The largest of these was a $400 billion mechanical and electrical engineering package for the Luxnam* Resort & Spa Phu Quoc project. This resort, the first in Vietnam to feature a Maldivian style, is managed by the world-leading hospitality group, LUX* Resorts & Hotels.
In addition, the company also secured two other mechanical and electrical engineering packages for the Hyatt Regency Resort & Spa Ho Tram ($233 billion) and the Marriot Hoi An, a five-star resort ($355 billion). Several other projects with a combined value of nearly $100 billion were also secured.
 Searefico engineers and workers at a civil construction project site.
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In the industrial sector, Searefico (HOSE: SRF) continues its long-standing partnership with Vinamilk (HOSE: VNM), a giant in the dairy industry and a key client. Vinamilk has awarded Searefico multiple contracts, including the provision and installation of generator systems at the Nghe An dairy plant, the total EPC contract for the Gia Lam – Hanoi ice cream warehouse, and the improvement of cooling systems at the Tien Son (Bac Ninh) and Lam Son (Nghe An) dairy plants. The company also supplied and installed panels and doors for the Vinabeef plant in Tam Dao, with the total value of these contracts reaching nearly $120 billion.
For the first time, Searefico collaborated with TH True Milk in 2024, providing and installing a cooling system for their Dalat dairy plant.
Mr. Dang affirmed that Searefico will continue to execute its strategic pivot, focusing on the industrial client segment and projects with high technological and technical requirements, in addition to its strength in the civil construction field.
He emphasized that the last six months of 2024 will be a crucial period, and the company has developed a detailed plan to strengthen its internal capabilities to overcome challenges and seize opportunities in the new development cycle.
In the first half of 2024, Searefico’s construction segment recorded a gross profit of over $26 billion, with a gross profit margin increasing from 4% in the previous period to 7%.
The semi-finished products segment achieved a revenue of $120.3 billion, a 77% increase compared to the same period last year, and a gross profit of $13.5 billion.
The services segment, mainly industrial real estate leasing, recorded a revenue of $2.2 billion and a gross profit of $1.1 billion, with a gross profit margin of 52%.
Overall, due to the challenging economic conditions, particularly in the construction and installation sectors, Searefico’s business results for the first six months of 2024 were modest compared to the previous period. The company recorded a revenue of nearly $495 billion and a gross profit of $41 billion, a decrease of 30% and 9%, respectively. However, the gross profit margin improved from 6.4% to 8.2%. Notably, the backlog value reached $2,600 billion, surpassing the 2025 plan and the management’s forecast.
“With our preparations, I believe the second half of 2024 will be more favorable for the entire construction industry, and we expect a significant improvement in profitability,” shared CEO Nguyen Khoa Dang.
Vinamilk’s Milk Exports Surge: What’s the Company’s Edge in the Global Market?
Vinamilk’s (HOSE: VNM) pure export revenue for Q2 2024 stood at VND 1,740 billion, a remarkable 37% increase compared to the same period last year, outpacing the 5.9% growth achieved in Q1 2024. The company’s continuous product innovation and strong relationships with partners in key markets are expected to remain the foundation for its export growth in the remaining six months of the year.
What Factors Supported Vinamilk’s Export “Surge” in the First Half of 2024?
Vinamilk’s net revenue from exports in Q2 2024 stood at VND 1,740 billion, a remarkable 37% increase compared to the same period last year, outpacing the 5.9% growth achieved in Q1 2024. The company’s continuous product innovation and strong relationships with partners in key markets are expected to remain the foundation for its export growth in the remaining six months of the year.
“Vinamilk’s Projected Profit Surge: A Double-Digit Growth Forecast for 2024”
Vietcap’s projection is significantly higher than Vinamilk’s initial plan, and if accurate, it would be the highest in three years.
