Bamboo Capital construction subsidiary Tracodi among best-growing firms

Tracodi, a subsidiary of Bamboo Capital Group, ranked ninth in the Top 50 Vietnam Best Growth 2023 list of the most rapidly expanding enterprises compiled by Vietnam Report, a leading local ranking and research company.

This also marks the sixth consecutive year that Tracodi has appeared on the Fast500, a list of the top 500 fastest growing enterprises, and the fifth year in a row on the Top 50 Vietnam Best Growth, a sub-list of the Fast500.

Tracodi, traded on the Ho Chi Minh Stock Exchange (HoSE) as TCD, is a prominent general contractor in Vietnam in the domains of transport infrastructure construction, industry, civil engineering, transport infrastructure investment, and the mining and processing of construction stone.

To secure its place in the Top 50 Vietnam Best Growth 2023, Tracodi has achieved remarkable business results amid difficulties and challenges. In 2022, the company’s total assets amounted to VND9.84 trillion ($419.34 million), while its post-tax profit was VND333.85 billion ($14.22 million) on a consolidated revenue of VND2.95 trillion ($125.48 million). In the first quarter of 2023, post-tax profit reached VND69 billion ($2.94 million), fulfilling 25.78% of the firm's year target.

The result was attributed to its ownership of a construction material mine in the Mekong Delta, which boosted revenue from its stone mining operation under joint venture Antraco. The sector’s revenue reached VND200 billion ($8.52 million), up 61% year-on-year, equivalent to 31.6% of its year target.

Authorities plan to allocate VND42.65 trillion ($1.82 billion) for developing expressways in the Mekong Delta from 2021-2025, so Tracodi anticipates even stronger revenue from the business.

In alignment with its strategy of investing in traffic infrastructure, Tracodi has been concentrating on key projects with high feasibility and profits, including road and bridge projects under the public-private partnership (PPP) model.

Examples are the 70-kilomteters Go Dau-Xa Mat Expressway with an investment of VND6.3 trillion ($268.43 million) connecting Ho Chi Minh City and its neighboring province of Tay Ninh; the 40-kilometer DT 935C provincial road with an investment of VND2.26 trillion ($96.17 million) in the Mekong Delta province of Soc Trang; the 24-kilometer Duc Hoa road with an investment of VND3.5 trillion ($149.13 million) in the Mekong Delta province of Long An; and the Vinh Hai port with an investment of VND500 billion ($21.3 million) in Soc Trang.

In 2023, Tracodi has set a target of generating VND3.32 trillion ($141 million) in consolidated net revenue, a year-on-year increase of 13%, and over VND267.4 billion ($13.39 million) in net profit. It will pay a 15% dividend in the third quarter.

TCD shares fell 2.83% to VND8,940 ($0.38) at the close on Friday