HUNG THINH INCONS - OVERCOMING DIFFICULTIES IN THE THIRD QUARTER, AIMING AT COMPLETING ANNUAL PLAN

On October 30, 2021, Hung Thinh Incons Joint Stock Company (Ticker symbol: HTN) announced its financial statements as of the third quarter of 2021.

According to separate financial statements, HTN's third quarter net revenue reached VND 645 billion and profit after tax reached VND 20 billion, down 22% and 1%, respectively, compared to the third quarter of 2020. Cumulating in the 9 months, net revenue reached VND 3,514 billion, profit after tax reached VND 133 billion, up 88% and 130%, respectively, compared to 9 2020.

Accordingly, HTN's 3rd quarter consolidated net revenue reached VND 653 billion, profit after tax reached VND 22.4 billion, down compared to the third quarter of 2020, mainly due to the fact that revenue and profit from the Richmond City project investment were recorded in 2020. Cumulating in the 9 months, HTN achieved consolidated net revenue of VND 3,508 billion, profit after tax of dong 143 billion. This result showed the efforts of Hung Thinh Incons to overcome difficulties in the context of Covid-19 outbreak, Ho Chi Minh City and neighboring provinces’s application of Directive No. 16 on social distancing, increase in material prices, etc., generally effecting construction enterprises. From the beginning of October, Hung Thinh Incons started to accelerate the construction of projects in the "new normal" period to keep up with the handover schedule.

 
Q7 Saigon Riverside Complex project in October 2021

At the end of the third quarter, HTN's total property increased by 15% compared to the beginning of the year to VND 6,374 billion, in which short-term receivables of VND 3,989 billion accounted for a large proportion, up nearly 16%, mainly from construction business, cash and cash equivalents reached VND 276 billion, up 124%. Real estate investment in the third quarter increased by VND 195 billion from the commercial center part of the Richmond City project. In the third quarter, HTN signed a new contract from the New Galaxy Nha Trang project with a value of VND 1,500 billion, the current construction (backlog) value of about VND 35,000 billion will ensure the Company's revenue in the following quarters.

Previously on October 17, Hung Thinh Incons successfully held Annual General Meeting of Shareholders 2021 in an online form, the meeting approved the resolution on paying dividends in 2020 by shares at the rate of 80% and guideline of private placement of maximum 25 million shares. The plans for issuing shares and paying dividends were approved by the Board of Directors after the meeting and are waiting for the State Securities Commission of Vietnam's approval for immediate implementation in 2021. The current charter capital of Hung Thinh Incons is VND 495 billion and is expected to increase to VND 1,141 billion after dividend sharing and private placement. In 2021, HTN sets a target of consolidated revenue of VND 5,782 billion and consolidated profit after tax of VND 234 billion. The additional capital will help HTN supplement its financial potential, strengthen and improve its competitiveness in the industry.

The new Board of Directors of Hung Thinh Incons (2021 – 2026 term) was presented at the General Meeting

The General Meeting also elected 6 members of the Board of Directors for 2021-2026 term and announced the development strategy for the upcoming period and many important decisions for Hung Thinh Incons. With the addition of 4 new members that have strengths of finance - investment, construction, architecture and technology, the Board of Directors will help HTN continue to make breakthrough in  response to the challenges of the construction market, anticipate potential opportunities and raise the works of Hung Thinh Incons to new height.
 

The organizing committee of the Voting for Listed Enterprises 2021 has also just officially announced the list of shortlisted enterprises to the final round. This is the 14th consecutive year that this voting is held to honor and encourage enterprises to list information transparently, improve the quality of corporate governance, move towards improving the investment environment and increasing satisfaction of investors with Vietnam's stock market. The annual report of Hung Thinh Incons continues to be listed in the final round this year and there is a change in the capitalization group when in 2021 HTN has been classified into the medium capitalization group (instead of low capitalization group in 2020), increasingly affirming the continuous development and growth of the Company.