RICONS CONSTRUCTION INVESTMENT JOINT STOCK COMPANY
On April 29, Ricons held the 15th Annual General Meeting of Shareholders (AGM) 2022 in the online format at the Company’s office at 96 Phan Dang Luu, Ward 5, Phu Nhuan District, Ho Chi Minh City.
At the AGM, the Company approved 04 reports related to business operations in 2021 and development orientation for 2022. The main contents covered at the meeting are as follows:
BUSINESS RESULTS IN 2021
In 2021, the Company’s management focused on key tasks assigned, made decisions in accordance with the actual situation, and appropriately implemented the cost savings policy and business plan. With the goal of sustainable development and the pursuit of safe and effective operation, in 2021, the Company’s management has focused on directing business activities in line with the key tasks assigned, making decisions in accordance with the actual situation, well maintaining cost savings policies, thereby achieving positive results, including VND 8,093 billion in revenue and VND 80 billion in profit after tax.
Although Ricons did not meet the profit target set out, compared to its industry peers and the market situation, the achieved results still demonstrate the great dedication and a “ready-for-change” spirit of the Company’s Board of Directors and Board of Management, and strongly affirm Ricons’ position among the Top 3 prestigious construction contractors in Vietnam.
BUSINESS PLAN AND GOALS FOR 2022
2022 will continue to be a year of many difficulties and challenges due to the impact of the State Bank of Vietnam’s new regulations to tighten real estate credit.
In addition, the supply chain that was broken due to the Covid-19 epidemic has not yet fully recovered, leading to difficulties in importing raw materials, increasing the price of construction materials, and requiring Ricons’ management to make the right decisions to control costs.
However, 2022 is still expected to be a year of economic recovery, with the investment shift to be restarted, thereby bringing in more jobs. Ricons will continue to focus on the core business of construction and erection, and strengthen its approach to foreign project developers and foreign-invested projects in Vietnam. The Company will choose large-scale projects with great financial potential to optimize the apparatus and improve project performance.
Besides the construction and erection segment, the investment segment will continue to be implemented selectively, suitable to the size of the Company but still ensuring a significant profit contribution.
Specifically, in 2022, Ricons sets a revenue target of VND 10,000 billion and a profit target of VND 100 billion.
With consistent orientation, clear goals, flexible business strategies, and outstanding management capacity of the Board of Management and the high determination of the entire staff, we are confident that Ricons will achieve all the goals set out.
