Coteccons Construction Joint Stock Company has just announced its audit report for the 6-month accounting period ending December 31, 2023, with a remarkable increase in profit.
Accordingly, the revenue from sales of goods and provision of services reached VND 9,783 billion, a slight increase compared to the same period last year. Financial operating revenue increased mainly due to the increase in interest from deposits and securities trading, while business management expenses decreased significantly, resulting in a net profit from operating activities of VND 169 billion. Last year, CTD incurred a loss of VND 44 billion.
After deducting the incurred tax expenses, Coteccons reported a profit of VND 135 billion, a 9-fold increase compared to the same period in 2022.
In terms of securities trading, Coteccons is currently at a loss when purchasing ETF KIM Growth VN30 fund certificates, but has recorded a profit from owning FPT stocks with an original value of VND 28.2 billion. The term deposits in banks decreased to VND 1,556 billion.
As of the end of December 2023, Coteccons recorded VND 1,659 billion of bad debts in the following companies: Ngoi Sao Viet Real Estate Company with a total reserved amount for this debt of VND 483 billion; Saigon Glory Co., Ltd. with a reserved amount of VND 142 billion for a debt of VND 142 billion; Minh Viet Investment Joint Stock Company with a reserved amount of VND 121 billion for a bad debt of VND 121 billion. In addition, there are other customers with a total bad debt of VND 911 billion, reserved with VND 429 billion. The total provision is VND 1,178 billion.
Notably, in terms of income for the Board of Directors, the Board of Controllers, and the CEO, the remuneration for CEO Vo Hoang Lam stands out with over VND 4 billion. Accordingly, Lam receives an income of up to VND 700 million per month.
With this income, Lam is paid 46.5 times higher than Chairman of the Board of Directors Bolat Duisenov, who receives over VND 90 million/6 months. The income of the CEO is also more than twice as high as that of the Deputy CEOs.
The payment of this salary is considered consistent with the company’s leadership strategy. In 2023, CTD had previously laid off more than 70 employees.
Vo Hoang Lam stated that the real estate and construction market is facing difficulties, and many companies have implemented measures to ensure business operations. From the company’s perspective, proactively reducing or increasing personnel is a normal matter. “The increase or decrease in personnel is not related to salary and benefits policies, but to how to retain the best talent for the company,” Lam shared.
As for Vo Hoang Lam’s background, he has nearly 17 years of work and management experience holding various important positions such as Chief Commander, Cluster Director, and Project Director at Coteccons. In the top-level upheaval in 2020, while most of the “old entourage” stepped down with former Chairman Nguyen Ba Duong, Lam was one of the few who stayed. Lam was then appointed as the CEO of Coteccons on August 5, 2022.
In the 2024 fiscal year, CTD has set a consolidated revenue target of VND 17,793 billion and a net profit after tax of VND 274 billion.
