Ecosystem of Coteccons former chairman earns $1 bln in 2022

By Trang Nguyen
Tue, January 3, 2023 | 11:32 pm GMT+7

SOL E&C Investment Construction JSC, Newtecons and Ricons have earned total revenue of over $1 billion for the ecosystem related to Nguyen Ba Duong, former chairman of construction giant Coteccons.

Nguyen Ba Duong, former chairman of construction giant Coteccons. Photo courtesy of the company.

Nguyen Ba Duong, former chairman of construction giant Coteccons. Photo courtesy of the company.

SOL E&C, the construction company founded by Duong, reported a revenue of nearly VND4,500 billion ($190.4 million) in 2022, up 3 times year-on-year.

The company, formerly known as S.M.A.R.T Materials and Solutions JSC, was established in November 2015. It had an initial charter capital of VND18 billion ($761,600) with three founding shareholders namely Huynh Nhat Minh 70%, Nguyen Xuan Dao 29.9%, and Pham Thi Thu Huyen 0.1%.

At the end of May 2017, all the three founding shareholders divested all their stakes. Data by November 2020 shows that the charter capital of SOL E&C reached VND305 billion ($12.9 million), but the shareholder structure and ownership ratio were not disclosed.

In October 2020, Nguyen Ba Duong attracted attention when he appeared at the signing ceremony of SOL E&C's 2021 business plan. This was his first return to the market after four months leaving as chairman of Coteccons, being the founding chairman of SOL E&C.

Newtecons Investment Construction JSC, another construction company founded by Duong, also recorded an outstanding revenue exceeding VND10 trillion ($423 million) targeted at the beginning of the year.

At Ricons Group Investment Construction, in the third quarter of 2022, net revenue reached VND3,591 billion ($152 million), up 84% year-on-year. Its pre-tax profit hit VND43 billion ($1.82 million), up 4.5 times.

In the first nine months, the company's net revenue reached VND8,356 biillion ($353.5 million), up 67%, and after-tax profit hit VND80.5 billion ($3.41 million), up 29%.

In 2022, Ricons set a revenue target of VND10 trillion ($423 million) and after-tax profit of VND100 billion ($4.23 million), up 24% and 25% compared to 2021, respectively.

With the above 9-month business results, Ricons is likely to record revenue of VND10 trillion for the first time.

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