RICONS CONSTRUCTION INVESTMENT JOINT STOCK COMPANY
On the morning of June 23, 2023, Ricons hosted the 16th Annual General Meeting of Shareholders (AGM), at the main office at 96 Phan Dang Luu, Ward 5, Phu Nhuan District, Ho Chi Minh City.
At the AGM, Ricons’ Board of Directors, Board of Management, and Supervisory Board reported business results for 2022 and provided 05 reports on business performance and the company’s objectives for 2023. The following are some highlights from the AGM:
BUSINESS OUTCOMES IN 2022:
2022 will be remembered for several remarkable changes in not only the global economy but also the Construction – Real Estate industry in particular. As a result, Ricons has encountered a series of issues, from the sudden increase in commodity prices and raw materials to the delayed supply chains, together with increased exchange/interest rates, and tightened credits in its corporate activities.
However, the Board of Directors and the Board of Management made the correct and adaptable decisions to deal with the circumstances. Ricons has developed magnificently, exceeding the established revenue target and achieving excellent financial achievements. As a result, Ricons’ net revenue in 2022 totaled VND 11,384 billion, a 41% increase over 2021 and 114% of the plan. Profit after tax was VND 91 billion, up 14% from 2021 and 91% of the goal; EPS was VND 2,598. Revenue from financial activities climbed dramatically to VND 72.9 billion in 2021, up from VND 37 billion. Construction and installation revenue continues to play an important part in Ricons’ production and commercial activities, accounting for VND 11,289 billion, or 99.17% of total revenue. According to the Board of Management report, the gross profit of the building and installation segment totaled 202.5 billion dongs, a modest decrease from 222.26 billion dongs in 2021, reflecting the market’s challenging circumstances in the previous year.
Furthermore, Ricons has received numerous prestigious awards in acknowledgment, allowing the firm to maintain its position as one of the top three prominent construction builders in Vietnam in 2023.
PLAN AND GOALS FOR 2023:
The Vietnam construction – real estate business is expected to face a new crisis period in 2023, with numerous comprehensive and unpredictable threats. Ricons is confronting its most challenging issues since its inception. In such circumstances, Ricons has set a conservative revenue target of VND 6000 billion for 2023.
The company plans to concentrate its efforts on approaching foreign projects potentially invested in Vietnam. The Company’s Board of Directors will maintain its adaptability in order to meticulously select typical initiatives, which assures financial efficiency. Furthermore, Ricons intends to build further infrastructure projects in order to capitalize on the surge of public investment, as well as broaden the company’s service chain. Furthermore, the electromechanical construction segment will be improved, retaining a large component of the company’s revenue structure. Last but not least, Ricons will continue to timidly implement all its projects under the rightful laws in the investment section, in accordance with the compa
Ricons’ shareholders enthusiastically participated in the Q&A section, which received rapport from the Presidium in the right focus of the program’s duration.
Ricons will undoubtedly be strong and steady in overcoming this period’s problems, towards stable and sustainable development in the coming years, with particular and adaptive market orientations and plans, as well as the bravery and wisdom of the company’s team.
