Major construction contractor Song Da targets $24 mln profit in 2023

Song Da Corporation JSC, the major contractor of most hydropower plant projects in Vietnam, is targeting total revenue of VND6.3 trillion ($268.3 million) and after-tax profit of VND573 billion ($24.4 million) in 2023.

Song Da Corporation, formerly a state-owned enterprise, was established in 1961. In March 2018, the corporation held its first general meeting of shareholders to officially transform to a joint stock company.

In the first quarter of this year, Song Da Corporation recorded net revenue of VND1.05 trillion ($44.5 million) and post-tax profit of VND74.7 billion ($3.18 million), up 18% and 28% year-on-year, respectively.

As of March 31, 2023, the corporation's total assets had stood at VND23.43 trillion ($998 million), of which cash and cash equivalents were down 7% to VND701.6 billion ($29.88 million).

Song Da Corporation is the main contractor of most hydropower plant projects in Vietnam, like the Son La hydropower plant (2,400 MW) - the largest hydropower project in Southeast Asia, the Hoa Binh hydropower plant (1,920 MW) - an underground hydropower plant project, the Lai Chau hydropower plant (1,200 MW).

It is also engaged in building infrastructure, factories, civil engineering work, manufacturing of materials and equipment, and real estate business.

On the UPCoM, SJG hit VND16,200 ($0.69) per unit at Friday's close.