AsemconnectVietnam - The 2025 General Meeting of Shareholders of Ricons Construction Investment Joint Stock Company on the morning of June 21 did not approve the proposal to implement the plan to list shares on HOSE.

In 2023, Ricons General Meeting of Shareholders approved the plan to postpone listing until “the market is positive”. However, Law No. 56/2024/QH15, effective from January 1, 2025, stipulates that a public company will be revoked of its public company status if “within 01 year from the date the State Securities Commission confirms the completion of the public company registration or from the date of completion of the public company offering, the company does not register its shares with the Vietnam Securities Depository and Clearing Corporation or does not register for listing or trading of shares on the Stock Exchange”.
Therefore, although the Board of Directors of Ricons cannot yet assess whether the stock market is positive or not, according to the latest regulations, the Board of Directors of Ricons has submitted to the 2025 General Meeting of Shareholders to end the postponement of listing and continue to implement the work to register for listing on HOSE, with the code RTD.
However, this submission was not approved when shareholders representing 69.64% of the total number of votes at the meeting voted against it.
In 2025, Ricons set a consolidated revenue target of VND8,000 billion, slightly lower than the previous year, but the parent company's after-tax profit increased by nearly 26%, to VND200 billion.
Mr. Tran Quang Quan, General Director, said that Ricons is implementing many projects simultaneously, as well as winning bids for many large projects, so Ricons is confident of not only completing but also exceeding the set plan.
Mr. Nguyen Sy Cong, Chairman of the Board of Directors of Ricons, commented that although optimistic about the development of the industry in the medium and long term, the Company is still cautious in building the 2025 plan in the context that the construction industry is still facing many difficulties and challenges, especially legal issues and debt collection from many years ago. Meanwhile, Ricons is still focusing on completing two airport projects with very high quality progress requirements as well as other projects being implemented. In addition, the far-reaching impact of the global trade and tariff war launched by the US also has a significant impact on the latest job supply, especially FDI projects.
Mr. Cong believes that the company will adapt to all situations and 2025 will be more successful, keeping up with the new development period of the Vietnamese construction and real estate market.
In 2024, Ricons achieved revenue of VND8,012 billion, equivalent to 114.5% of the plan and an increase of 5.8% over the same period last year. Profit after tax attributable to shareholders of the parent company was recorded at VND158.8 billion, exceeding the plan by 264.7% and nearly three times the results achieved in 2023. Basic earnings per share (EPS) reached VND3,805.
The construction and installation segment continued to play a key role when bringing in revenue of VND7,780 billion, accounting for 97.11% of total revenue. Gross profit margin of this segment also increased sharply, from VND171.2 billion in 2023 to VND427.3 billion in 2024, showing a significant improvement in construction efficiency and cost management.
In addition, revenue from financial activities also doubled compared to the same period in 2023, reaching VND193.3 billion, contributing to further strengthening the company's revenue source in the past year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan