AsemconnectVietnam - The semi-annual financial report after audit review of Vinaconex Joint Stock Corporation (stock code VCG - HOSE) shows that the figures are not much different from the self-prepared report. The highlight is that the financial picture has improved a lot compared to the same period.

Vinaconex's separate financial report shows that in the first 6 months of the year, sales and service revenue reached VND3,668 billion, after deducting expenses, the Company achieved VND565 billion in pre-tax profit, many times higher than the figure of VND78.8 billion in the same period last year. Profit after tax reached VND504 billion, 8.1 times higher than the same period.
As of June 30, the parent company achieved equity of VND6,740 billion, up 8%, undistributed profit after tax reached VND504 billion.
In addition to positive profit growth, the bright spot in the parent company's financial picture is the sharp decrease in payables. Specifically, by the end of the second quarter, payables were VND11,276 billion, down VND2,038 billion compared to the beginning of the year. Short-term debt decreased by nearly VND2,000 billion due to a sharp decrease in short-term loans and financial leasing debts. Along with that, long-term debt also decreased from VND1,415 billion to VND1,321 billion. Data from the audited consolidated financial statements also showed Vinaconex's positive business results in the context of the construction industry facing many challenges. Accordingly, consolidated revenue reached VND5,463 billion. Profit before tax reached VND742 billion, 2.8 times higher than the same period, profit after tax reached VND618 billion, 3.49 times higher than the same period. With the above figures, accumulated from the beginning of the year, Vinaconex's after-tax profit reached 65% of the plan approved by the General Meeting of Shareholders.
A positive point, according to Vinaconex's explanation, financial expenses decreased due to a decrease in the amount of loans. Specifically, VCG's financial expenses in the first half of the year were VND236 billion, half that of the same period in 2023.
In addition, debt leverage decreased sharply. Payables decreased from VND20,453 billion to VND17,797 billion, of which short-term debt decreased from VND14,422 billion to VND12,624 billion and long-term debt decreased from VND6,031 billion to VND5,172 billion.
Notably, the long-term bond debt of about VND1,600 billion has been fully paid by June 30, 2024, demonstrating Vinaconex's financial capacity in the current context.
By the end of the period, the Corporation's equity continued to increase to VND10,838 billion, cash and cash equivalents reached VND1,606 billion. In terms of revenue structure, construction and installation activities still account for the largest proportion with nearly 64% of total revenue. In the construction and installation segment, the ability to maintain a high backlog value shows that Vinaconex has affirmed its capacity as a leading contractor in Vietnam. More clearly, the capacity of the general contractor for large projects with high technical and aesthetic difficulties in the fields of civil and industrial construction, infrastructure, traffic infrastructure, etc. These include projects such as: Phu Bai airport, Long Thanh airport, Vinh Tuy bridge (phase 2); packages of the North-South Expressway construction investment project in the East (phase 2017 - 2020 and phase 2021 - 2025).
In the real estate sector, Vinaconex has launched VINACONEX DIAMOND TOWER, an office building with a modern design style, high-class interior, professional management services, which is considered a notable highlight in the high-end real estate segment of the office for lease sector of Hanoi Capital.
Along with VINACONEX GREEN DIAMOND 93 Lang Ha, VINACONEX DIAMOND TOWER continues to be a highly appreciated project invested and built by Vinaconex in the high-end real estate segment that has recently been launched on the market.
Owning a large land fund, Vinaconex currently provides a variety of real estate products in the fields of housing, urban tourism - resort areas, industrial park infrastructure. High-tech industrial parks 1 and 2 in Hoa Lac High-tech Park, with Vinaconex as the infrastructure investor, have recently welcomed new investors.
In the financial investment sector, industrial production plant projects such as hydropower, clean water, and education continue to generate profits and bring sustainable cash flow to the business.
Thus, it can be seen that Vinaconex always maintains its core competencies in 3 main areas of operation including construction, real estate investment, and financial investment, improving management capacity to increase better operating efficiency, preparing to take advantage of new opportunities in the future.
N.Nga
Source: VITIC/Tinnhanhchungkhoan