29-04-2021On April 27, 2021, Hung Thinh Incons Joint Stock Company (Hung Thinh Incons – Ticker symbol: HTN) announced the separate and consolidated financial statements for the first quarter of 2020 that recorded a solid growth rate in business result.
Under the recently announced separate financial statements, the net revenue of the first quarter of 2021 of HTN reached more than VND 1,157 billion, up to 189.76% compared with the same period; profit after tax in the first quarter of 2021 recorded an impressive increase of 442.77% compared to the first quarter of 2020. This growth represents the strong growth of HTN's core business segment (civil construction).
Consolidated financial statements also recorded that at the end of Q1, HTN's net revenue reached nearly VND 1,160 billion, up to 9.5% compared with the same period. Consolidated profit after tax in the first quarter of 2021 was recorded at VND 38 billion, down 60% compared to the same period in 2020 because the profit from the Richmond City project investment was recorded in 2020.
At the end of Q1, total short-term assets of HTN were more than VND 5,432 billion, an increase of nearly VND 200 billion compared to the beginning of the year, accounting for a large proportion of short-term receivables of VND 3,896 billion, mainly coming from construction business activities. Other short-term receivables of the company increased by about VND 330 billion, recorded at VND 1,495 billion, mainly in receivables from the sales of apartments in the Richmond City project valued VND 711 billion.
Cash flow from financial activities reached VND 674 billion thanks to more than VND 279 billion in stock issuance and increase in loans. As of March 31, 2021, HTN issued more than 49.5 million shares to existing shareholders.
It could be said that HTN kicked off the first quarter of 2021 with optimistic results, thereby increasingly affirming the capacity and boldness of one of the reputable construction companies in the market. In April 2021, HTN was continuously honored in Top 10 Typical Asia - Pacific Brands 2021 (voted by Asia-Pacific Economic Review in coordination with international organizations) and ranked 33rd in the Top 500 fastest growing enterprises in Vietnam - FAST500 (voted by Vietnam Report and VietnamNet newspaper).
Lavita Charm Apartment (Thu Duc City, Ho Chi Minh City) is the first project that HTN handed over in 2021.
Thanks to HTN's outstanding competitive advantage when it is in the ecosystem of Hung Thinh Group, it ensures a long-term job source for HTN. HTN is constructing many big projects of Hung Thinh Land - the core nucleus in charge of real estate development of Hung Thinh Corporation, such as Q7 Saigon Riverside Complex, Quy Nhon Melody, Grand Center Quy Nhon, New Galaxy, Ho Tram Complex… Hung Thinh Land is expected to deploy 10 projects with more than 10,000 products this year. This is the source of support for the following years as a basis for HTN to continue to extend its growth momentum.
2021 is forecasted to still be a challenging year for enterprises in general and enterprises in construction and real estate fields in particular. However, the existing strengths and advantages, especially the results achieved in Q1 are creating momentum for HTN to continue to maintain its growth rate, maintain operational efficiency, and confidently move forward on the journey of “building dreams."
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