A solar farm of BCG Long An 1 solar power plant in Long An Province. — Photo bamboocap.com.vn

After recording a gain of more than 14 per cent in revenue in the second quarter, BCG Energy, a branch of Bamboo Capital (BCG), is preparing for an IPO in this third quarter, according to BCG.

In the first six months of the year, BCG reported a total net revenue and net profit of over VNĐ1.8 trillion (US$78.5 million) and VNĐ169 billion, respectively, down 15 per cent and 80 per cent year-on-year. The declines were mainly due to the less positive result in the first quarter.

Meanwhile, its key business segments, including insurance, real estate, and renewable energy, all posted strong growth in the second quarter.

In particular, the revenue of the real estate segment, BCG Land, accounted for 31 per cent of total revenue, while the revenue of BCG Energy increased significantly by 29 per cent after BCG Energy's Phú Mỹ 330 MW Solar Power Plant was put into operation.

It was followed by Tracodi working in the infrastructure construction segment and AAA Insurance in the financial services field, which account for 28 per cent and 7 per cent, respectively.

As a result, BCG's net profit in the second quarter was VNĐ161 billion, 17 times higher than the first quarter. By the end of June, the company had achieved 26 per cent of its revenue and profit target of the year.

Phạm Minh Tuấn, deputy chairman of the Board of Directors, said that the company is preparing for the initial public offerings (IPO) of BCG Energy.

BCG and BCG Energy have worked with KPMG Singapore to submit an application to UPCoM under the management of the Hanoi Stock Exchange (HNX) in the third quarter of 2023 and to raise capital from strategic investors.

Tuấn said that a transparent and long-term pricing policy will help BCG and BCG Energy mobilise capital from investors. — VNS