PC1 weathers recession and maintains positive growth

Accumulated output and revenue in 10 months of 2022 reached $413 million and $316 million respectively while the accumulated value of newly signed contracts hit $350 million – equivalent to 100 per cent of its annual plan and 195 per cent over the same period last year. The group's revenue in October stood at $55.7 million, meeting 44 per cent of its quarter plan.

Previously, the consolidated financial statements for the first nine months of 2022 recorded revenue of $260.7 million – equivalent to 54 per cent of its annual plan and profit after tax totalled $10.96 million – or 38 per cent of its annual plan.

By the third quarter, the growth targets already met the target plan with Q3 revenue of $130.7 million, of which electricity sales brought in $13.9 million, increasing by $5.09 million or 58 per cent over the same period last year, and industrial production revenue was $9.8 million, rising by $5.8 million or 146 per cent.

For the fifth year in a row, PC1 received the top 500 PROFIT award announced by Vietnamnet based on the results of independent research and evaluations

Strategic business areas

In the general context of difficulties, some of PC1's key business and production areas still maintained good growth, especially the EPC contractor area that witnessed a dramatic increase in its 10-month implementation phase, with revenue reaching 113 per cent and output hitting 128 per cent of the annual plan.

In the energy sector, the production revenue at most hydropower plants has fulfiled the annual plan and is estimated to exceed 110-120 per cent for the whole year. The revenue in the first 10 months of 2022 increased by 240 per cent compared to the same period last year due to the COD of three wind power plants with a total of 144MW since October 2021.

Along with that, in November, PC1 completed the mergers and acquisitions transaction to own 70 per cent of the shares in Nomura Haiphong Industrial Zone.

With the group's encouraging results in October and the government’s efforts in the distribution of public investment, PC1 could completely archive the expected consolidated revenue for the whole year of over $406 million – about 95 per cent compared to the same period last year – and ensure the profit as planned this year.

In the coming time, the Management Board of PC1 confidently believes that it will maintain a positive growth rate with breakthrough opportunities in 2023. Currently, its new contract volume has increased sharply with a value of 195 per cent over 2021, helping maintain stable revenue and ensure jobs for employees in the coming years.

The Power Development Plan VIII is expected to be approved in the near future and bring the prospect of increasing revenue for PC1. In the key area of energy, PC1 is continuing to survey onshore wind projects and is researching and preparing for investment in the Bao Lac A and Thuong Ha hydropower projects in 2023.

In addition, the group has been continuing to research opportunities in foreign markets to invest in new products including power forecasting software, OCC, BESS, undersea cable construction, BIM software, and more.

PC1 presents sleek new dress and ambitious strategy On April 7, PC1 announced a new strategy and brand identity, determined to digitally transform its business and keep pace with modern global trends.

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