Coteccons unveils ambitious targets for 2023
Coteccons Construction Joint Stock Company targets revenues of VND16.25 trillion (US$697.3 million) and profit after tax of VND233 billion ($10 million) this year, increases of 12 per cent and 1,010 per cent over last year.
Coteccons Construction Joint Stock Company targets revenues of VND16.25 trillion (US$697.3 million) and profit after tax of VND233 billion ($10 million) this year, increases of 12 per cent and 1,010 per cent over last year.
These are ambitious goals considering the construction industry is expected to face even more challenges than last year.
But Coteccons, at its annual general meeting this week, provided a credible rationale for this ambition.
It is sitting on a VND17 trillion ($726.7 million) order book backlog, and has the resources to complete all projects while also entering new sectors, chairman Bolat Duisenov said.
This year the company is also targeting further goals such as getting mega projects, increasing repeat sales, expanding the customer base, especially foreign businesses, and aggressively pursuing large infrastructure projects.
Bolat said: "We have a coherent strategy, a specific plan for each phase, and sufficient resources to implement it.
“Coteccons is confident in the way we are going because we have strong and genuine aspirations.”
Shareholders approved an employee stock ownership plan (ESOP), one of the company’s measures for attracting and retaining talent, a proposal to increase foreign ownership to 100 per cent and other important plans.
Last year the company achieved revenues of VND14.5 trillion, an increase of more than 60 per cent from the previous year.
Profit before tax was nearly VND35 billion, or 105 per cent of the target, and exceeded VND300 billion without provision expenses.
Vo Hoang Lam, CEO of Coteccons, said, these are very positive results in an extremely challenging macroeconomic and construction industry situation last year, indicating a strong recovery after a comprehensive restructure.
The company targets $3 billion in revenues and $1 billion in market capitalisation by 2025.
Established in 2004, Coteccons has a presence in the residential, commercial, hotel, infrastructure, and industrial construction segments.
Last year it won the contract for building Lego’s $1 billion factory in Binh Duong. — VNS
