Becamex IDC achieves record-high profit in 2023, surpassing annual target by 102%

Friday, Feb 02, 2024 13:25

A real estate project by Becamex IDC. By the end of 2023, Becamex IDC's total assets topped VNĐ53.18 trillion, representing a 10 per cent increase compared to the beginning of the year. — Photo Becamex IDC

The Investment and Industrial Development Corporation (Becamex IDC or BCM) announced that its profit in 2023 reached 102 per cent of the annual target, marking the highest level in the past eight years.

The construction and development giant reported that its consolidated revenue for Q4/2023 reached nearly VNĐ5.17 trillion (US$211.8 million), marking a significant increase of 5.8 times compared to the same period in 2022. The business and real estate investment sector contributed VNĐ4.67 trillion, accounting for 90 per cent of the total revenue.

After deducting operating expenses, Becamex IDC recorded a post-tax profit of nearly VNĐ2.05 trillion, which is more than 36 times higher than the same period in 2022. This achievement represents the highest quarterly profit in the company's history as an industrial real estate enterprise.

For the whole year of 2023, Becamex IDC reported a total revenue of nearly VNĐ8.2 trillion and a post-tax profit of over VNĐ2.4 trillion, representing a 25 per cent and 43.5 per cent increase, respectively, compared to 2022. These figures mark the highest profit levels in the past eight years for Becamex IDC. The company achieved 85 per cent of its revenue target and 102 per cent of its profit target for the year.

In mid-December 2023, the People's Committee of Bình Dương province approved the transfer of the New Urban Area Project (located in lots B8, B9, B10, B12, B13, B14, B15) within the Bình Dương Service-Industrial Complex - Urban Area, also known as the Tân Thành Bình Dương Complex Residential and Commercial Area) in Hoà Phú Ward, Thủ Dầu Một City, to Sycamore, a subsidiary of CapitaLand. The total investment for this project amounts to VNĐ13.6 trillion.

According to Becamex IDC, this transaction is expected to generate a revenue of $242 million (equivalent to over VNĐ6 trillion) and a profit of VNĐ2 trillion in 2023.

By the end of 2023, Becamex IDC's total assets reached over VNĐ53.18 trillion, representing a 10 per cent increase compared to the beginning of the year. Becamex IDC is the largest industrial park investor in Bình Dương province, holding over 30 per cent of the provincial market share and ranking third nationwide with a 3.6 per cent market share. The company currently operates 18 Becamex-VSIP industrial parks in 9 provinces and cities.

In addition to industrial real estate, Becamex IDC is also involved in residential real estate with a land bank of 3,100 hectares in Bình Dương, of which nearly 1,000 hectares are available for commercial development.

Furthermore, Becamex IDC invests in education and healthcare as part of its real estate development ecosystem. The company currently operates two hospitals and a university. — VNS

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