Coteccons Construction Joint Stock Company (CTD) reported a consolidated net revenue of 8,351 billion VND in Q4 of the 2025 fiscal year (equivalent to Q2 2025), a 27% year-on-year increase. The company's 12-month accumulated net revenue reached nearly 24,867 billion VND, marking an 18% growth.

The company's gross profit for this fiscal year was over 778 billion VND, a 9% increase compared to the previous year. However, the gross profit margin saw a slight decrease from 3.38% to 3.13%.

CTD's financial expenses almost doubled this year, reaching 205 billion VND, primarily due to interest expenses (nearly 143 billion VND, a 150% increase), losses from securities investments, and other financial costs. In return, they managed to cut business management expenses by almost half thanks to the recovery of bad debts.

Overall, the company's after-tax profit for this fiscal year reached 454 billion VND, a 47% increase compared to the previous year. This is Coteccons' highest profit since 2020, a period marked by the pandemic and economic downturn. In Q4 of the 2025 fiscal year alone, the after-tax profit exceeded 196 billion VND, 2.8 times higher than the same period last year.

Management attributed the growth to a strong increase in construction demand, highlighting the effectiveness of CTD's efforts in boosting construction output, accelerating the handover of key projects, effectively controlling costs, and maintaining construction progress. In the 2025 fiscal year, the company recorded a contract value of over 29,100 billion VND, exceeding its target by approximately 32%. Concurrently, the total value of the backlog carried forward reached 35,353 billion VND.

Notably, the proportion of revenue from "repeat sales" projects remained above 70%. Repeat sales refer to contracts awarded or appointed by previous investors. Chairman Bolat Duisenov stated that this has become a foundation for ensuring sustainable revenue from strategic customers, while also enabling Coteccons to gradually expand into new segments and markets.

A view of a construction site undertaken by Coteccons. Photo: CTD

A view of a construction site undertaken by Coteccons. Photo: CTD

Bad debt remains a key concern for many shareholders and investors in Coteccons. By the end of this fiscal year, the company reported over 1,559 billion VND in bad debt, a decrease of nearly 684 billion VND, equivalent to approximately 30.5%. As a result, the company reduced its bad debt provision by over 419 billion VND in the 2025 fiscal year.

CTD currently has only two bad debts: with Ngoi Sao Viet Company (under Tan Hoang Minh) and Saigon Glory Company (the investor of the mega-project opposite Ben Thanh Market). They have provisioned over 1,211 billion VND, indicating the company estimates a nearly 78% probability of not recovering these amounts.

During a shareholder meeting in 9/2024, Mr. Bolat Duisenov explained the company's principle: when a debt is deemed difficult to recover, a provision must be made. Overall, however, this issue is not a major concern considering the company's financial health. They asserted a robust process for handling bad debts, with a dedicated team closely monitoring the situation to ensure the company's continued development.

Tat Dat