Ecosystem of Coteccons former chairman earns $1 bln in 2022

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.

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.