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Wednesday, October 5, 2022

Hoa Binh sets up foreign market development division

The Saigon Times

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HCMC – Hoa Binh Construction Group JSC (HBC) has announced its new leadership and establishment of a foreign market development division under the company’s board.

According to the announcement, Le Viet Hieu, board member and first vice general director at HBC, has been picked as new vice chairman of the firm, with effect from August 9, reported the local media.

The construction company on the same day passed a plan to establish the foreign market development division led by Le Viet Hieu.

Three other members of the new division are David Martin Ruiz, HBC board member and foreign market development director, and Nguyen Cong Phu and Nguyen Tuong Bao, independent board members at HBC.

Hieu, aged 30, is a son of HBC chairman Le Viet Hai.

Regarding its business performance, Hoa Binh saw its revenue in the second quarter of the year rising 28.3% year-on-year at over VND4 trillion but after-tax profit ebbing 13.9% at VND50.28 billion. Its gross profit margin declined from 6.1% to 3.3%.

In the first half of 2022, Hoa Binh posted more than VND7 trillion in revenue and VND60.89 billion in after-tax profit, up 29.7% and down 10.6% against the same period last year, respectively.

The company planned to obtain VND17.5 trillion in revenue and VND350 billion in after-tax profit in 2022.

HBC closed the stock trading session today, August 11, on a downbeat note as it contracted 2.94% over the previous session at VND21,450.

With 136 stocks advancing and 319 others falling, the benchmark VN-Index of the Hochiminh Stock Exchange shed 4.43 points, or 0.35% over the session earlier at 1,252.07. Trade on the southern bourse rose 27% in volume and 32% in value compared to yesterday at more than 810 million shares and over VND18.7 trillion. Shares traded via put-through deals contributed over VND1.5 trillion to the overall value.

On the northern bourse, the HNX-Index lost steam in the afternoon phase and almost closed at its intraday low due to increased selling pressure. The index slid 3.36 points, or 1.11% against the previous session at 300.18.

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