HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months
BCG Energy JSC, a subsidiary of Vietnamese private conglomerate Bamboo Capital Group, posted a consolidated after-tax profit of VND504 billion ($19.94 million) in the first nine months of 2024, fulfilling 98% of the year's profit target.

A solar farm developed by BCG Energy JSC. Photo courtesy of the company.
In its freshly released Q3 financial statement, BCG Energy, registered on the Unlisted Public Companies Market (UPCoM) as BGE, reported net revenues of VND1.03 trillion ($40.74 million) in Jan-Sept, up 15% year-on-year.
The company attributed the increase largely to the addition of 114 MW from the second phase of the Phu My solar power plant in the southern province of Ba Ria-Vung Tau, which commenced commercial operations in June 2023.
Its operational solar projects – BCG Long An 1 (40.6 MW), BCG Long An 2 (100.5 MW), BCG Phu My (330 MW), and BCG Vinh Long (49.3 MW) – have all demonstrated impressive performances, the report said.
Additionally, approximately 75 MW of operational rooftop solar projects also did well, benefiting from a 4.8% increase in electricity prices in October.
BCG Energy’s consolidated after-tax profit of $19.94 million showcased a remarkable recovery from a loss of VND56 billion ($2.21 million) in the same period last year, driven by effective cost-saving measures, particularly a sharp reduction in interest expenses, along with optimized management costs.
As of September 30, the company's total consolidated assets value stood at VND20.05 trillion ($793.12 million), reflecting a 5% year-on-year rise since the beginning of the year, mainly due to new investments, including the Tam Sinh Nghia waste-to-energy plant in Cu Chi district, HCMC.
Its total liabilities rose to VND9.82 trillion ($388.45 million), up 6% year-on-year, largely related to the acquisition of Tam Sinh Nghia Investment and Development JSC.
The company’s debt-to-equity ratio decreased from 1.9 at the end of 2022 to 0.96 as of September 30, 2024. This ratio is better than that of its peers in the same industry and indicates a solid financial footing for BCG Energy, which operates in the capital-intensive renewable energy sector. Additionally, the loan-to-equity ratio fell from 1.25 at the end of 2022 to 0.62 in Q3/2024.
“This improvement not only enhances financial capacity but also mitigates risks from economic and market fluctuations. A strong financial position further strengthens the company’s ability to pursue mergers and acquisitions (M&A) to expand its project portfolio,” the report said.
In Q3/2024, BCG Energy recorded a 77.09% increase in revenue and an astounding 831.81% rise in net profit over Q3/2023. This achievement was made possible by new service revenue from waste-to-energy projects and effective cost management, the company noted.
Strong growth ahead
BCG Energy currently has 75 MW of rooftop solar power installations and plans to double the capacity this year.
Its clientele includes major corporations like dairy giant Vinamilk (VNM) and major retailer Mobile World Investment Corporation (MWG). In the coming years, the company aims to develop an additional 150 MW of rooftop solar power each year.
Currently, BCG Energy is installing new rooftop solar projects at Mobile World’s The Gioi Di Dong and Bach Hoa Xanh stores, with plans to complete installations at 115 locations by the end of 2024.
The rooftop solar segment is poised for continued growth following the government’s issuance of the Direct Power Purchase Agreement (DPPA) mechanism and Decree 135 featuring mechanisms and policies to support the development of self-produced and self-use power systems.
In 2024, BCG Energy’s net revenue is expected to maintain positive growth, bolstered by completion of procedures to begin commercial operations for the first 21 MW of the Krong Pa 2 solar project in the Central Highlands province of Gia Lai, along with contributions from ongoing rooftop solar projects.
Additionally, to enhance overall capacity, the company is pursuing M&A opportunities in operational solar projects eligible for a new feed-in-tariff (FiT 2).
In the waste-to-energy sector, BCG Energy is speeding up work on the first phase of the Tam Sinh Nghia plant in HCMC and is studying projects in Long An, Kien Giang and other provinces.
The company sees significant medium to long term potential for revenue and profit growth. It has eight wind power projects with a total capacity of 925 MW prioritized for implementation by 2030 under the national power development plan VIII (PDP VIII),
It aims to achieve a total capacity of 2 GW by 2026 while diversifying its renewable energy portfolio with low investment costs and an average annual profit margin of 10-14%.
BGE closed Thursday at VND11,500 ($0.45) per share.
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