In a consolidated financial statements of Construction Joint Stock Company 47 (HoSE: C47) in the first 6 months of 2021, total revenue reached VND 572 billion and profit after tax was VND 17.1 billion, reaching 52% of the revenue plan and 55 % profit plan in 2021.

The Covid-19 epidemic was more complicated in early 2021 compared to the same period in 2020, but thanks to the implementation of various proactive measures, such as travel reduction, personnel rotation and commitment to 3 On-site rules (on-site production – on-site dining – on-site accommodation), CC47’s main production and business activities are still running smoothly. According to the business results explanation for the first six months of 2021, which was released on July 22, 2021, profit after tax increased by 29.45 percent over the same period in 2020, while revenue increased by 3 percent. This result was achieved as a result of proactive planning and favorable construction conditions, as well as the company actively cutting costs, particularly interest expenses, resulting in lower financial costs of 28% compared to the same period.

The year of 2021 also witnessed significant price fluctuations in the construction industry’s main materials, particularly iron and steel, but Mr. Duong Minh Quang, the company’s General Director, stated that CC47 is not at risk due to rising prices. C47’s contracts under cooperation with reputable investors, have an adequate allocation of capital, and a permission to adjust prices when the government changes policies, when wages, material prices, and fuel prices fluctuate. On the other hand, in order to promote economic development during the pandemic, the State is currently increasing public investment and speeding up the implementation of key hydropower, irrigation, and other infrastructure projects. This is also the opportunity and strength of CC47 to participate in bidding for projects in the near run.

Package 12.01 (DNE-D1): The main construction and architecture of the Da Nhim Hydropower Plant Expansion Project with a scale of 1 newly installed unit, capacity of 80MW are executed by CC47. The Da Nhim Hydropower Plant Expansion Project’s Headrace Tunnel has been recently inspected and accepted by the Grassroots Acceptance Council. The Acceptance Council agreed to operate the tunnel on July 21, 2021, six days ahead of schedule, after inspecting the entire length of 4,908.57m from the Intake to the Valve house.

CC47 has also completed all the work items under the contract of Package 20: Main dam and auxiliary dam No. 1 Tan My Irrigation System Project in Ninh Thuan province (including drilling, total construction site of the right bank of the Cai River, overflow mechanics, deep outlet, operating electricity, monitoring system of Song Cai and auxiliary dam 1). In this project, CC47 is the leading unit of the contractor consortium. Currently, CC47 is completing the remaining construction works (Digging of scour pool in phase 2, operating electrical systems, finishing upstream and downstream surfaces, erecting dam face railings…). It is expected to be officially completed at the end of August 2021 and handed over to the Investor for use in September 2021.

The expanded Hoa Binh Hydropower Project is also progressing at the request of the investor, has completed the experimental blasting and is preparing for the construction of the main and auxiliary tunnels.

CC47 has constructed many projects such as Dinh Binh Reservoir – Binh Dinh Province (850 billion VND), Nuoc Trong Reservoir – Quang Ngai Province (1,052 billion VND), Dong Nai 4 Hydropower Plant – Dak Nong Province (2,600 billion VND), Thuong Kontum Hydropower Plant – Kon Tum Province (1,700 billion VND), Trung Son Hydropower Plant – Thanh Hoa Province (2,959 billion VND). In addition, the Company is operating in the field of hotels and restaurants in Quy Nhon such as Hai Au Seagull hotel (4 stars), Hai Au Bien Cuong Hotel (3 stars), Domestic and International travel, Labor export. Hai Au Hotel is coordinating with the province to become a welcoming place for guests returning to their hometown.

Regading the business plan for the period 2021-2025, CC47 will continue to maintain the traditional business lines as general contractor for irrigation projects, large hydropower projects, headrace tunnels, etc. In addition, with years of experience, the Company intends to challenge in the construction of wind and gas power projects, participate in the construction of metro tunnels using TBM technology, construction of traffic infrastructure and industrial park infrastructure, expanding key markets serving Southeast and Southwest regions.

Construction Joint Stock Company 47 (CC47) is maintaining a good growth rate and meeting the set business targets thanks to a detailed strategy and strong determination. CC47 has currently completed all work items under the contract of two projects, the Da Nhim Hydropower Plant Expansion Project and the Tan My Irrigation System Project, and is still constructing major projects, including three new bidding packages in Binh Dinh and Lam Dong in 2021, as well as the expanded Hoa Binh Hydropower Package, which began earlier this year. The first six months of the year are expected to generate more than half of the year’s revenue and profit.

In the Package 12.01 (DNE-D1), Construction Joint Stock Company 47 is responsible for construction  and architecture of the Da Nhim Hydropower Plant Expansion Project, which has a scale of 1 newly installed unit with capacity of 80MW. Until now, all work items specified in the contract have been completed. C47 is executing the remaining construction works to ensure the completion of Headrace Tunnel’s water filling on July 26, 2021 and try out 72-hour operation of unit H5 on August 8, 2021.

C47 has also completed all the work items under the contract of Package 20: Main dam and auxiliary dam No. 1 Tan My Irrigation System Project, Ninh Thuan province (including grouting, total construction site of the right bank of the Cai River, mechanical work, deep outlet, electrical operation, systematic control of the Cai River focal dam and auxiliary dam 1). In this project, C47 is the leading unit of the contractor consortium. Currently, C47 is executing the remaining construction works (Digging of scour holes in phase 2, operating electrical systems, finishing upstream and downstream surfaces, erecting dam face railings…). It is expected to be officially completed at the end of August 2021 in order to be handed over to the Investor for operation in September 2021.

The contract value of the Dong Mit Hydropower Plant Project, with a capacity of 7MW in An Trung commune, An Lao district, Binh Dinh province, is VND 29 billion. The total contract value for Package 7: C1-LAMDONG-W1 (Plot 1: Construction) of Sub-Project 02: Repairing and improving dam safety (WB8) in Lam Dong province is 106 billion dong.

Adhering to the motto “Quality and Time assurance is the brand”, CC47 aims to maintain business efficiency and safety, proactively respond to many scenarios of the Covid-19 pandemic. The Company has achieved basic business targets in the first 6 months, is continuing to expand the market and fulfil the annual business goal as set out. In 2021, CC47 is expected to win many new bidding packages with a total value of more than one trillion dong, ensuring the revenue for the following years.

Regarding the current contracts, CC47 cooperated with prestigious Investors, distributed adequate capital, and is granted a right to adjust prices when there is price fluctuation in labor salary, material and fuel cost, therefore risks of price surge disappear. On the other hand, in order to encourage economic development during the pandemic, the State is currently increasing public investment and accelerating the implementation of key projects on hydropower, irrigation and other infrastructure. This is also the opportunity and strength of CC47 to participate in bidding for projects in the future.

In terms of the business plan for the period 2021-2025, CC47 will continue to maintain the traditional business lines as general contractor for irrigation projects, large hydropower projects, headrace tunnels, etc. In addition, the Company takes advantage of construction experience to step into the construction fields of wind power, metro tunnels, traffic infrastructure, industrial zones’ infrastructure in Southeast and Southwest regions.