Startled with the income of Coteccons Chairman: Nearly 16.7 million VND/month

Coteccons Construction Joint Stock Company (stock code: CTD) has just announced its audited consolidated financial statements for 2021 with remarkable information on the income of members of the leadership and management board.

Incumbent Chairman of the Board of Directors of Coteccons Bolat Duisenov only received an income of more than 200 million VND in the past year (equivalent to nearly 16.7 million VND/month). Meanwhile, former Coteccons Chairman Nguyen Ba Duong enjoys an income of VND 6.9 billion in 2020, more than 30 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 the company’s business situation improves.

Coteccons Chairman Bolat Duisenov (Photo: CTD).

Meanwhile, the deputy general directors of Coteccons have an average income of VND 2 billion to VND 6 billion/year. However, the two highest-earning members of the executive board, Mr. Tran Tri Gia Nguyen and Phan Huu Duy Quoc with an amount of more than 6 billion VND/year, have all resigned, leaving the company at the end of 2021.

Currently, Coteccons still vacate the CEO seat after more than a year. During a conversation with investors at the end of 2021, Mr. Bolat Duisenov shared that he had met a few potential employees but had not yet chosen the right person for the company. However, the business still operates normally even without an official general director.

Last year, Coteccons only achieved a revenue of more than 9,000 billion VND, down nearly 40% compared to the same period last year. Along with difficult reasons such as construction interruption for many months because of the pandemic, high cost of construction materials, causing a sharp drop in profit margin, this construction contractor’s profit margin dropped sharply.

Thanks to the reversal of the provisioned construction costs and construction warranty expenses, Coteccons had a profit of 24 billion dong. Compared to 2020, the company’s profit decreased by more than 90%. This profit figure is a record low of Coteccons since going public, and at the same time makes the company lose its top position in the group of construction contractors listed on the stock market for many years.

This business has not yet announced a specific business plan for 2022. However, the company announced that it completed the bidding plan last year with a total value of unrealized orders of VND 25,000 billion.

Mr. Bolat once shared with shareholders that the company is in the process of restructuring, so it will take time to reap the fruits. The Kazakh president affirmed that the management is always working hard and the company is also getting back on the track.

CTD shares are being traded at the price range of VND 98,000/share. Since the beginning of the year, Coteccons’ share price has decreased by more than 10%.

According to Dan Tri