Ho Chi Minh City, April 25, 2023 – Coteccons Construction Joint Stock Company successfully organized the 19th Annual General Meeting of Shareholders in 2023 with the participation of all members of the Board of Directors, the Board of Management of Coteccons-Unicons, the employees, over 230 shareholders, and 29 reporters from the press agency.
Coteccons works tirelessly to achieve its goal of becoming a world-class business. In addition to financial objectives such as reaching a market capitalization of USD 1 billion, the Company pursues non-financial objectives such as creating a humane working environment, raising construction standards, making positive contributions to the construction industry, and effectively implementing the sustainable development strategy… Coteccons has the basis and potential to accomplish that objective, in terms of strategic vision, people, technology, and financing.
This is the key message from Coteccons’ Annual General Meeting of Shareholders (AGM). The event took place in Ho Chi Minh City on April 25, 2023, both in person and online. Coteccons’ Board of Directors comprehensively delivered 2022 outcomes, 2023 targets, and certain long-term orientations with a lot of attractive information.
Regarding the 2022 outcomes, Coteccons has successfully accomplished all targets and tasks. Specifically, sales reached VND 14,537 billion, an increase of more than 60% compared to the previous year. Profit before tax and profit after tax reached nearly VND 35 billion and VND 21 billion respectively (105% of the target). If provision expenses are eliminated, profit before tax can exceed 300 billion dong. These are very positive results in the context of an extremely challenging macroeconomic and construction industry in the past year, which shows the rapid and strong recovery of Coteccons after comprehensive restructuring and the implementation of a new development strategy.
In addition to the financial results, the Board of Directors of Coteccons affirmed that the more remarkable achievements in the year were the real stability in the organizational structure, the strong recovery in brand reputation and solid capacity. in expanding markets, approaching new customer files, so as to achieve a clear upgrade in internal resources, systems – operating processes, corporate culture… in the direction of transparency and professionalism. These are the firm foundations that will propel Coteccon to greater success in the future.
With these achievements, Coteccons has officially reclaimed its position as the leading business in the construction industry in Vietnam as well as the strong trust of customers and investors. Overcoming challenges from previous internal fluctuations, Coteccons is re-conquering the market with new sources of energy.
According to the proposed 2021-2025 roadmap, 2023 is the year of TRANSFORMATION. Specific targets, such as total revenue of 16,249 billion VND and profit after tax of 233 billion VND, correspond to growth rates of 12% and 1,010%, respectively, compared to 2022. In the context of the industry, these are lofty goals. This year’s construction will encounter more difficult challenges than last year.
Coteccons, on the other hand, provides a solid foundation for establishing this exceptional growth ambition. Typically, a VND 17,000 billion backlog is available for 2023, and internal resources are well prepared to optimally complete the number of ongoing projects while also pursuing new sectors as needed.
Therefore, in 2023, Coteccons is also determined to accelerate the TRANSFORMATION process towards further goals. In particular, the important tasks are conquering mega-projects (projects with large scale, high requirements and wide influence), increasing repeat sales (acquiring new projects with existing customers), expanding the customer base (especially FDI customers) and aggressively pursuing large infrastructure projects.
The achieved results and current developments show that the new strategy that Coteccons’ Board of Directors has planned from the end of 2020 to the beginning of 2021 is right. In particular, the roadmap 2021 – 2025 is being implemented very effectively. The Board of Directors of Coteccons will continue to review, re-evaluate and adjust each specific target to match actual developments. However, the orientation towards diversifying products and services and building an excellent and sustainable business has always been consistently implemented.
“We have a coherent strategy, a specific plan for each phase, and sufficient resources to implement it. Coteccons is confident in the way we are going because we have strong and genuine aspirations. We not only have the purpose of developing our own business but also becoming responsible businesses to the community and can positively influence the overall development of the economy and society. “ – shared Mr. Bolat Duisenov, Chairman of the Board of Directors of Coteccons.
The Board of Directors of Coteccons also clearly identified that the most important key to the successful implementation of big goals is the human factor. Therefore, at this Annual General Meeting of Shareholders, one of the contents submitted to the General Meeting of Shareholders for approval is the 5-year plan to issue ESOP shares. This is one of Coteccons’ specific measures for attracting and retaining talented personnel.
