Hung Thinh Incons posted positive business results in 2020

11:23 | 04/02/2021
Hung Thinh Incons JSC (HSX: HTN) has released its financial statement for the fourth quarter of 2020. Despite the impact of the COVID-19 pandemic, the corporation has still fulfiled its business plan with revenue and profit up 24 and 101 per cent against 2019.

According to Hung Thinh Incons JSC’s fourth-quarter consolidated business results, the company has reached VND1.04 trillion($45.2 million) in revenue and VND58.96 billion ($2.56 million) in profit after tax. For the full year 2020, the company also generated a revenue of VND4.55 trillion ($197.83 million) and profit of VND376 billion ($16.35 million), up 24 and 101 per cent on-year. Despite the difficulties caused by the COVID-19 epidemic, Hung Thinh Incons has a successful year, with all business targets exceeding targets.

The growth in revenue and profit is attributable to the successful transfer of projects in 2020 like Richmond City by Binh Trieu Construction & Engineering JSC (Hung Thinh Incons JSC holds 95.24 per cent authorised capital); Bien Hoa New City, Saigon Mystery Villas, and Moonlight Boulevard by Hung Thinh Incons as general contractor. Due to the impact of the COVID-19 pandemic on construction progress, the company has adopted flexible solutions to keep on schedule and ensure the construction quality as required by investor.

hung thinh incons posted positive business results in 2020
Richmond City Apartment (Binh Thanh district, Ho Chi Minh City) by HTN is handed over to homebuyers in 2020

Hung Thinh Incons JSC has maintained safe, sound, and efficient financial structure with total capital reaching VND1.03 trillion ($44.78 million) as of December 31, 2020. The corporation always ensures good liquidity with the debts to total assets ratio remaining at 80 per cent. To increase construction capacity, Hung Thinh Incons JSC is raising capital with the plan to issue more than 16.53 million shares to existing shareholders at the ratio of 2:1 at the price of VND17,000 (74 US cents) apiece in January. The company completed its cash dividend for the 2019 fiscal year at the rate of 18 per cent on November 11, 2020.

Hung Thinh Incons JSC is developing nearly 20 projects across Ho Chi Minh City, Binh Duong, Dong Nai, Ba Ria-Vung Tau, Binh Dinh, Khanh Hoa, and others. The company also won several bids for many projects in 2020 like Bien Hoa Universe Complex (Bien Hoa, Dong Nai), New Galaxy (Di An, Binh Duong), and Ho Tram Complex (Ba Ria-Vung Tau).

hung thinh incons posted positive business results in 2020
Hung Thinh Incons JSC is accelerating the progress of many projects like Cam Ranh Mystery Villas, Q7 Boulevard, and Lavita Charm to complete the handover in the second quarter of 2021

With its expertise and experience, Hung Thinh Incons JSC is ranked as one of the top construction companies in Vietnam as well as the Top 5 listed construction companies on the Ho Chi Minh City Stock Exchange in 2020. The company's shares were also in the Top 15 highest growing stocks on HSX.

In 2021, Hung Thinh Incons JSC will implement many plans, especially joining the bidding of new projects by other developers apart from Hung Thinh Group. The company also expands its market and industries from civil and industrial construction to infrastructure, transport, basic construction materials, and new material technology. Through a strategic cooperation agreement between Hung Thinh Incons and Deo Ca Group, the corporation is setting outstanding development goals and gradually extending its reach to the region.

By Thanh Van

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional

Based on MasterCMS Ultimate Edition Ver 2.9 2020