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Vinaconex achieved 780 billion dong profit after tax in the first quarter of 2022

Completed more than 55% of the year plan in QI/2022

According to the consolidated financial statements for the first quarter of 2022, VCG achieved VND 1,333 billion in revenue from sales and service provision, and revenue from financial activities at VND 736 billion. After deducting expenses, the business achieved a pre-tax profit of VND 787 billion. Thus, net revenue and profit before tax increased by 40% and 74% respectively over the same period.

Consolidated profit after tax of VCG reached VND 780 billion, up 126% compared to the first quarter of last year. According to Vinaconex, the main reason for the sharp increase in consolidated profit was the consolidation of the financial statements of the newly invested subsidiary.

Vinaconex achieved 780 billion dong profit after tax in the first quarter of 2022 - 1

A corner of Cat Ba – Amatina tourist urban area, the project won a special award at the 2nd Urban Planning Award (VUPA – 2020).

VCG’s shareholders meeting recently approved the plan of total consolidated revenue of 2022 to reach VND 15,300 billion, consolidated profit after tax of VND 1,400 billion, up 143% and 169% respectively compared to 2021. Thus. Compared to this plan, by the end of the first quarter, VCG has completed 13% of the revenue target (including financial revenue) and 55.6% of the profit target.

In-depth analysis of financial statements shows that, by the end of the period, the Corporation had 1,642 billion VND in cash and equivalents, short-term financial investments reached 4,399 billion VND, short-term receivables reached 10,416 billion VND. . Inventories by the end of the first quarter reached VND 3,742 billion.

By the end of the period, VCG’s equity reached VND 30,628 billion, slightly increased compared to the beginning of the period. On the balance sheet, the Company still has undistributed profit after tax of 2,522 billion VND, nearly 700 billion VND higher than the beginning of the period.

Basic earnings per share reached 1,719 billion dong, more than double the 858 dong in the same period last year.

By the end of the first quarter of 2022, VCG’s liabilities were VND21,479 billion, down 8% compared to the beginning of the year. It can be seen that VCG’s debt/equity ratio is at a fairly safe level. This is also the low leverage ratio among large listed real estate enterprises.

Vinaconex achieved 780 billion dong profit after tax Q1/2022 - 2

Vinaconex and the Joint Venture strive to ensure progress and quality at Vinh Tuy Bridge project (phase 2), one of the key projects of the Capital.

The financial statements also show that the current ratio of VCG is approximately 2 times higher than that at the beginning of the year, which shows that the solvency of the unit has been improved, with almost no risks. finance.

Expected to invest 2,000 billion VND in Cat Ba – Amatina project in 2022

In 2022, VCG’s Board of Management intends to continue promoting production and business activities in the direction of development on three pillars of construction – real estate – financial investment.

In the field of construction, Vinaconex has won many big projects, typically the bidding packages of Long Thanh International Airport; Yaly hydroelectricity expansion; Vinh Tuy bridge phase 2; Ha Noi children park; Vung Ang Thermal Power Plant…

The construction works are guaranteed on schedule and the quality is highly appreciated by the investor. Typically, the construction of the pile construction package of the passenger terminal – Long Thanh International Airport construction project phase 1 (March 2022); The longest bridge on the North-South Expressway in the East, the Mai Son – National Highway 45 section has completed the main span 21 days ahead of schedule in April.

At the Vinh Tuy bridge project (phase 2), one of the key projects of the capital, despite the impact of the Covid-19 outbreak in Hanoi, Vinaconex and the consortium completed the entire construction. set of bored piles 2m in diameter, more than 50m deep. Currently, the project is being ensured safety, quality and on schedule.

Vinaconex also completed and handed over items on schedule to foreign investors in key projects, requiring strict technical – fine art such as Mikazuki Spa & Hotel Resort (Da Nang); Long Son Refinery and Petrochemical Project (Ba Ria – Vung Tau)…

Vinaconex achieved 780 billion dong profit after tax in the first quarter of 2022 - March 3

Hanoi Children’s Palace – a project built by Vinaconex as a contractor.

Investment activities bring efficiency with projects that can account for revenue and profit in 2022 in localities such as Hanoi (a complex of offices for lease and luxury apartments Green Diamond 93 Lang Ha; Hoa Lac Hi-Tech Park…), Quang Ninh (urban residential area at Km3, Km4, Hai Yen ward; accounting for part of the revenue and profit of the extended Hoa Binh Boulevard project in Hai Hoa ward)…

Besides actively researching and planning, developing a number of projects in localities such as Bien Ho and Phu Yen ecological and spiritual urban areas (338 ha); Green urban village Lai Nghi, Quang Nam (460ha); Doi Che urban area, Quang Ninh (50 ha)…, Vinaconex also promotes the search and development of a number of projects around Hanoi and neighboring provinces.

Cat Ba – Amatina tourist urban area is being promoted by investor Vinaconex – ITC to invest in infrastructure construction and utility works with an investment output this year expected to reach about 2,000 billion VND. The corporation currently increases its ownership rate in Vinaconex – ITC to 51%.

Financial investments also bring high and sustainable returns in the energy, clean water, education sectors… These investments are continuously restructured to suit each stage of development. This is the third tripod position, helping VCG to add resources for construction and real estate.

Vinaconex is also an enterprise that pays high dividends to shareholders at the rate of 28% for 2021, including 18% in cash, 10% in shares.

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