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CC1: Revenue in Q2/2023 continued to grow compared to Q1/2023 

 Wednesday, August 16,2023

AsemconnectVietnam - In the first quarter and second quarter of 2023, Construction Corporation No.1 - JSC (code CC1 - UPCoM) recorded net revenue from sales and service provision of VND545.8 billion and VND1,236.07 billion, respectively.

In which, gross profit had a prosperous growth when in the first quarter reached 54.19 billion dong and increased to 108.82 billion dong in the second quarter.
In the second quarter of 2023, administrative expenses decreased by 35% over the same period from VND68 billion to VND44.5 billion.
Interest expense increased by 21% from VND103.8 billion to VND125.2 billion following the general trend of interest rate hikes to curb inflation.
Profit before tax of production and business activities in the second quarter of 2023 CC1 is VND7.8 billion, however, the temporary corporate income tax expense according to regulations to determine the temporarily paid tax liability is VND10.3 billion, leading to negative business results of VND2.5 billion. Thus, in the first 6 months of 2023, CC1 operated effectively with pre-tax profit of VND18.9 billion and profit after tax of VND5.8 billion.
In terms of assets, short-term receivables from customers decreased significantly from VND2,299 billion at the beginning of the year to more than VND1,272 billion at the end of the second quarter of 2023. It can be seen that CC1 has improved the speed of debt collection.
The cost of construction in progress reached VND2,497 billion, up 17% compared to the beginning of the year, focusing on projects: Hai Phong - Thai Binh coastal road, VND1,810 billion, Hanh Phuc residential area VND569 billion, Wind power Ham Kiem – Binh Thuan VND76 billion…
In terms of capital, short-term payables to sellers decreased significantly by nearly VND500 billion, while short-term loans decreased by nearly VND200 billion and remained at VND2,048 billion.
CC1's equity reached VND4,502 billion, down slightly by 2.6% compared to the beginning of the period.
CC1's operating cash flow has improved significantly from negative VND2,343 billion in the same period to negative VND814 billion, specifically, receivables reduced by VND872 billion, inventories decreased by VND197 billion. CC1's financial cash flow also changed when loan repayments dropped to VND2,063 billion/VND1,486 billion, down 45% and 44% respectively over the same period last year. Thus, with the reduction of receivables and the reduction of new borrowings, it shows that CC1 has well controlled financial activities. Cash and cash equivalents at the end of the period remained at VND896 billion, equivalent to VND931 billion in the same period last year.
It is known that from the end of 2022 and in the first 6 months of 2023, CC1 consecutively won bids for many component projects under the North - South Expressway Project (Chi Thanh - Van Phong, Can Tho - Hau Giang, Hau Giang). – Ca Mau, Quy Nhon - Chi Thanh) with a total value of more than VND3,000 billion, T3 Terminal - Tan Son Nhat (worth more than 300 billion), Phu Tho Circus (more than VND500 billion), Dak Nong Hospital and Dak Square Total value of agriculture is more than VND1,000 billion.
Due to the specificity of the construction industry, in the early stages of project implementation, focusing on the preparation of machinery and equipment, setting up the supply of raw materials and handing over the construction site, not much has been recorded revenue that will focus on promoting when the project is in the construction phase, mainly from the last 6 months of 2023. Along with that, the Government's drastic instructions to promote the disbursement of investment capital flows The effort to stimulate economic development is an important premise to forecast that CC1's revenue and profit will grow significantly in the last 6 months of the year.
Recently, CC1 stock has received a lot of attention from investors because it is part of the Vietur consortium that is bidding for package 5.10 of Long Thanh airport phase 1.
This is the package "Construction and installation of passenger terminal equipment" of the component project 3 - Essential works in the airport under the construction investment project of Long Thanh International Airport phase 1. Package 5.10 has a total value of more than VND35,200 billion - the largest package of Long Thanh airport.
Vietur consortium consists of 10 members: IC ISTAS Construction Industry and Trade Corporation, Ricons Construction Investment Joint Stock Company, Newtecons Construction Investment Joint Stock Company, SOL E&C Construction Investment Joint Stock Company, Construction Corporation No. code CC1 - UPCoM), ATAD Structure JSC, Vietnam Construction and Import-Export Corporation (Vinaconex, code VCG - HoSE), Phuc Hung Holdings Construction JSC (PHC code - HoSE), Hawee M&E JSC , Hanoi Construction Corporation (code HAN - UPCoM floor).
Source: VITIC/Tinnhanhchungkhoan


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