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Hung Thinh Incons's net profit is over VND 376 billion in 2020, up to 101%

Posted: 03-02-2021

On January 30, 2021, Hung Thinh Incons Joint Stock Company (Hung Thinh Incons, ticker symbol: HTN) announced financial statements of the fourth quarter of 2020. Striving to overcome the challenge of 2020, Hung Thinh Incons exceeded the business plan with revenue and profit increase of 24% and 101%, respectively, compared to 2019.

According to the consolidated income statement in the fourth quarter of HTN, the revenue reached VND 1,039.8 billion, the profit after tax reached VND 58.96 billion. Accumulating the whole year of 2020, revenue and profit of HTN were estimated at VND 4,552 billion and VND 376 billion, respectively, revenue increased 24% and profit increased 101% compared to 2019. Thus, in the context when the economy is facing many difficulties due to Covid-19 epidemic, Hung Thinh Incons had a successful year when all business targets were far higher than the plan.

The achievement was gained thanks to the recognition of revenues and profits from many projects handed over in 2020 such as: Richmond City invested by Binh Trieu Engineering and Construction Joint Stock Company (HTN holds 95.24% of capital charter), Bien Hoa New City, Saigon Mystery Villas and Moonlight Boulevard with general contractor of Hung Thinh Incons. In the context when the epidemic is happening complicatedly and prolongs, impacting on the construction progress of projects, however, HTN has had flexible solutions to promptly meet the progress, ensuring the construction quality as required by the investor.

Hưng Thịnh Incons lãi ròng hơn 376 tỷ đồng trong năm 2020, tăng 101%
Richmond City apartment complex (Binh Thanh District, Ho Chi Minh City) was handed over by HTN in 2020

HTN's financial structure has been maintained in a safe and effective manner with total capital of VND 1,034 billion as of December 31, 2020. HTN always ensures good liquidity, the ratio of debt/ total assets remains at 80%. To increase construction capacity, HTN is raising capital with the plan of issuing more than 16.53 million shares to existing shareholders at the ratio of 2: 1 at the price of VND 17,000/ share (Transaction date without entitlement on January 29, 2021). The Company completed the payment for dividends in fiscal year 2019 in cash at the rate of 18% on 11/30/2020.

Currently, Hung Thinh Incons has been constructing nearly 20 projects at the same time in many provinces such as Ho Chi Minh City, Binh Duong, Dong Nai, Ba Ria - Vung Tau, Binh Dinh, Khanh Hoa ... Many new projects continuously won the bid in 2020 such as: Bien Hoa Universe Complex (Bien Hoa, Dong Nai), New Galaxy (Di An, Binh Duong), Ho Tram Complex (Ba Ria - Vung Tau).

Hưng Thịnh Incons lãi ròng hơn 376 tỷ đồng trong năm 2020, tăng 101%
Many projects such as Cam Ranh Mystery Villas, District 7 Boulevard, Lavita Charm ... are being accelerated by HTN to prepare for handover in the early second quarter of 2021

With its existing capacity and experience, HTN is highly appreciated in Top 5 companies in the construction industry in Vietnam and Top 5 (revenue and profit 2020) of construction companies currently listed on HOSE stock exchange in 2020. In 2020, HTN’s shares were also in Top 15 highest increasing stocks on HOSE.

In 2021, many plans will be implemented, especially the active bid expansion for projects outside Hung Thinh Corporation with the orientation of expanding the market and industries from civil and industrial construction to infrastructure, transportation, basic construction materials and new material technology through a strategic cooperation agreement between Hung Thinh Incons and Deoca Group, HTN are setting outstanding development goals and step by step reach out to the area.

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