The First Large Enterprise to Announce its Six-Month Financial Statement: Net Profit Reaches VND 274 Billion, Six-and-a-Third Times Higher Than the Same Period Last Year

Ho Chi Minh City Technical Infrastructure Investment Joint Stock Company (ticker symbol CII) has released its consolidated financial statements for the second quarter of 2024. CII is the first enterprise to announce its financial statements for the first half of this year.

Notably, the company’s revenue for the period reached VND 744 billion, a 14% decrease compared to the same period last year. However, due to a significant 55% reduction in cost of goods sold, gross profit doubled to VND 413 billion year-over-year.

After deducting expenses, CII still recorded a net profit of VND 129 billion, a 56% increase compared to the previous year. The company attributed the significant growth in profit for the second quarter of 2024 mainly to the increase in net profit from the Trung Luong – My Thuan BOT project.

It is worth mentioning that the Trung Luong – My Thuan BOT Joint Stock Company is directly in charge of operating this expressway, and it officially became a subsidiary of CII in the fourth quarter of 2023.

In addition, compared to the same period last year, the company’s financial income increased due to accumulated financial benefits from the Ca Na Toll Station project – Km 1584+100, National Highway 1, Ninh Thuan province, operated by Ninh Thuan BOT Sole Member Company Limited. There was also a recognition of financial expenses from financial investment provisions.

For the first six months of the year, CII recorded a revenue of VND 1,648 billion, a slight increase compared to the same period last year. Of this, traffic toll revenue accounted for more than VND 1,309 billion, an impressive 84% year-over-year growth. In contrast, the company’s real estate business witnessed a significant 70% decline in revenue, amounting to only VND 211 billion.

The substantial reduction in cost of goods sold contributed to a nearly twofold increase in gross profit to VND 885 billion. Consequently, the company’s net profit for the period stood at VND 274 billion, representing a 6.3-fold increase compared to the first half of 2023.

Currently, CII has several BOT projects in the toll collection phase for investment recovery, including the Trung Luong – My Thuan Expressway Phase 1, the Hanoi Highway expansion project, the National Highway 60 expansion project connecting Ben Tre and Tra Vinh, and the DT 741 road upgrade project, along with the Co Chien Bridge toll collection rights…

Road toll collection activities have been on an upward trajectory since 2022, following the social distancing period. Notably, the Trung Luong – My Thuan Expressway, which started toll collection for investment recovery in August 2022, has positively impacted the company’s revenue.