Companies in Mekong Capital's portfolio report mixed results
Only four out of the 14 companies in private equity firm Mekong Capital's investment portfolio have announced their financial statements for 2022, with mixed results.
Vietnamese financial services firm F88 reported after-tax profit of VND212 billion ($9.03 million) in 2022, up four times compared to 2021. Notably, its return on equity (RoE) increased significantly from 11.1% to 31.6%.
As of December 31, 2022, F88's total assets had reached VND4.44 trillion ($188.9 million), up 98.8% compared to the beginning of the year. Its equity capital hit VND853 billion ($36.3 million), up 75.8%, while liabilities were VND3.58 trillion ($152.58 million), up 105.1%. Its outstanding bond debts were more than VND1.45 trillion ($61.75 million), down nearly 6.6%.
At the end of 2022, F88's shareholders included its founder Phung Anh Tuan with a 17.84% stake, Mekong Capital with 37.03%, and Granite Oak Fund with 11.63%.
This March, F88 raised $50 million in a Series C funding round led by Vietnam Oman Investment (VOI) and Mekong Capital's Mekong Enterprise Fund IV (MEF IV).
Meanwhile, Nhat Tin Investment Trading Development JSC posted a loss of VND21.7 billion ($924,200) in 2022, a little higher than the VND21.3 billion in 2021.
With losses for two consecutive years, Nhat Tin's equity as of December 31, 2022 had decreased by more than VND25 billion to VND182.9 billion ($7.78 million). The company's liabilities were VND366 billion ($15.6 million), up nearly 15.7%, while outstanding bond debts hit about VND14.63 billion ($623,100). At the end of 2022, Nhat Tin's total assets had stood at VND549 billion ($23.38 million), up nearly 4.7%.
According to Hanoi Stock Exchange (HNX) data, Nhat Tin issued a bond tranche in December 2021 or VND500 billion ($21.3 million) to be matured in May 2023 with a coupon rate of 11.5% per year.
However, this tranche was repurchased by Nhat Tin in November 2022 with a spending of VND350 billion ($14.9 million), and in March 2023 with VND150 billion ($6.4 million).
In 2017, Mekong Capital invested in Nhat Tin through Jeromosity Pte. Ltd to become a strategic investor. Mekong Capital partner Chris Freund is a senior advisor for the company.
The company's charter capital has reached more than VND72 billion ($3.06 million) after rising five times. Jeromosity Pte.Ltd is the only foreign investor, accounting for 30.6% of capital.
The third company, major Vietnamese mattress brand Vua Nem, recorded a loss of nearly VND57 billion ($2.4 million) in 2022.
In 2017, Mekong Capital invested VND58 billion in the firm. In 2019, Vua Nem started promoting e-commerce and had 59 stores. By December 2021, it had a total of 115 stores nationwide and is expected to expand to 500 stores in 2023.
Another part of Mekong Capital's investment portfolio, A Ba Business Solution Corporation, earned a net revenue of VND335.7 billion ($14.3 million) in 2022, up 0.4% year-on-year. However, it posted a loss of VND36.3 billion ($1.55 million), its fourth consecutive year with losses.
As of December 31, 2022, its aggregate loss had reached VND108 billion ($4.6 million).
Established in 2008, A Ba provides temperature preservation transportation services and solutions in Vietnam. In 2016, the company officially entered the cold storage business through the acquisition of a facility in Hanoi. A Ba is currently developing an integrated logistics chain in the Vietnamese market.
In August 2016, Mekong Capital announced that the Mekong Enterprise Fund III (MEF III) had made an investment in A Ba. By the end of 2022, the fund held a 48.16% stake of A Ba through Beautegrity Pte.
In March 2001, American national Chris Freund established Mekong Capital, the first fund management company in Vietnam. It is now one of the leading fund management companies in Vietnam.
- Read More
E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam
E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.
Finance - Wed, November 20, 2024 | 5:37 pm GMT+7
Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec
In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.
Companies - Wed, November 20, 2024 | 3:52 pm GMT+7
Central Vietnam province okays $88 mln automobile part project
Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.
Industries - Wed, November 20, 2024 | 3:44 pm GMT+7
Thai packaging firm Thantawan Industry makes inroad into Vietnam
Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.
Industries - Wed, November 20, 2024 | 3:34 pm GMT+7
Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC
Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.
Companies - Wed, November 20, 2024 | 2:29 pm GMT+7
Pegatron to quadruple workforce at $800 mln project in Vietnam
Pegatron Vietnam, a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, is set to soon quadruple the company's workforce for its $800-million project in Vietnam.
Industries - Wed, November 20, 2024 | 2:03 pm GMT+7
Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park
WHA Group, a leading Thai provider of fully integrated logistics and industrial facilities solutions, has secured in-principle approval from the Vietnamese government to invest in an industrial park in central Vietnam.
Industrial real estate - Wed, November 20, 2024 | 12:01 pm GMT+7
Indonesia, Brazil sign cooperation deals worth $2.65 bln
Indonesia and Brazil on Monday sealed cooperation agreements worth $2.65 billion in the areas of renewable energy, sustainable agriculture and technology at the Indonesia-Brazil Business Forum held in Rio De Janeiro, Brazil, on the sidelines of the G20 Summit.
Southeast Asia - Wed, November 20, 2024 | 11:57 am GMT+7
Nusantara not yet feasible as Indonesia’s capital city: authorities
Indonesian Minister of Home Affairs Tito Karnavian said Jakarta still holds the capital status despite the enactment of State Capital Law No. 3 of 2022, adding that the capital city will officially be relocated after the president issues a presidential decree.
Southeast Asia - Wed, November 20, 2024 | 11:55 am GMT+7
Malaysia’s Halal industry to make up 10.8% of GDP by 2030
Malaysia’s Halal industry is projected to account for 10.8% of the country's GDP by 2030, with an estimated value of RM231.1 billion ($51.7 billion).
Southeast Asia - Wed, November 20, 2024 | 11:48 am GMT+7
Thailand takes more fiscal measures to sustain growth momentum
The Thai government is working on a raft of fresh fiscal measures to sustain an economic recovery, foster new foreign investment, and lower the near-record household debt, says Thai Prime Minister Paetongtarn Shinawatra's top aide.
Southeast Asia - Wed, November 20, 2024 | 11:46 am GMT+7
Indonesia named world's most generous country in 2024
Indonesia has been the world's most generous country for the seventh consecutive year since 2017, reported local weekly magazine Tempo.
Southeast Asia - Wed, November 20, 2024 | 11:41 am GMT+7
Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam
Logistics facility brand Logicross, under Japan’s Mitsubishi Estate, kicked off the construction of its Logicross Hai Phong ready-built warehouse in Vietnam’s northern city of Hai Phong on Tuesday.
Industrial real estate - Wed, November 20, 2024 | 10:58 am GMT+7
French logistics giant eyes to launch electric barges on inland waterways in Vietnam
CMA-CGM Group, a French shipping and logistics company, has plans to deploy electric barges, initially on inland waterways in Vietnam.
Companies - Wed, November 20, 2024 | 10:43 am GMT+7
2025 a turning point for Vietnam stock market: broker
Vietnam's stock market has struggled to capture the attention of both domestic and foreign investors in recent months, reflected by persistent foreign capital outflows and a steady decline in market liquidity, but next year will be a turning point for the market, says Chen Chia Ken, CEO of Phu Hung Securities JSC.
Finance - Wed, November 20, 2024 | 7:07 am GMT+7
Construction trio keen on building $1.5 bln expanded expressway in southern Vietnam
Three construction majors in Vietnam are interested in building an expanded expressway connecting Ho Chi Minh City with the Mekong Delta provinces of Long An and Tien Giang for an estimated VND38.6 trillion ($1.52 billion).
Infrastructure - Tue, November 19, 2024 | 8:18 pm GMT+7