FECON reports profit in the first 6 months of 2021 increased 39,8% over the same period thanks to Wind Power projects

Despite the dual impact of the COVID-19 pandemic and the rising price of construction materials, FECON JSC (Ticker: FCN – HoSE) announced the consolidated financial statement for the first 6 months of 2021 with net revenue of VND 1.341 billion, the profit after-tax is more than VND 50,3 billion (increased by 12% and 38,9% over the same period in 2020).

In which, in the QII of 2021, the after-tax profit of FECON was VND 35 billion, up 66% over the same period; gross margin was 17,6% - a slight decrease from 18% in the first quarter 0f 2021 but higher than the same period (13,9%). In terms of assets, on June 30, 2021, FECON’s total assets reached VND 7.840 billion, up 15,6% over the beginning of the period. Notably, FECON’s short-term receivables also decreased significantly compared to the beginning of the year, from VND 3.969 billion to VND 3.194 billion.

Compared to other companies in the same industry, these indicators are considered to be relatively positive in the context that Vietnam’s construction market has been continuously affected by Covid 19 as well as rising steel prices, scarce raw materials.

According to FECON leaders, similar to the first quarter, the positive business result is the contribution of wind power projects that FECON is implementing  as C.BoP contractor (general contractor for construction and infrastructure), especially projects with good construction progress such as B&T Quang Binh wind power farm (total value of bidding is VND 1.180 billion), Thai Hoa wind power (total value of bidding is VND 276 billion), Quoc Vinh Soc Trang wind power (total value of bidding is VND 440 billion)…

“We believes that FECON can realize the business target in 2021. Partly it is because of nearly 10 wind power projects that the parent company and subsidiaries are rushing to deploy and assure COD before November 1^st, 2021. On the other hand, in the near future, FECON plans to sign many other bidding packages with great contract value; along with divestment plan from some investment project…”, FECON  representative added.