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.

On June 16, 2021, the Board of Directors of Da Nhim – Ham Thuan – Da Mi Hydropower Joint Stock Company issued Resolution No. 102/NQ-HĐQT approving rewards for individuals and collectives with outstanding performances in the emulation phase to complete the Da Nhim Hydropower Plant Expansion Project.

The Company divides the campaign into two major stages:

+ First stage: Completing the construction, installation, experimentation, inspection and water filling of headrace tunnel by July 26, 2021.

+ Second stage: Finishing the inspection of the H5 machine unit with design capacity of 80 megawatt during 72 hours.

In response to emulation campaign by DHD Hydropower Joint Stock Company, Employees, Consultants and the Contractor (CC47) wholeheartedly follow the construction progress as planned.

Mr. Hashiguchi – Project Manager of the NK-PECC3-NKV Consulting Consortium stated that: “Currently, the drilling work has not achieved the desired progress, but in the coming days CC47 Contractor will mobilize additional manpower, equipment for drilling and cleaning of tunnels so the milestones are all feasible to achieve”. The Consultant also noted that the Contractor should strictly implement safety work in the remaining construction days to ensure the completion of the project on schedule.

Mr. Tran Van Luyen – Representative of PECC3, a member of the NK-PECC3-NKV Consulting consortium said: “Currently, the drilling work in the scale of 50 meters, where there was a previous collapse, was rather slow. The construction progress is expected to speed up after finishing this area and it is totally feasible to implement the tunnel water filling on 26^th of July”

On the side of Contractor CC47, Mr. Nguyen Trung Tinh – Site commander expressed his high determination: “Before the Investor launched the emulation movement, the site’s Steering Committee had an internal meeting to review the progress and unanimously agree to finish tunnel water filling before July 26, 2021. The most stressful job is drilling and reinforcing 547m upstream. In order to accelerate the completion of the above goal, we will mobilize 2 more drilling and injector reinforcement teams for both tunnel ends this week. Until July 5, 2021, after the drilling work in the downstream direction ends, we will mobilize resources for upstream and divide into 3 grouting teams. The first team will continue to perform 180 meters at the upstream area with bad geology by TBM and blast drilling method. The second team conducts the concrete reinforcement for 244 meters from downstream to upstream. The third team is responsible for 123 meters from upstream. These construction teams work in 3 shifts. With such manpower arrangement, I totally believe that the tunnel water filling schedule will be reached on July 26, 2021.”

Regarding the 72-hour challenging operation of the H5 unit with a capacity of 80MW, due to the outbreak of COVID-19 in India, the DHD Hydropower Joint Stock Company requested the Contractor to provide remote guidance to meet the progress of the commercial operation of unit H5 in August 2021. The direction is approved at the meeting held by Leaders of Power Generation Corporation 1 on June 9, 2021.

Source: https://dhd.com.vn

In the extreme weather of summer, hundreds of workers of Construction Joint Stock Company 47 at Dong Mit construction site still work diligently in order to complete the project by this year.

Commitment to progress and quality

Mr. Doan Van Luyen, Deputy Head of the Irrigation Construction and Investment Management Board 7.5 (Irrigation Construction and Investment Management Board 7) cum Supervisor of the Dong Mit reservoir irrigation project stated that the current progress of Dong Mit reservoir, which is located in An Trung highland commune in An Lao district (Binh Dinh), is being accelerated to be completed by the end of this year.

“Only upper part of the construction needs to be constructed, therefore it is very convenient to speed up the progress. Currently, Construction Joint Stock Company 47 (Contractor) is focusing on completing the roller compacted concrete dam with the remaining volume of 34,000 blocks and about 20,000 blocks of normal concrete. As for the spillway, the concrete work of the spillway surface has basically completed and the spillway piers are expected to be finished in July ready for mechanical installation”, said Mr. Luyen.

It is also stated that the labor resources are not affected during the Covid-19 pandemic because the Company attempt to utilize the local work force in Binh Dinh to assure the laborers’ safety and health. This is regarded as an advantage for the company to shorten the construction progress. “Construction Joint Stock Company 47 has extensive experience in building large irrigation projects using roller compacted concrete technology such as Dinh Binh and Nuoc Trong reservoirs and has just completed the Tan My irrigation system project in Ninh Thuan province”.

According to Mr. Nguyen Xuan Can, Deputy Director of Construction Joint Stock Company 47, the Contractor has executed 75% of work items, and Dong Mit Reservoir is expected to be completed on main items before the main flood. CC47 has partly completed main items and currently conducts the remaining aesthetic adjustments of Ninh Thuan-based Tan My Irrigation system project. This enables the Contractor to mobilize the human and equipment resources for Dong Mit Reservoir, there are 300 employees in total including both internal and external work force.

“We are working 24 hours out of 24 hours with 3 shifts. Because the remaining work volumes are conducted on high altitudes, the construction condition is getting more difficult, which leads to slower daily construction progress. We had to take advantage every single minute to catch up the schedule. According to the plan, the project shall be handed over by December 2021” said Mr. Duong Minh Quang – General Director of Construction Joint Stock Company 47.

Present on the construction site of Dong Mit reservoir, we witnessed the excitement day and night of the construction unit. “Construction process of Dong Mit Reservoir takes place in the hottest summer with extreme conditions. However, in order to assure the concrete quality, concrete pouring shall be conducted under the right temperature. Therefore, we only organize the pouring of concrete at night while iron and steel preparation and formwork installation during the day.

“Pouring concrete at night not only provides the best quality but also protects the employees’ health. There is not any wind at the construction site with average temperature of 36-37 degree Celsius, which might result in low working efficiency. The Contractor has organized 3 working shifts so the working efficiency increases” said Mr. Nguyen Xuan Can – Deputy General Director of Construction Joint Stock Company 47.

Organise construction and prevention of Covid-19 epidemic at the same time

“Currently, we encounter many difficulties in the crunch time to complete the project by the end of the year, when the Covid-19 epidemic breaks out in the 4^th time with a more dangerous spread than the previous ones. However, a lot of the main materials for the construction of the project still need to be obtained from the provinces of Thua Thien-Hue, Da Nang and Quang Nam” said Mr. Duong Minh Quang – General Director of Construction Joint Stock Company 47.

Therefore, the time to import materials to the construction site is later than in the past because personnel must comply with the quarantine and medical declaration stages. “During the current Covid-19 epidemic, we together with the investor establish checkpoints at the construction site to prevent and control the Covid-19 epidemic” said Mr. Duong Minh Quang, General Director of Construction Joint Stock Company 47.

According to Mr. Duong Minh Quang, the prevention of Covid-19 epidemic at the construction site of Dong Mit Reservoir is being implemented very closely by the construction unit and the investor. A Steering Committee for Covid-19 Prevention and Control has been established at the construction site, which regularly urges and reminds workers to comply with regulations in epidemic prevention and control under the guidance of the Ministry of Health.

“Employees are regularly reminded to wear masks and disinfect their hands from time to time. An Lao District People’s Committee also regularly visits the construction site to inspect and direct the prevention of Covid-19. Recently, the Health Department went to the construction site to take samples to test each unit of a number of personnel to assess the situation of the Covid-19 epidemic at the construction site. Last week, the Board of Management approved the policy submitted by the Board of General Directors to vaccinate all employees against COVID-19 in the near future” said Mr. Duong Minh Quang.

“The district regularly follows and directs Construction Joint Stock Company 47 and Irrigation Management Board 7 to strictly implement the prevention and control of Covid-19. We command the construction unit of Dong Mit reservoir to comply with the regular declaration of the number of workers working at the construction site, especially additional workers from other localities. Moreover, it is necessary to organize a working environment for the prevention of the Covid-19 epidemic in accordance with the guidance of the Ministry of Health, and at the same time, if there is any suspected case, it must be reported urgently to the local authorities” said Do Tung Lam, Vice Chairman of An Lao District People’s Committee.

“Construction 47 Joint Stock Company is a unit capable of executing roller compacted concrete, this unit has constructed large projects such as Dinh Binh reservoir, Van Phong and Nuoc Trong weirs and recently the Tan My irrigation system, therefore, we believe that Dong Mit reservoir project will also achieve the expected quality. Especially, the workforce of Construction Joint Stock Company 47 is very professional so it ensures both construction progress and quality,” said Mr. Doan Van Luyen.

Source: https://nongnghiep.vn