Bamboo Capital JSC has set a target to achieve VND2.96 trillion (US$126.8 million) in revenue and after-tax profit of VND311 billion ($13.3 million) this year. — Photo bamboocap.com.vn

Bamboo Capital JSC has set a target to achieve VND2.96 trillion (US$126.8 million) in revenue and after-tax profit of VND311 billion ($13.3 million) this year, a year-on-year increase of 166 per cent and 2,656 per cent.

The targets were approved at its annual general meeting of shareholders held in HCM City yesterday (May 10).

Speaking at the meeting, Nguyen Ho Nam, BCG’s chairman, said last year the company did not meet its business targets last year, with its revenue and after-tax profit reaching only VND1.1 trillion and VND11.3 billion, down by 44 per cent and 81 per cent over 2017.

Nam attributed the reduction to business restructuring and the transfer of commercial activities to its subsidiaries and divestment of capital from companies such as Phu Thuan Co., 1-5 Auto Co., ACG Vietnam and Tracodi Service JSC, as well as its large investments in real estate and renewable energy projects last year.

Property projects, including the VND2.2 trillion ($94.2 million) Malibu Hoi An five-star resort project in Quang Nam, and the VND1.5 trillion ($64.25 million) King Crown luxury apartment project in District 2, are expected to start generating good revenue and profit this year, while two solar energy power plants – the 40.6 MW BCG Bang Duong and the 100.4 MW Gaia - will also be a stable revenue source for BCG.

Nguyen Thanh Hung, BCG’s member of the board of directors, said this year BCG would continue to invest in solar and wind power projects in Long An, Dak Lak, Ben Tre and Soc Trang, targeting total power generation capacity of over 400 MW in 2019-20 and 1,000 MW to 2023.

Hung said this year the company would also focus on completing the restructuring of Nguyen Hoang Group, one of its subsidiaries involved in furniture, coffee and micro-fertiliser manufacturing, to enable it to be listed on the stock exchange in 2020.

The meeting approved the planned dividend payment for 2019 at 20 per cent, with 10 per cent in cash and 10 per cent in shares.

BCG shareholders also approved other important proposals, including adjustment of the plan for issuing convertible bonds, and voting for independent members of the board of directors.

Pham Minh Tuan, BCG’s deputy general director, emphasised that it would fulfill its business targets this year because profit margins of solar energy and property projects have been very high. — VNS