The Infrastructure Investment Corporation of Deo Ca Transportation (HHV) has just announced its consolidated financial statements for the fourth quarter of 2023 with revenue of over 861 billion VND, an increase of nearly 40% compared to the same period in 2022. The cost of goods sold increased sharply, leading to a decrease in gross profit to 233 billion VND. During the period, HHV significantly reduced its expenses, leading to a net profit of over 52.5 billion VND.
For the full year 2023, HHV recorded consolidated revenue of 2,686 billion VND, an increase of over 28% and surpassing the plan by 8%. Correspondingly, net profit reached 362 billion VND, an increase of 22% compared to 2022 and surpassing the plan by 7%.
HHV is a member of the Deo Ca Group and is one of the strong beneficiaries from the public investment wave last year.
Explaining the positive results, HHV said that in 2023, the company’s two main activities, toll collection for BOT projects and construction and installation, both recorded revenue growth compared to the same period. Specifically, toll revenue reached over 1,572 billion VND, an increase of 88.5 billion VND (6%) compared to the same period last year, thanks to the increased traffic volume after the period affected by the Covid-19 pandemic.
Regarding public investment, since the beginning of 2023, HHV has won many projects with large construction values. Specifically, the Quang Ngai – Hoai Nhon project with a construction value of over 14,400 billion VND has been implemented since the beginning of the year, ensuring stable construction revenue. Besides, the Cam Lam – Vinh Hao project is also in the final completion phase and will be put into operation in the second quarter of 2024, contributing to strong growth in construction revenue compared to the same period and significant revenue from coastal road projects in localities.
In 2024, there are many positive prospects for HHV as the investment consortium HHV has been selected to implement the Dong Dang – Tra Linh expressway project with a total investment of over 14,300 billion VND, which started construction on January 1, 2024. Besides, the Huu Nghi – Chi Lang expressway with a total investment of nearly 11,200 billion VND has also been approved for investment by Lang Son province and is scheduled to start construction in the first quarter of 2024.
In addition to investment and construction activities, HHV is currently managing, operating, and collecting tolls for projects such as road tunnels through Deo Ca, Cu Mong tunnel, Hai Van 2 tunnel, Phuoc Tuong – Phu Gia tunnel, Bac Giang – Lang Son expressway, Trung Luong – My Thuan expressway, and the expansion of National Highway 1 through Khanh Hoa province. These projects are generating stable toll revenue and continuously recording growth in recent years.