Thanh Hoa Provincial People’s Committee has just signed Decision No. 4211 on the approval for the joint venture Eurowindow Holding Joint Stock Company – No. 1 Project Construction and Management Joint Stock Company as an investor to implement a new urban area project in Thanh Hoa City.
Perspective of the project of VND 13,000 billion of Eurowindow Holding in Thanh Hoa City
This project is implemented in Hoang Quang commune and Long Anh commune, Thanh Hoa city with the land use scale of about 175.9 hectares, total investment of more than 12,622 billion VND. This value does not include the cost of compensation for ground clearance, more than 268 billion VND.
Previously, on April 23, 2020, the above consortium was also appointed as the investor of the construction of a new urban area project with a total investment of VND 4,185 billion in Dong Vinh and Cua Nam wards, Vinh City, Nghe An, however not long after that, Nghe An Provincial People’s Committee unexpectedly ordered a pause to review the procedure.
In this joint venture, Eurowindow Holding (EWH) is a name with excess reputation. EWH is the core legal entity in Eurowindow Group of businessman Nguyen Canh Son – Nguyen Canh Hong.
The conglomerate of the Nghe-born giants marked its mark with a series of large-scale projects such as Eurowindow Garden City in Thanh Hoa (with an investment of VND 1,000 billion); Eurowindow River Park in Hanoi (VND 2,000 billion); Two projects with a scale of 3,500 billion VND in Quoc Oai – Hanoi. Currently, Mr. Nguyen Canh Son is the Chairman of the Board of Directors cum the legal representative of Eurowindow Holding.
By the end of 2019, EWH’s total consolidated assets are VND 14,816 billion, an increase of 9% compared to the beginning of the year, accounting for a large proportion of inventories (VND 3,037 billion, an increase of 41% over the same period) short-term and long-term income (6,716 billion VND), fixed assets (918 billion VND). Most of them are money related to real estate projects.
Specifically, EWH recorded more than VND960.6 billion of real estate for sale, including a series of projects such as: Me Linh Plaza Thanh Hoa (VND 581.2 billion); Nghia Do new urban area (271 billion dong), trade center, offices for rent, houses and Trung Hoa market (53.4 billion dong); Eurowindow Nghe An Tower (46.57 billion VND). On the other side of the balance sheet, equity is 7,463 billion dong, of which equity is 3,000 billion dong, short-term and long-term loan is 2,870 billion dong. For business results, EWH’s total consolidated revenue in 2019 was 3,626 billion VND, up 20% compared to 2018 and consolidated profit after tax was 430 billion VND, of which parent company profit was 285 billion VND, profit after tax of non-controlling shareholders is 145 billion.
While Eurowindow Holding brings great peace of mind, the other legal entity – Construction and Project Management Joint Stock Company No. 1 (PCM1 abbreviated) is an unknown for most markets. Know that, PCM1 is also a member of the huge business “ecosystem” Eurowindow Holding of Chairman Nguyen Canh Son’s brothers.
Graphics Khanh An
According to research of Nhadautu.vn, PCM1 was established in July 2010, headquarter is located at Thanh Cong building, 57 Lang Ha, Thanh Cong ward, Ba Dinh district, Hanoi city. This company registered to operate in 43 industries, including railway construction, brokerage, real estate auction,
In early February 2020, PCM1 increased its charter capital from VND 500 billion to VND 1,000 billion. Then on May 29, 2020, the position of Chairman of the Board of Directors of this company was transferred from Mr. Pham Anh Tuan (SN 1976) to Ms. Doan Thi Thanh Thuy (SN 1978).
Starting as the general contractor for construction of Nghia Do New Urban project, so far, PCM1 has become the general contractor for major projects of Eurowindow such as: Movenpick Resort Cam Ranh 5-star resort, Radisson Blu Resort Cam The boundary at Bai Dai – Cam Ranh; Eurowindow River Park urban area in Dong Anh, Hanoi; Eurowindow Tower Nghe An; Eurowindow Park City urban area in Thanh Hoa.
The fact that the parent group Eurowindow assigned to carry out many important projects explains why the net revenue of PCM1 has increased sharply in the past 4 years, from VND 257.7 billion in 2016 to VND 1,162.8 billion in 2018, to the top VND 2,971.9 billion in 2019. The net profit accordingly also increased sharply from VND 2.6 billion in 2016 to VND 27.74 billion in 2019.
As of December 31, 2019, PCM1’s total assets were at VND 2,270 billion, equity reached VND 568.4 billion. Next to the equity capital of 500 billion VND (at the end of 2019), it is likely that PCM1 by the end of last year has accumulated about 68 billion VND of undistributed net profit.
Source: ndh.vn – Translated by fintel.vn
