Construction heavyweight Vinaconex doubles profit to $45 mln in 2022

Construction and real estate corporation Vinaconex recorded an after-tax profit of VND1,049 billion ($44.74 million) in 2022, up 101% year-on-year, fulfilling 75% of its target.

Vinaconex's consolidated net revenue was VND8,629 billion ($368 million), up 50%, or 56.3% of the target.

Of the total revenue, construction and installation activities accounted for nearly 70% with nearly VND6 trillion ($255.9 million), followed by industrial production with VND949 billion ($40.47 million), real estate business VND609 billion ($25.97 million), and education VND221 billion ($9.42 million).

In 2022, Vinaconex had continuously won and been appointed as contractor in many big projects in the field of transport infrastructure, civil construction, industry with budget capital or FDI capital, with the total winning value of about VND8 trillion ($341.2 million), according to the corporation.

Bidding packages included component projects under the publicly-funded North-South Expressway project (Bai Vot-Ham Nghi, Van Phong-Nha Trang sections); ground leveling and drainage works under the Part 3 project - Long Thanh International Airport project phase 1; National Children's Hospital project; Bidding packages/projects with FDI capital (Hung Yen Clean Industrial Park project, Vung Ang Thermal Power project, Long Son Refinery and Petrochemical project, etc.).

In the real estate segment, in 2022, Vinaconex promoted the implementation of projects like Cat Ba Amatina (ITC); Green Diamond apartment and office complex for rent at 93 Lang Ha street, Hanoi; Project Km 3,4 Hai Yen ward, Mong Cai town, Quang Ninh province; Project of Expanded Hoa Binh Boulevard Urban Area in Mong Cai town; Thien An new urban area (Vinaconex 25), office building project for rent at Kim Van Kim Lu in Hoang Mai district, Hanoi, etc.

In the fourth quarter of 2022, the company recorded net revenue of VND1,929 billion ($82.26 million) and after-tax profit of VND80 billion ($3.41 million), down 9% and down 54% respectively.

As of December 31, 2022, Vinaconex's total assets reached VND32,285 billion ($1.38 billion), up 4% compared to the beginning of the year, the majority of which is short-term receivables worth nearly VND9,400 billion ($400.9 million).

On the Ho Chi Minh City Stock Exchange, the VCG share price hit VND21,850 ($0.93) per unit at Tuesday's closing session. Its corresponding market capitalization is approximately VND10,616 billion ($452.8 million).