COTECCONS ANNOUNCES Q2 FINANCIAL RESULTS:
- Revenue surges 2.4 times after three years of restructuring
- International market contributes to revenue sources
Ho Chi Minh City, January 24, 2025 – Coteccons Construction Joint Stock Company (HOSE: CTD) has officially announced financial results for the second quarter (Q2FY2025) and the first half of the fiscal year 2025 (H1FY2025). These results reaffirm the company’s position as an “industry leader” in Vietnam’s construction sector amidst ongoing challenges in the economy and real estate market. Coteccons has started the new fiscal year with remarkable progress, recording revenue from two major international markets—the United States and Cambodia—paving the way for sustainable global growth.
Q2FY2025 Revenue Nearly Matches the Combined Annual Revenue Before Restructuring
In Q2FY2025, Coteccons achieved consolidated revenue of VND 6,886 billion, a 21.6% increase year-over-year (YoY). For the first half of FY2025, total revenue reached VND 11,645 billion, up 19% YoY, fulfilling 46.6% of the annual business target set at the 2024 Annual General Meeting (AGM).
Gross profit for Q2FY2025 was VND 202 billion, a 19.1% increase YoY. Cumulatively, the company recorded VND 407 billion in gross profit for the first half of FY2025, a 51.1% rise YoY. Gross profit margins for Q2FY2025 stood at 2.93%, consistent with the same period last year, while the six-month gross margin was 3.49%, higher than in FY2024.
Notably, Q2FY2025 net profit after tax (NPAT) was VND 106 billion, up 53.7% YoY, marking a return to triple-digit profitability since Q3FY2024. For the first half of FY2025, NPAT totaled VND 199 billion, a 46.7% YoY increase, completing 46.3% of the annual target.
In tandem with revenue and profit growth, Coteccons has prioritized operational optimization. SG&A expenses for Q2FY2025 decreased by 13.3% compared to the previous year, a testament to the initial success of the company’s three-year restructuring effort. This initiative has embedded sustainable construction into Coteccons’ corporate DNA.
Reflecting on the past three years and Coteccons’ 20-year journey, Chairman Bolat Duisenov remarked:
“What sets Coteccons apart today is our boldness to dream big. It is this vision that has empowered us to overcome all limitations and barriers to achieve greater goals, driving our rapid growth (with a revenue CAGR of 20%-30%). Today, we carry an even bigger dream—to become and be recognized as the Industry Leader, the pioneer of Vietnam’s construction industry, ready to compete on the global stage. This is not merely a development strategy but also Coteccons’ commitment to asserting our position and the competitive capabilities of Coteccons engineers.”
Revenue growth charts underscore a striking achievement: Coteccons’ quarterly revenue today nearly matches our entire annual revenue from three years ago. Over the past three years of restructuring, Coteccons has steadily advanced toward our ambitions of achieving billion-dollar revenue, 20-30% growth rates, becoming an Industry Leader in the construction industry, or trailblazing a “Xây Tết” festival for workers —all are gradually being realized.
Foreign Market Growth and “Repeat Sales” Dominate Backlog Milestones
Coteccons’ story is not just about impressive numbers; it’s a vision for sustainable growth. In the first half of FY2025, the company secured new contracts worth VND 16,800 billion, raising the project backlog H2FY2025 onwards to nearly VND 35,000 billion, ensuring robust workload for upcoming quarters.
This success is largely attributed to Coteccons’ “repeat sales” strategy and the “client-centric” mindset. By empowering project directors (PD Empowerment) to make flexible, innovative decisions, Coteccons has consistently delivered high-quality projects on time. This has earned the trust of leading real estate developers like Vingroup, Sun Group, Ecopark, and Capitaland, etc., resulting in repeat contracts that now account for approximately 70% of awarded projects.
For example, Coteccons has been awarded the MEP package and the construction of 846 terraced houses in Division 3 and 413 terraced houses in Division 1 of the Sun Urban City. This is a “repeat sales” project for Coteccons after successfully completing the high-rise division, which was topped out at the end of December 2024.
In addition, Coteccons has taken on several other “repeat sales” projects from the Sun Group, such as the I.1-HH4A high-rise mixed-use building project in the Sam Son Beach Square Urban Area (Sun Thanh Hoa); the 1A Hanoi Project; and the Cat Ba Central Bay Tourism, Trade, and Service Project (Sun Cat Ba), which includes 776 shophouses, with a total contract value reaching trillions of Vietnamese dong.
Recently, Coteccons’ subsidiary, Unicons, also secured the contract for structural works, exterior finishing, and rough MEP installation for 74 shophouses in phases 17 and 18 of the KN Paradise resort and entertainment complex. This marks the fourth “repeat sales” contract at this project, following the successful completion of several other packages, including 160 townhouses (Phases 16 and 17) in the Nikko Area; high-rise blocks (Lot 1B3 – ODT-CT-11A.06 condominium units); and low-rise blocks (Phases 09, 10, and 11) in the Parasol Division – Sunpark Subdivision.
Other notable “repeat sales” contracts include infrastructure and landscape works for Ecopark CT6, construction of 146 houses in Division 3 at Ecopark CT2, high-rise building packages with two hotel towers at Ixora 2 Ho Tram, and finishing works for Block F2-CH01 of Towers D3, D5, and D6 at the Tay Mo Urban Area – Vinhomes Park.
Furthermore, Coteccons has expanded collaboration portfolio with new clients through projects such as the St. Nicholas Inter-Level School in Da Nang and a Fabric Manufacturing Plant in Tay Ninh.
Q2FY2025 marked a turning point as Coteccons earned two national accolades: Vietnam Value and the Human Act Prize for the “Xây Tết” project. These awards, along with recognition as one of Southeast Asia’s top 500 companies by Fortune, serve as a springboard to bring Coteccons’ reputation to the global stage. In 2024, the company has recorded first revenues from the U.S. and Cambodian markets, reinforcing the leadership’s commitment to diversifying global income streams.
For detailed financial reports for Q2FY2025, please visit: Coteccons Investor Relations
About Coteccons
Coteccons is Vietnam’s leading construction company with over 20 years of expertise in construction and project management. Committed to excellence, quality, and sustainability, Coteccons strives to build a brighter future for communities and the nation.
