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Tracodi (TCD): Consolidated profit after tax increased by 37% over the same period in Q3/2023 

 Thursday, November 23,2023

AsemconnectVietnam - The financial report for the third quarter of 2023 just announced by the Transport and Industry Development Investment Joint Stock Company (Tracodi - TCD) shows that profits grew by nearly 40%, while total debt decreased by more than VND725 billion.

Specifically, in the third quarter of 2023, TCD parent company's revenue reached VND182.8 billion, plus revenue from financial activities reached VND147.6 billion, after deducting expenses, TCD parent company achieved pre-tax profit of VND49.8 billion.
Consolidated with subsidiaries, TCD's revenue from sales and service provision reached VND354.7 billion in the third quarter of 2023. Plus revenue from financial activities reached VND148 billion, a sharp increase compared to the same period last year (third quarter of 2022 reached VND66.3 billion). Thanks to that, the Company's consolidated pre-tax profit reached VND73.6 billion, an increase of 28.35% over the same period, consolidated after-tax profit reached VND58 billion, an increase of 37.13% over the same period.
Accumulated for 9 months, the Company's consolidated revenue reached VND1,160 billion, pre-tax profit reached VND187 billion.
During the period, parent company TCD also reduced debt from VND5,975 billion to VND5,249 billion, of which short-term debt decreased from VND4,133 billion to VND3,790 billion, long-term debt decreased from VND1,842 billion to VND1,458 billion.
As of the end of the third quarter of 2023, the Company's unrealized construction value (Backlog) is more than VND7,000 billion, of which TCD is focusing on public investment projects such as construction of Phan Thiet airport taxiway and Highway No.3 Dong Anh...
Tracodi's stone exploitation and raw material supply for public investment projects contribute positively to overall revenue. Specifically, in the third quarter of 2023, revenue from Antraco reached VND159.7 billion, profit after tax reached VND16.6 billion.
The warming real estate market is also expected to be a driving force for real estate projects for which the Company is the general contractor such as Malibu Hoi An, King Crown Infinity, Hoi An d'Or... to speed up construction progress and handover to customers.
Recently, Tracodi's Board of Directors passed a decision approving the "Project for converting Tracodi's governance model to a corporate form".
Accordingly, Tracodi will change the company name to Tracodi Construction Group Joint Stock Company (Tracodi). It is expected that the name change will be implemented in April 2024 after being approved by the 2024 Annual General Meeting of Shareholders. Detailed business and action plans, amendments and updates to regulations, establishment of departments as well as the arrangement and rearrangement of labor according to the corporate governance model will be implemented by Tracodi this year.
According to the new strategy, the company deploys a management model that includes member companies and affiliated companies in an operating ecosystem focusing on three core business lines: construction, construction and installation; mining construction materials, investing and trading construction materials; financial investment.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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