Trung Nam Thuận Nam solar power project of Trung Nam Group in Ninh Thuận Province. — VNA/VNS Photo

Trung Nam Group, which has a business focus in renewables, incurred a loss of nearly VNĐ2.9 trillion (US$113.3 million) in 2023 from a profit of VNĐ252 billion in the previous year, according to the information made public by Hà Nội Stock Exchange on Tuesday.

The company’s equity reached VNĐ24.3 trillion as of the end of last year. The payable-to-equity ratio was 2.68, equivalent to more than VNĐ65.1 trillion in liabilities. The outstanding bond was estimated at VNĐ18.25 trillion, VNĐ6 trillion lower than at the end of 2022.

Trung Nam Group disclosed its financial report for the first time in 2012, when the company reported an after-tax profit of more than VNĐ1.6 trillion.

Its renewable energy subsidiaries, Trung Nam Đắk Lắk Wind Power, recorded outstanding bonds worth VN Đ9.354 trillion as of the end of June and Trung Nam Solar Power VNĐ1.8 trillion.

Founded in 2024, Trung Nam Group operates in five sectors including energy, infrastructure, construction, real estate, and information electronics, but it has spearheaded renewable energy in recent years.

Trung Nam Group has nine power projects with a total design capacity of 1,406 MW and an output of nearly 4 billion kWh per year. Its major projects are the VNĐ 12-trillion Trung Nam Thuận Nam solar power project with an output of 1.2 billion kWh per year, and the VNĐ 16-trillion Ea Nam wind power with an output of 1.1 billion kWh per year. — VNS