SCIC releases full financial statement

Thursday, Jun 02, 2016 14:51

A FPT shop in Ha Noi. SCIC will divest State-owned capital from FPT this year. The divestment is expected to boost business efficiency. — Photo vietstock.vn
HA NOI (Biz Hub) – The State Capital Investment Corporation (SCIC) this week announced for the first time its full financial statement for 2015, revealing a sharp rise in revenue and profit.

In the past, the largest State-owned investment fund, which was set up in 2005, often released only financial reports of the parent company. The corporation has many investments which can be considered as subsidiaries (over 50 per cent ownership in the charter capital) and affiliated companies (over 20 per cent ownership in charter capital).

According to the statement, SCIC's revenue rose sharply from VND7 trillion (US$311 million) in the previous year to VND10.5 trillion in 2015 thanks to the sales of its investment. The corporation's earnings from divestment doubled to nearly VND4.6 trillion last year from VND2.2 trillion in the previous year.

Besides this, SCIC's revenue from dividend also rose by VND1.3 trillion to over VND4.9 trillion.

However, due to the low interest rates, SCIC's revenue from deposit interests and bond investment fell by VND100 billion to VND1.040 trillion.

According to reports, one of the most stable and important sources of SCIC's revenue last year was the dividend of roughly over VND2.7 trillion paid by Vinamilk. It is estimated that the company will contribute at least VND3.2 trillion to the corporation's revenue this year.

With SCIC's capital trading and investment operation costs consisting of mainly the original costs of the sold investments, the corporation reported a sharp rise in consolidated pre-tax profit from VND6 trillion in 2014 to nearly VND8.6 trillion in 2015 and an after-tax profit from VND5.5 trillion to VND7.85 trillion last year.

SCIC's total consolidated assets by the end of last year reached over VND73.3 trillion, including over VND37.4 trillion in short-term investments and VND32.4 trillion in long-term investments. These figures included the corporation's investments and other investment sources it managed for the State via a fund for supporting enterprises in restructuring and development. — VNS


Comments (0)

Statistic