CTCP Investment Construction Ricons held its 2025 Annual General Meeting, approving a consolidated revenue target of VND 8,000 billion, a slight decrease from the previous year. In contrast, parent company’s profit after tax increased by nearly 26% to VND 200 billion.
In 2024, Ricons achieved a revenue of VND 8,012 billion, equivalent to 114.5% of the set plan and an increase of 5.8% compared to the same period last year. Profit after tax attributable to the parent company’s shareholders was recorded at VND 158.8 billion, exceeding the plan by 264.7% and nearly tripling the results achieved in 2023. Basic earnings per share (EPS) reached VND 3,805.
The construction segment continued to play a leading role, contributing VND 7,780 billion in revenue, accounting for 97.11% of the total revenue. Moreover, revenue from financial activities also doubled compared to the same period in 2023, reaching over VND 193 billion.
Mr. Nguyen Sy Cong, Chairman of the Board of Directors of Ricons, expressed optimism about the industry’s mid- and long-term development. However, the Company remains cautious in formulating its 2025 plan amidst challenges and difficulties in the construction industry, especially legal issues and outstanding debt collection from previous years.
Currently, Ricons is focusing on completing two airport projects with stringent quality and timeline requirements, as well as other ongoing projects. Additionally, the widespread impact of the global trade and tariff war initiated by the US has significantly affected the latest FDI project’s supply of new jobs.
Unable to List on HoSE
At the meeting, in response to a shareholder’s question regarding the request for clarification on the timeline for listing on the stock exchange, the Company’s management replied: “If today, shareholders vote to agree to continue registering for listing on the stock exchange, the Board of Directors will develop a plan to implement this resolution. Specific timing will be announced to shareholders as soon as possible.”
However, this proposal was not approved at the meeting as the approval rate was only 14.47% based on the total number of shares entitled to vote of the attending and voting shareholders.
Coping with US-China Tariff Tensions
Sharing at the meeting, Mr. Tran The Phuong, Executive Director, stated that the world’s financial and economic situation, including Vietnam, is currently undergoing unpredictable changes.
In particular, the imposition of tariffs between the US and China has significantly impacted the investment environment in Vietnam. This development directly affects the decisions of FDI investors, especially Chinese enterprises intending to expand their operations to Vietnam.
Moreover, fluctuations in the prices of raw materials and the cost of labor mobilization are significantly impacting construction costs. Many investors and project developers face financial difficulties, affecting Ricons’ cash flow and debt collection ability.
In response to this situation, the Company has maintained a reasonable cash balance to ensure business operations, tightly managed cash flow to minimize negative impacts on project finances and the entire Company.
Ricons Will Recover Debts Through Legal Measures
When asked about Ricons’ continuous use of legal means to recover debts, Mr. Nguyen Sy Cong, Chairman of the Board of Directors, emphasized: “Ricons’ principle is always to respect our partners. Only in unavoidable cases, when partners show a lack of cooperation and unwillingness to resolve issues amicably, do we resort to legal measures to recover debts.”
According to Mr. Cong, if Ricons’ partners do not demonstrate a willingness to engage in early reconciliation and work together to find the best solution to settle the remaining debt, Ricons will be forced to pursue legal measures to protect the Company’s and shareholders’ legal rights and interests.
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