FECON AIMS FOR CONSOLIDATED REVENUE OF 4.000 BILL VND IN 2024

On 26th April 2024, FECON Corporation (Stock cope: FCN) successfully organized the Annual General Meeting of Shareholders in 2024 at the National Convention Center (Hanoi). 

In 2023, the construction industry was encountering numerous obstacles. This has resulted in contractors struggling to obtain capital, facing legal risks in their business operations, and experiencing challenges in collecting debts from investors. The government has prioritized public investment and infrastructure projects for funding, but the scarcity of materials and low estimated unit prices brought significant difficulties to construction firms. Furthermore, industrial and energy projects were postponed due to incomplete policies and mechanisms. 

In 2023, FECON's total assets reached more than 8,581 billion VND, and consolidated revenue recorded 2,880 billion VND (76% of the plan). General and administration expenses and selling expenses have decreased by about 12 billion VND compared to the previous year. Mr. Pham Viet Khoa, Chairman of the Board of Directors, shared, "The highlight in FECON's business activities in 2023 is a series of major projects signed in the fourth quarter, increasing the total value of contracts signed during the year to over 4,000 billion VND. It creates favorable conditions for revenue and profit growth in 2024." In 2024, FECON plans a consolidated revenue of 4,000 billion VND and a consolidated profit after tax of 60 billion VND. FECON expects the maximum dividend to not exceed 5% in cash in 2024. 

The business plan is based on projects that have signed construction contracts, and the volume of work has transitioned from 2023. 

FECON will concentrate all resources on the Square City Pho Yen Urban Area project and the Danh Thang - Doan Bai Industrial Cluster to promptly meet sales qualifications and generate revenue and profit for FECON. FECON will focus on restructuring investment for Quoc Vinh Wind Power Plant, the Phu Ly bypass project, and divesting capital when reaching expected profit levels. 

Regarding investment project development, FECON focuses on highly effective projects in strategic areas: Urban Real Estate, Industry, Renewable Energy, and Transport Infrastructure. FECON will also consolidate and continue to promote its advantages in the business segments that have built its reputation in the 2019-2024 period, aiming to focus on LNG energy projects, airport infrastructure projects, seaports, railways, urban underground, wastewater treatment, clean water supply, in line with the Government's priority goals in the 2025-2030 period. 

In addition to the ASEAN market, with priority given to Laos, Cambodia, and Myanmar, FECON will research and consider opportunities to expand its business market to Taiwan (China) and Bangladesh... in cooperation with major partners. These countries are assessed to have high development needs and affordable costs and are large markets of international partners with whom FECON is cooperating.