covid-19 epidemic, the Board of Management proactively made provisions for high-risk construction sites, leading to a decrease in the Group’s gross profit margin from 5 ,88% down to 3.03%.
The company’s liabilities are currently at VND 5,677 billion. Coteccons’ total assets in the past year decreased by 4% compared to the beginning of the year, at VND 13,924 billion, of which 92% were short-term assets.
In terms of stock value, 2021 is a year for the company’s stock to flourish. From 76,500 VND/share (December 31, 2020) has increased to VND 109,500/share (December 31, 2021), an increase of 32,950 VND/share, equivalent to an increase of 43%. This is also the highest price of CTD since August 7, 2019.
However, by 2022, CTD tends to decrease quite strongly. Updated until the end of April 1, CTD currently stops at VND 98,200/share, equivalent to a decrease of 11.5%.
President Bolat Duisenov, born in 1981- Kazakh nationality, is a founding member of PilotX, and is the General Director of Kusto Vietnam. In addition, he is also a member of the Board of Directors of Gemadept and FiinGroup.
Mr. Bolat Duisenov replaced Mr. Nguyen Ba Duong in October 2020. This leadership transfer ended Mr. Yang’s 16-year “reign” of leadership. During his leadership tenure, Mr. Duong made Coteccons the largest contractor in the country.
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