Deputy General Director of Hoa Binh Construction resigns

Mr. Nguyen Hung Cuong resigned from his position as Deputy General Director of Hoa Binh Construction after 5 years in office and 17 years of dedication to the company.

Hoa Binh Construction Group Joint Stock Company (stock code: HBC) recently approved the dismissal of Mr. Nguyen Hung Cuong from his position as Deputy General Director at his own request.

Mr. Cuong has worked at HBC from 2007 to the present. He was appointed as a construction engineer when he first joined the company, then rose through the ranks to various positions such as Project Manager, Project Director, and Senior Project Director before becoming Deputy General Director in April 2019.

Following Mr. Cuong's resignation, the HBC Executive Board now consists of five members. Specifically, Mr. Le Van Nam holds the position of General Director, Mr. Le Viet Hieu serves as the Permanent Deputy General Director, and the remaining three Deputy General Directors are Mr. Dinh Van Thanh, Mr. Nguyen Khanh Hoang, and Mr. Le Van Vien. Mr. Le Van Vien was appointed to this position in early May, replacing Mr. Nguyen Tan Tho.

Regarding business performance, in the first half of 2024, Hoa Binh Construction's audited net revenue reached VND 3,812 billion, a slight increase compared to the previously announced VND 3,811 billion. The company reported an audited gross profit of VND 105 billion, a 13% decrease compared to the VND 121 billion reported in the self-prepared report. The difference stems from adjustments to the parent company's figures related to the classification of cost of goods sold and other income.

Financial income increased after the audit due to the parent company recording additional interest on late payments from customers, from VND 160 billion to VND 195 billion. Other income also fluctuated significantly, increasing from VND 518 billion to VND 555 billion after the review due to upward adjustments at the parent company and at the subsidiary related to receivables from investors . An Hai Bridge project .

This is the main reason why the company's after-tax profit increased from VND 740 billion to VND 830 billion after the audit, an increase of VND 90 billion.

Compared to the total revenue target of VND 10,800 billion (a 43.3% increase year-on-year) and after-tax profit target of VND 433 billion set at this year's shareholders' general meeting, Hoa Binh Construction has completed 35.3% of the revenue plan and exceeded the profit target by 91.6%.

As of the end of June, Hoa Binh Construction's total assets reached VND 15,790 billion, an increase of VND 540 billion compared to the beginning of the year and an increase of VND 158 billion compared to the self-prepared report. Short-term items accounted for VND 14,169 billion in the company's asset structure. Of this, cash and cash equivalents amounted to nearly VND 305 billion.

As of June 30, 2024, the company had accumulated losses of VND 2,403 billion and several overdue debts. “These indicators suggest the existence of material uncertainties that could cast doubt on Hoa Binh Construction’s ability to continue as a going concern,” the auditors stated in their financial report.

On the stock exchange, HBC is currently trading at 5,300 VND, down nearly 8% from its reference price when it switched to trading on the UPCoM exchange on September 18th. Its market capitalization is approximately 1,875 billion VND.

Previously, according to a decision by HoSE, HBC was compulsorily delisted from September 6th due to its undistributed after-tax profit as of December 31st, 2023 being negative 3,240 billion VND, exceeding the company's actual contributed charter capital of 2,741 billion VND.

Source: https://baodautu.vn/pho-tong-giam-doc-xay-dung-hoa-binh-tu-nhiem-d225689.html