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Coteccons Building Company (CTD) plans to realize VND20 billion (US$870,400) in revenue this yr, a lower of 17 per cent year-on-year.
The knowledge was launched on the 2022 Annual Normal Assembly (AGM) held late Monday within the southern province of Quang Binh.
The corporate targets income of VND15 trillion, a rise of 165 per cent in comparison with 2021.
Final yr, the corporate achieved income of VND9.07 trillion, finishing 52 per cent of the yearly plan. Revenue after tax reached VND24 billion, finishing 7 per cent of the yearly plan. This was the bottom revenue recorded since 2006, reflecting a troublesome yr for Coteccons.
Responding to shareholders about this super-low revenue goal in 2022, Coteccons chairman Bolat Duisenov stated there have been numerous causes for the determine.
The primary was monetary provision for unhealthy debt, Bolat stated, and that the corporate needed to arrange a reserve fund. At present, Coteccons has 16 initiatives dealing with unhealthy debt issues and in 2022 it’s anticipated to make provision of as much as VND95 billion.
Secondly, the price of uncooked supplies globally in addition to in Viet Nam is growing, the price of concrete alone has elevated by 20 per cent.
The unfavorable impression of the pandemic was nonetheless important, strongly affecting the manufacturing and enterprise scenario in 2022.
Coteccons all the time considers individuals essentially the most invaluable asset of the corporate, so regardless of the troublesome scenario, the corporate nonetheless prioritises the livelihood of workers, not simply specializing in revenue, Bolat stated.
Even in troublesome circumstances, Coteccons nonetheless adheres to its dedication to high quality regardless of excessive prices.
In keeping with Bolat, Coteccons’ backlog in 2021 reached VND25 trillion. Within the first quarter of 2022, the brand new contract worth reached VND10 trillion. Coteccons received 9 initiatives, its subsidiary received 10 initiatives. Nevertheless, a mission should be inbuilt 2-4 years. Due to this fact, what Coteccons is making an attempt to realize might not be accomplished in 2022.
Coteccons will see leads to 2023 and past. The corporate defines a long-term, sustainable growth technique, stated Bolat.
Coteccons Chairman stated the corporate aimed to succeed in $3 billion in income by 2025 and $1 billion in market capitalisation. To do that, the corporate has recognized 5 strategic priorities: a differentiated enterprise mannequin, excellent human sources, diversified product and repair traces, progressive advertising and PR, and diversification of areas. The development business segments that Coteccons participates in embody civil, industrial, business, infrastructure – transportation.
On the assembly, shareholders accredited a plan of the discount of constitution capital from VND792.5 billion to VND788 billion. Beforehand in 2021, the Board of Administrators applied a inventory buyback of retired workers below the Worker Inventory Possession Plan (ESOP) programme. The capital for the repurchase was VND23.8 trillion. The acquisition value was VND56,000 per share.
Shareholders additionally accredited the plan to challenge 554,785 treasury shares, accounting for 0.75 per cent of excellent shares. In 2023, some 792,550 treasury shares shall be issued, accounting for 1.07 per cent of excellent shares.
The situation of the issuance is that the income in 2022 in response to the audited consolidated monetary statements should attain VND15 trillion or extra. Issuing value shall be VND10,000 per share. Consumers are members of the board of administrators, key managers and different workers. These shares are restricted from being transferred for a yr. All proceeds from the sale of treasury shares are used to complement working capital for the corporate.
Relating to the implementation time, the Normal Assembly of Shareholders authorises the Board of Administrators to decide on a particular time in 2022, after receiving the written approval of the State Securities Fee.
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