Construction giant Coteccons has reported revenues of VNĐ6.7 trillion ($275.2 million) and profit after tax of VNĐ52 billion ($2.1 million) for fiscal year 2023.

This represented an increase of 30 per cent and 862 per cent from the same period last year, and met 88 per cent and 118 per cent of its targets, it reported at its annual general meeting on October 17.

Coteccons recently changed its fiscal year, and the transition year was from January 1 to June 30, 2023.

Fiscal year 2024 will run from July 1, 2023 to June 30, 2024, and the company targets revenues of VNĐ17.8 trillion ($730.9 million) and after-tax profit of VNĐ 274 billion ($11.3 million).

It also targets others like an increase in repeat sales, upgrade of its internal systems, capabilities and standards to international levels and a focus on improving human resources.

Võ Hoàng Lâm, the company’s CEO, said the company is focusing on being the first choice for customers and talents, and diversifying revenue sources.

Answering a shareholder’ s question about whether the company would continue to bid for public projects after its failure to get a tender package of the Long Thành International Airport, chairman Bolat Duisenov said: “It is okay, we're not going to give up. We are very humble, but very resilient.

“We have the strategies, the vision, and the directions. And failing [to get] one or two projects from time to time is normal.”

The company learned a number of lessons by bidding for the Long Thành International Airport project. It is ready to participate in large infrastructure projects that Việt Nam develops in the near future, he said.

Lâm said in the coming years Việt Nam has to invest in many large infrastructure projects to meet its robust growth, while its rapid urbanisation and strong FDI inflows would also boost construction demand.

The company expects the construction industry to grow by 40-45 per cent and Coteccons to capture a significant market share, he said.

Its goal is to get a foothold in the infrastructure segment in addition to its leading position in the residential and industrial segments, he said.

It is also expediting plans to expand into social housing construction and renewable energy, and make overseas investments, Duisenov said.

He mentioned ongoing talks with existing clients who are expanding beyond Việt Nam.

In addition, Coteccons is building a factory for LEGO, and is learning a lot from this customer. It has 240 engineers working only that project, and after one or two years they would be able to work outside Việt Nam, he said. — VNS