CC1’s following-tax profit increased by 10%
Construction Corporation No. 1 – Joint Stock Company (MCCK: CC1), an enterprise specializing in the main activities of construction, construction of traffic works, urban infrastructure and industrial parks, has just issued a final report. business results.
Although CC1’s profit following tax in the first 9 months of the year only reached 38 billion VND, far from the set target. However, CC1’s business results showed signs of improvement when the year’s profit following tax reached 246 billion VND, exceeding 10% compared to last year. This result comes from a reduction of VND 27 billion in sales costs. On the other hand, revenue from financial activities brought CC1 790 billion VND and a profit of 19 billion VND in affiliated companies also contributed to CC1’s favorable profit results.
By the end of 2023, this business is quite wealthy with 1,861 billion VND in cash and equivalents of 801 billion VND, total assets are approximately 15,000 billion VND.
CC1’s total inventory is 915 billion VND, of which the most notable production cost is 787 billion VND. CC1’s explanation said that currently, CC1 is completing two projects: Tropicana Nha Trang Hotel Commercial Area and Binh Duong Hospital with 1,500 beds. By the end of 2023, the business has poured 145 billion VND respectively. and 127 billion VND into projects.
In 2023, CC1’s construction in progress costs increase by 523 billion VND compared to the beginning of the period, to 2,641 billion VND. Mainly related to two large projects including Hanh Phuc Residential Area, 605 billion VND and the Hai Phong – Thai Binh coastal road PPP project, accounting for 2,014 billion VND.
On the balance sheet side, CC1 must pay 500 billion VND in interest expenses, an increase of regarding 3% compared to the same period in 2022. Term financial loan debt increased by 141 billion VND, bringing the final figure to 2,347 billion VND. But this business was able to resolve up to 2,621 billion VND of long-term debt. In particular, CC1 “blanks” loans at the Bank for Investment and Development of Vietnam, Joint Stock Commercial Bank for Foreign Trade of Vietnam, Vietinbank, and Vpbank due to divestment of subsidiaries.
CC1 is cool in bidding
Besides favorable business results, CC1’s bidding activities also proved to be “smooth”. Accordingly, in just the last half month of the year, this giant in the road and bridge industry won bidding packages worth trillions of dong.
These include the EPC-Main Factory bidding package, worth VND 3,315 billion of TKV-CTP Electricity Corporation; Construction package of 6.2km section from Binh Chuan to Saigon River, worth 1,853 billion VND; Road construction package of VND 2,311 billion of Project 85 Management Board; Construction of the section from Truong Dai to Saigon River in Ho Chi Minh City, worth 1,154 billion VND; or the construction package of 3km of Ring Road 3 through Thu Duc city, worth VND 2,088 billion..
Perspective of Ring Road 3 passing through Thu Duc city. Illustration
From the end of 2022 and in the first 6 months of 2023, CC1 continuously won many public investment projects. These include notable projects such as Can Tho – Hau Giang expressway worth VND 7,555 billion; Chi Thanh – Van Phong Expressway 4,440 billion VND; Khanh Hoa – Buon Me Thuot Expressway 1,467 billion VND. Among the first 25 bidding packages of the North-South Expressway project phase 2, CC1 is the enterprise with the highest value of participating bidding packages.
Throughout 2023, CC1 only failed in the Construction, supply and installation of construction equipment package of Vietnam Flight Management Corporation – Company Limited, the value of this package is 368 billion VND.
