Bamboo Capital posts 26.5% jump in Q2 revenue
Bamboo Capital Group (BCG) recorded revenue of over VND1.1 trillion ($47 million) in the second quarter of 2023, up 26.5% year-on-year and 58.9% quarter-on-quarter, the group announced late last week.
Of the total, real estate arm BCG Land contributed VND344.2 billion ($14.5 million) or 30.9%; the renewable energy segment BCG Energy VND320.3 billion ($13.5 million) or 28.7%; and Tracodi, the infrastructure construction arm, VND310.3 billion ($13.1 million) 27.8%.
In Q2, the group posted VND160.7 billion ($6.78 million) in after-tax profit, down 54.7% year-on-year but 17 times higher than Q1.
“This is a good sign showing the return of growth in production and business at Bamboo Capital,” BCG said in a report.

A solar farm developed by BCG Energy, a member company of Bamboo Capital Group. Photo courtesy of the group.
In Q2, BCG Energy’s revenue expanded 14.4% year-on-year to VND320.3 billion ($13.5 million) thanks to the remaining 114 megawatts of Phu My solar power plant approved for commercial operation under prices set for projects that missed out on preferential feed-in-tariffs (FiTs). As such, the entire 330 MW Phu My plant has been put into operation, positively contributing to BCG Energy's revenue.
In the real estate segment, despite many difficulties, BCG Land still achieved positive revenue from the handover of sections of its Malibu Hoi An and Hoian d'Or projects. This segment reached revenue of VND344.2 billion ($14.5 million), up 417.1% over the same period in 2022, and contributed 30.9% to the group’s total revenue.
At its 2023 AGM, BCG Land set a revenue target of VND3.58 trillion ($151 million) in 2023, more than three times higher than in 2022, and nearly VND685 billion ($27.77 million) in after-tax profit. Real estate is expected to continue to be the main contributor to the group's revenue and profit in the coming quarters.
The financial services segment recorded revenue of VND76 billion ($3.2 million) in Q2, a spectacular year-on-year growth of 232%, and contributing 6.8% to the group’s total revenue. Notably, insurer AAA's business results have improved significantly since it was transferred to Bamboo Capital thanks to a change in its management model and tightened costs.
In the first half of 2023, Bamboo Capital recorded revenue of VND1.8 trillion ($75.96 million) and after-tax profit of VND169.5 billion ($7.15 million), fulfilling 26.2% and 26.1% of the respective year targets set at the AGM. The group will have to accelerate to achieve its targets in the last two quarters of the year.
As of Q2/2023, Bamboo Capital’s total assets had stood at nearly VND43.6 trillion ($1.84 billion), a slight decrease of 0.5% compared to the beginning of 2023. Of which, short-term receivables were over VND16.9 trillion and inventory was VND3.87 trillion, up 25.8% and 40.5% year-on-year, respectively.
The result was attributed to the completion of shophouse products at the Hoian d'Or project, which promises to be a strong source of BCG’s revenue growth in the coming quarters when its products are handed over to customers.
The total liabilities of Bamboo Capital dropped to VND1 trillion ($42.2 million), while its equity hit VND14.6 trillion ($616.2 million), up 5.8% compared to the beginning of the year thanks to dividends from its member Tracodi, listed on the HoSE as TCD.
With efforts to control and reduce debt, Bamboo Capital's total debt-to-equity ratio as of June 30 had decreased to less than two times, showing that its financial risk had fallen to a safe level. Shareholders and investors can expect sustainable development within the group in the future.
Another bright spot was that Bamboo Capital’s net cash flow from its business activities turned from negative VND1.98 trillion ($83.56 million) in Q2/2022 to VND1.38 billion ($58.24 million) at the end of Q2/2023 after the group liquidated external cooperation and recovered debts from partners.
The net cash flow from investment activities also changed from negative to VND108.1 billion ($4.56 million) as the group divested from some projects. However, the net cash flow from financial activities remained negative because the company paid principal and interest. This shows Bamboo Capital’s active financial management in the difficult economic period and its core business activities are on the path of sustainable growth.
Amid high interest rates and extremely difficult domestic capital mobilization, in early June 2023, BCG Gaia - a joint venture between BCG Energy and SembCorp Energy Vietnam, received a VND1.83 trillion ($77.5 million) loan from DBS Bank Ltd (DBS) of Singapore to finance renewable energy projects.
Previously, in March 2023, BGG - SP Solar 1, a subsidiary of the joint venture between BCG Energy and Singapore Power, raised a syndicated loan of $31.6 million from three Singaporean partners, namely DBS, Oversea Chinese Banking Corporation (OCBC) and United Overseas Bank Limited (UOB).
Bamboo Capital is continuing to work with domestic and foreign financial institutions to find low-interest capital sources to finance future projects.
On the Ho Chi Minh Stock Exchange (HoSE), BCG closed the Friday session at VND10,800 ($0.46) per share.
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