Hung Thinh Incons’s revenue surges 2.5 times in Q4

[ASEAN NOW News]

Profit after tax in the last quarter of 2021 of Hung Thinh Incons was 1.7 times higher than the same period last year reports VN Express.

 

Hung Thinh Incons Joint Stock Company (Hung Thinh Incons, HOSE: HTN) has just announced its consolidated financial statements for the last quarter of 2021.

 

It reached more than VND2,655 billion, profit after tax of VND 98.3 billion, increased by 2.6 times and 1,7 times respectively over the same period, due to the increase in the acceptance value of the works compared to the previous quarters.

 

Especially, the main contribution came from the projects namely Merry Lan Quy Nhon tourism trade and entertainment complex, Q7 Saigon Riverside Complex, Lavita Charm, and other projects.

 

The gross profit margin was 7 percent lower than the same period last year due to no real estate revenue generated in the period and the fluctuation of capital cost.

 

 

Hung Thinh Incons has accelerated the construction of projects in 2022.

 

Accumulated in 2021, consolidated revenue reached VND6,164 billion and VND241 billion in profit after tax, rose 107 percent and 103 percent, respectively.

 

By the end of 2021, the company’s total assets reached VND7,584 billion, rising VND 2,042 billion compared to the beginning of the year.

 

Although the Covid-19 pandemic caused businesses to stagnate for 6 months, the company still completed the construction progress of the projects as planned and had a successful year.

 

The firm said the financial structure of the company was maintained safely, effectively and ensured good liquidity.

 

Cash and cash equivalents as of December 31, 2021, rose by 3.5 times compared to the beginning of the year, while the current ratio and quick ratio were at 1.16 and 0.99, respectively.

 

Hung Thinh Incons recently increased its charter capital to VND 891 billion through two issuances of shares to existing shareholders and 80 percent of shares to pay dividends for 2020, the highest dividend paid since the company listed on HOSE at the end of 2018.

 

The firm said the rise in charter capital not only showed business results but also aimed to improve capital capacity to promptly implement business plans such as developing cooperation with real estate investors and preparing expansion into the field of infrastructure construction.

 

Located in the ecosystem of Hung Thinh Corporation, Hung Thinh Incons has the advantage of financial resources, experience, and technology to be the general contractor of large-scale projects.

 

The company has applied construction technology to optimize construction management and cooperation of R&D centers for the greener and more economical construction materials, thereby contributing to the outstanding growth of the company.

 

In addition, the company has also expanded the construction market by forming partnerships with partners beyond the Hung Thinh Corp ecosystem, step by step entering the field of infrastructure construction to diversify products and welcome the wave of public investment.

 

In 2021, Hung Thinh Incons has completed and handed over many projects, namely Lavita Charm Apartments (Thu Duc City, Ho Chi Minh City), Q7 Boulevard Apartments (District 7, Ho Chi Minh City), Cam Ranh Mystery Villas beach resort (Khanh Hoa Province).

 

Furthermore, the company has signed new construction contracts from projects Bien Hoa Universe Complex, Moonlight Center Point, New Galaxy Nha Trang and Richmond Quy Nhon, which ensured its revenue in the medium term.

 

Hung Thinh Incons has increased the total accumulated winning value to more than 14,000 billion in 2021, thanks to winning the bid for Moonlight Center Point in Binh Tan District, Ho Chi Minh City with a total estimated value of nearly VND1,700 billion.

 

The company has also produced 2022’s business plan with revenue and profit after tax reaching VND8,068 billion and VND286 billion, respectively, rising 31 percent and 19 percent respectively compared to the results in 2021.

 

The revenue and profit values in 2022 are estimated by Hung Thinh Incons based on the expected backlog of the contracts that the company has signed as the general contractor and the expected bidding for projects outside the Hung Thinh Corp ecosystem in the upcoming time.

 

Closing the trading session on January 26, 2022, Hung Thinh Incons shares reached a price of VND 43,700 per share, which was 2.36 times higher than at the beginning of 2021. Market capitalization reached VND 3,894 billion.

 

Recently, the company has ranked number 5 in the top fifty best performing listed companies in Vietnam in 2021.

The ranking is deployed based on measuring business results of the companies. company for three consecutive years, based on three growth indicators: revenue, return on equity (ROE) and return on share.

 

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