The leadership of contractor Coteccons livestreams, shares business plan with shareholders
90% of Coteccons' revenue comes from the domestic market.
On September 18, Coteccons Construction Joint Stock Company (stock code: CTD) organized a livestream lasting more than 4 hours for the chairman and general director to "take the stage" to answer shareholders' questions related to the development strategy of this leading contractor in Vietnam.
Mr. Bolat Duisenov, the company's chairman, said that Coteccons wants to become a billion-dollar enterprise, with the stature of a "unicorn company" but also wants to grow steadily over the years like a "gazelle company".
Mr. Bolat Duisenov said that in the 2024 fiscal year that ended at the end of June, 90% of the company's revenue came from the domestic market.
"With international projects, our direction is to follow existing investors and customers because they trust Coteccons. Many of our customers are international businesses, so when expanding operations in other markets, they trust us to accompany them in foreign markets," said Mr. Bolat Duisenov.
The leader of this contractor also said that the company has identified a number of potential markets and has a strategy to move forward in the future, including the possibility of conducting M&A (mergers and acquisitions) in foreign markets. Currently, Coteccons is building the VinFast factory project in India.
The real estate market has not recovered as expected.
Mr. Vo Hoang Lam, General Director of Coteccons, commented that the real estate market has not recovered as quickly as expected, and there are still many problems that have not been resolved. However, Coteccons' business results are still positive thanks to the diversity of revenue sources and markets.
In 2024, when the real estate market has not yet recovered, revenue from the FDI sector accounts for more than 50% of the company's revenue.
According to Mr. Lam, in the past 3 years, the revenue structure has shifted, FDI projects have increased their proportion to more than 50%. When the domestic market is not stable, businesses have compensation from foreign customers, there is a balance between the civil and industrial sectors. Currently, revenue from industrial construction accounts for approximately 50%, civil construction is more than 40%, and resort tourism is about 5%.
Meanwhile, Mr. Tran Ngoc Hai, CEO of Coteccons, said that the backlog (contracted projects, outstanding orders) for the following years is worth about VND30,000 billion, with the backlog for 2025 alone being more than VND22,000 billion.
In addition, the company has a healthy amount of cash, maintained at 3,800 - 4,000 billion VND.
At the end of the new fiscal year 2024 (July 2023 to June 2024), Coteccons' revenue will reach VND 21,045 billion, an increase of 30.8% compared to fiscal year 2023, completing 118% of the old business plan (VND 17,793 billion), reaching 105% of the newly adjusted business plan (VND 20,000 billion).
Gross profit nearly doubled compared to the previous year, reaching 712 billion VND, profit after tax increased by 343%, reaching 299 billion VND. In 2024, Coteccons' winning bid value reached 22,000 billion VND.
Source: https://tuoitre.vn/dan-lanh-dao-coteccons-livestream-hon-4-gio-ky-vong-tro-thanh-nha-thau-ky-lan-20240918215153901.htm
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