BCG says close to achieving full-year targets

Tuesday, Nov 12, 2019 15:55

BCG’s leaders answer questions from investors at its investors' meeting held in HCM City last week. — VNS Photo

Bamboo Capital Joint Stock Company has said it will surely meet this year’s revenue and after-tax profit targets of VND2.96 trillion (US$127.5 million) and VND312 billion ($13.4 million), which represent an increase of 166 per cent and 265 per cent from last year.

Speaking at an investors' meeting in HCM City last week, Nguyen Thanh Hung, BCG deputy director, said the revenue figures have almost reached the full-year target already.

BCG would be able to achieve its ambitious targets thanks to positive results from its real estate and renewable energy projects, he revealed.

The company has made important changes to its business strategies by reducing investment in sectors such as agriculture, automobiles and distribution and trading and entering highly profitable sectors such as real estate and renewable energy, he said.

When put into operation in 2019-20 these key projects would significantly boost the company’s revenues and profits, he said.

The Radisson Blu Hoi An residential project in Quang Nam is expected to bring revenues of VND3.29 trillion ($141.8 million) and pre-tax profits of VND763 billion, with part of the revenues and profits coming in the 2019 financial year, he said.

The King Crown Village Thao Dien project in HCM City’s District 2 would bring revenues of VND802 billion ($34.5 million) and pre-tax profits of VND300 billion ($12.9 million), he said. BCG owns a 48.5 per cent stake in the project.

The 40.6MW BCG-CME Long An 1 solar power plant that went on stream in June fetches revenues of VND13 billion per month, and the full-year figure for 2020 is expected to be VND140-150 billion, he said.

The 100.5 MW Gaia solar energy plant to be put into operation this month is expected to generate annual revenues of around VND320 billion from 2020, he said.

The company has completed legal procedures to build solar farms in Long An, Dak Lak, Gia Lai, Tay Ninh, and Quang Nam provinces and a wind power project in Soc Trang, he added.

Pham Minh Tuan, BCG’s deputy director, said real estate and renewable energy would be the company’s growth drivers in the coming years.

“With its current growth, BCG’ s revenues and after-tax profit could reach VND5.28 trillion and VND681 billion in 2020, VND6.72 trillion and VND505.1 billion in 2021, and VND7.6 trillion and VND803 billion in 2022.”

The company owns lands in Nha Trang, Lam Dong and HCM City for property projects in future, he said.

In the renewables sector, BCG has tied up with large foreign partners and hopes to become a pioneer in the solar field in Viet Nam, he said.

In addition to building solar energy plants, it would also increase investment in rooftop solar next year, he added. — VNS

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