Coteccons (CTD) Dismisses Deputy CEO & CFO, Repurchases 100,000 ESOP Shares

Overview

Coteccons (CTD) has dismissed Deputy CEO and CFO Nguyen Van Dua effective April 26, 2026, and will repurchase 100,000 ESOP shares from him for VND 1 billion. The leadership change coincides with the company’s strong Q3/2026 financial results, where net profit surged 108% year-on-year to nearly VND 119 billion.

Key Facts

• Coteccons’ Board of Directors dismissed Nguyen Van Dua as Deputy CEO and CFO effective April 26, 2026, based on his personal resignation.
• The company will repurchase 100,000 ESOP shares from Dua at VND 10,000 per share, totaling VND 1 billion.
• The repurchase price is significantly below the current market price of CTD at approximately VND 86,500 per share.
• Dua held 144,600 CTD shares as of end-2025.
• Q3/2026 (fiscal year ending March 31, 2026) net revenue reached VND 6,409 billion, up 28.12% year-on-year.
• Q3/2026 net profit after tax was nearly VND 119 billion, up 108% from VND 57 billion in Q3/2025.
• For the first nine months of fiscal 2026, cumulative net revenue was VND 23,868 billion and net profit was VND 641.6 billion, achieving 80% of the full-year revenue target and 92% of the profit target.
• Total contract wins in the first nine months reached nearly VND 48,000 billion, with backlog at the end of Q3 at nearly VND 65,500 billion.

What Happened

Coteccons announced the dismissal of Nguyen Van Dua from his roles as Deputy General Director and Chief Financial Officer, effective April 26, 2026, following his resignation for personal reasons. The company will repurchase 100,000 ESOP shares from Dua at VND 10,000 per share, totaling VND 1 billion, in accordance with regulations for employees leaving during the restricted period of ESOP shares. Dua had been appointed Deputy CEO in October 2024 and previously stepped down as Head of the Board Secretary and Corporate Governance in November 2025.

Separately, Coteccons reported strong Q3/2026 results. Net revenue rose 28.12% year-on-year to over VND 6,409 billion, while net profit after tax nearly doubled to VND 119 billion. The company attributed the growth to higher construction revenue and improved gross profit margin, which reached 4.48%, up 1.36 percentage points from the same period last year.

Market Context

CTD shares closed at VND 82,000 on April 10, 2026, down 1.09% with volume of 542,600 shares on HOSE. The stock has been volatile amid the construction sector’s recovery. The leadership change introduces short-term uncertainty, but the strong earnings and large backlog (VND 65,500 billion) provide a positive backdrop. Coteccons is one of Vietnam’s largest construction firms, and its performance is closely tied to infrastructure and real estate investment trends.

Strategic Significance

The departure of a key financial executive could signal internal restructuring or strategic shifts, especially given Dua’s relatively short tenure. However, the strong Q3 results and high backlog suggest operational momentum remains intact. The ESOP repurchase at a low price reflects standard practice and does not indicate financial distress. Investors should monitor whether the company appoints a new CFO with relevant experience and whether the current growth trajectory can be sustained amid potential headwinds in the construction sector.

What to Watch

• Appointment of a new Deputy CEO and CFO, and the timing of the announcement.
• Q4/2026 earnings release (fiscal year ending March 31, 2026) to confirm profit trend.
• Updates on major contract wins and backlog conversion.
• Changes in gross profit margin and cost control measures.
• Any further management changes or board reshuffles.