CTR announced H1 2022 results with revenue of VND4.2tn (USD184mn; +19% YoY) and PBT of VND240bn (USD10mn; +24% YoY). This robust revenue growth was led by strong growth from the towerco (+60% YoY), construction (+33% YoY) and operation (+26% YoY) segments, which outweighed weakness in the system integration segment. Overall, CTR’s H1 2022 results were in line with our expectation.

The construction segment’s revenue increased 89% YoY in Q2 2022, which was mainly due to strong growth from non-telecom projects. There were 814 signed contracts for B2C residential projects with a total value of VND847bn (USD37mn). The B2B residential backlog value was VND1,200bn (USD52mn), including major clients such as NVL, VHM and DXG. Meanwhile, CTR’s civil integrated operations center construction was implemented in Vietnam’s 63 provinces/municipalities — in lie with the Government’s program.

The operation segment thrived on the strong demand for data consumption in Vietnam, with CTR providing fixed-line broadband subscriptions for ~218,000 households and having 400,000 home services user accounts in 2021 - H1 2022. The company also signed contracts with Myanmar-based towerco Fortune for 704 tower sites.