Bamboo Capital subsidiary Tracodi’s prospects buoyed by infrastructure investments, quarrying operations
Tracodi, a Bamboo Capital Group subsidiary, has seen its fortunes and prospects lifted by its infrastructure investments and quarrying operations despite a year-on-year Q2 decline in revenues and pre-tax profits.
The firm recorded consolidated net revenues of VND490.9 billion ($20.73 million) in Q2, up 56.3% from Q1, but down 29.2% year-on-year, according to its freshly released report.
Its Q2 pre-tax profit of VND31.7 billion ($1.34 million) was down 63.7% quarter-on-quarter and 90.81% over the same period in 2022.
In the first six months of 2023, Tracodi posted consolidated net revenues of VND804.9 billion ($33.99 million) and pre-tax profits of VND118.9 billion ($5 million), fulfilling 24.3% and nearly 35.6% of its year targets, respectively.
The firm attributed the year-on-year decrease in revenue to the real estate market freeze across the country and high interest rates in the first half of this year.
However, it said business results are likely to improve in the second half as the State Bank of Vietnam was making efforts to bring down interest rates and financial sources for Bamboo Capital’s real estate projects have been released.
At the same time, Tracodi was actively engaged in implementing public investment packages like expressways in the Mekong Delta region.

Tracodi is constructing a taxiway of Phan Thiet airport in Binh Thuan province, south-central Vietnam. Photo courtesy of the company.
Brighter picture
The bright picture for Tracodi came from the quarrying segment, with Antraco, a joint venture between Tracodi and An Giang Mechanical JSC, recording H1 revenue of VND393 billion ($16.6 million), up 31.16% over the same period in 2022 and 57.26% of the annual target.
Its pre-tax profit in H1 reached VND54 billion ($2.28 million), up 74.33% year-on-year and fulfilling 82.72% of the year plan.
Tracodi is focusing on public investment projects like the construction of taxiways at Phan Thiet airport in the south-central province of Binh Thuan and National Highway No. 3 in Hanoi’s Dong Anh district.
The warming real estate market is also expected to become a driving force accelerating projects undertaken by the company as the main contractor, including the Malibu Hoi An and Hoian D'or real estate projects in the central province of Quang Nam, and the King Crown Infinity hi-end apartment project in Ho Chi Minh City.
In addition, Tracodi E&C, a Tracodi subsidiary, has joined the materials and equipment supply chain for key national expressways. It has signed and deployed contracts for purchase and sale of materials and lease of equipment and machinery for a number of expressways including Hau Giang-Ca Mau and Ben Luc-Long Thanh.
According to a report of the Saigon Thuong Tin Securities Joint Stock Company (SBS) released mid-May 2023, with its infrastructure investment and construction and quarrying operations, Tracodi will continue to maintain stable business operations this year and has a lot of potential for development in the long term.
The demand for construction stone in the Mekong Delta in the 2023-2025 period will be about 21.5 million cubic meters, with a series of traffic projects under construction or about to be kicked off. Some typical projects are the My Thuan-Can Tho Expressway with a total length of 23 km, the 110-kilometer Can Tho-Ca Mau Expressway, the 188-kilometer Chau Doc-Can Tho-Soc Trang Expressway and the 51-kilomeeter Lo Te-Rach Soi Expressway.
Saigon Thuong Tin Securities expects the quarrying segment to make a large contribution to Tracodi in terms of revenue and profits this year.
Recently, Tracodi redeemed VND200 billion ($8.45 million) worth of bonds to ease financial pressures, showing its management ability in the context of a struggling financial market.
On the Ho Chi Minh Stock Exchange, TCD closed the Monday session at VND9,670 ($0.41) per share.
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