On April 25, Coteccons Construction Joint Stock Company held its 2023 Annual General Meeting of Shareholders (AGM). At the meeting, shareholders focused on questioning the Board of Directors (BOD) about the progress of major projects as well as the stock price falling to "rock bottom".
Coteccons' 2023 Annual General Meeting of Shareholders takes place in Ho Chi Minh City.
Shareholders want the Board of Directors to update the construction progress of the Lego factory ( Binh Duong province) and update the bidding situation of Long Thanh airport (Dong Nai province).
Responding to these contents, Mr. Vo Hoang Lam, General Director of Coteccons, said that the enterprise has completed the preparation process and is currently constructing the Lego factory. It is expected that by 2024, the Lego factory will begin operations. This project has a total investment capital of more than 1.3 billion USD.
Regarding the Long Thanh airport project, Mr. Lam said that the Coteccons leadership cannot share this information because of the regulations binding with partners. However, Long Thanh airport is a very large project, if Coteccons participates, this will be a long journey for the enterprise.
Some shareholders said that in 2022, there was a time when Coteccons shares fell to "rock bottom", but they did not see any move to reassure shareholders from the Board of Directors.
Mr. Bolat Duisenov, Chairman of the Board of Directors of Coteccons, shared that in 2022, all stocks on the market will fall in price. The Board of Directors and the Executive Board also have dialogue sessions and reassure shareholders through newsletters. The Board of Directors cannot send messages to each shareholder because there is still too much work to do.
“ Next time if Coteccons shares go down in price, you should buy them, not sell them, ” Mr. Bolat Duisenov said happily.
Mr. Bolat Duisenov, Chairman of Coteccons Board of Directors.
In addition, shareholders also questioned the Board of Directors about the income of Coteccons engineers decreasing by up to 20%. Responding to this issue, Mr. Bolat Duisenov said that his income has also decreased like everyone else in the company. This reflects the general difficult situation of businesses in the market. Outside, some people have not only had their salaries reduced but also lost their jobs.
According to Mr. Bolat Duisenov, he and those working at Coteccons feel lucky to still have work to do. The income and salary of officers and employees depend on the business results as well as the profit margin of the company.
According to the financial report, in 2022, Coteccons achieved revenue of more than VND 14,500 billion, an increase of more than 60% compared to the previous year. However, pre-tax profit only reached nearly VND 35 billion and after-tax profit was VND 21 billion. Excluding provision expenses, the company's pre-tax profit reached more than VND 300 billion.
In 2023, Coteccons' revenue target is VND 16,249 billion, an increase of 12% compared to 2022. Profit after tax reaches VND 233 billion, more than 11 times higher than last year.
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