AsemconnectVietnam - Vietnam Electricity Construction Corporation (VNECO, stock code VNE - HOSE) is about to hold its annual general meeting on June 29 in Da Nang.

In the newly published general meeting document, the Company said that difficulties in 2022 will continue to occur in 2023, affecting the Company's business activities. However, the Company still sets a big profit target.
Specifically, in 2023, the Company sets a revenue target of VND1,917 billion, an increase of 52% compared to the results achieved last year; profit after tax reached VND15.46 billion, up 140% compared to last year, equivalent to 2.4 times.
In order to complete the set plan, the Company said that it must actively participate in market work, look for jobs on the basis of building a competitive price strategy, increase market share next year higher than the previous year, with a revenue growth rate of over 15%/year. VNECO will continue to implement phase 2 on system restructuring.
For real estate investment activities, the Company focuses its capital to complete the remaining infrastructure of the My Thuong project to serve the issuance of land use right certificates for the entire remaining land fund of the project; continue to invest in the construction of townhouses and exploit the remaining 80 land lots of the My Thuong new urban area project - Hue City.
With the VNECO.DC project at No.64 and No.66 Hoang Van Thai, Da Nang, the Company will complete the investment procedures for the project of a complex of commercial and service centers and apartments in order to exploit the land areas No.64 and No.66 Hoang Van Thai.
The company also said that with houses in Nguyen Dinh Chinh, Nguyen Thi Minh Khai (HCMC) will make a business plan to exploit, and at the same time will consider to transfer some land use rights and to exploit to improve investment efficiency.
At the end of the first quarter of 2023, VNECO recorded revenue of VND181 billion, profit after tax of VND1.92 billion, down 40% in revenue but increasing 35% in profit compared to the same results of last year.
In the first 3 months of the year, VNECO's investment and business cash flow was VND35.5 billion, cash and cash equivalents reached VND76.5 billion, but net cash flow from investing activities was negative VND45.6 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan