After the review, Vinaconex (VCG) achieved a net profit of VND177 billion in the first 6 months of 2023Thursday, September 14,2023
AsemconnectVietnam - Overcoming difficulties from cost prices and expenses being higher than the same period, Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex, stock code VCG - HOSE) maintained a three-digit net profit in first half of this year.
The review report of Vinaconex's 2023 mid-year separate financial statements shows that, in the first half of the year, Vinaconex Parent Company achieved more than VND4,109 billion in revenue, an increase of 40% over the same period last year. However, due to a sharp increase in input costs, in which financial costs increased by 48.6% over the same period, the parent company's profit after tax reached VND62 billion.
On the semi-annual consolidated financial report after review, revenue targets were recorded at VND6,533.6 billion, an increase of 85% over the same period; profit after tax reached VND177 billion.
Similar to most other construction enterprises, Vinaconex's costs in the first half of 2023 increased quite sharply over the same period. Of which, the cost of goods sold and services provided was VND5,721 billion, an increase of 87% over the same period; Financial costs amounted to VND490 billion, an increase of 24%; Interest costs alone amounted to VND480 billion, an increase of VND93 billion over the same period, equivalent to an increase of 24%.
Looking at the revenue structure, in the first 6 months of the year, Vinaconex's main revenue came from construction activities, with more than VND3,993 billion; Next is real estate business, with VND1,608 billion; The remaining are other production and business activities.
The total assets of the Corporation as of June 30, 2023 reached more than VND31,367 billion. Notably, at the end of the second quarter of 2023, the Company's liabilities decreased by nearly VND700 billion compared to the beginning of the year.
Compared with the independent financial statements, the Corporation's separate and consolidated audit reports do not have significant differences. Vinaconex's results are considered positive compared to the general level of businesses operating in the field of real estate construction, in the context of a difficult economy and increasing costs causing pressure not small for most businesses.
In 2023, Vinaconex plans a total consolidated revenue of VND16,340 billion, profit after tax of VND860 billion, an increase of 70% in revenue and a decrease of 8% in profit compared to the level realized in 2022. Normally, the second half of the year is also the point where profits fall for real estate construction enterprises, so it is also the time when businesses accelerate to complete the set yearly plan.
It is known that Vinaconex has just completed and put into operation many key transportation infrastructure projects, for example, component expressway sections of the Eastern North-South Expressway Construction Investment Project Phase 1, Bridge Vinh Tuy phase 2, inaugurated on August 30, 2023. Vinaconex is promoting construction of component expressway sections of the North - South expressway project phase 2, Tuyen Quang - Ha Giang expressway, Ring Road 4 project...
Vinaconex is also a member of the Vietur joint venture, which won the bid to construct package 5.10 of Long Thanh International Airport, worth VND35,000 billion, starting on August 31, 2023.
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