Industrial park developer Kinh Bac reports $85 mln H1 profit

Leading industrial real estate developer Kinh Bac City Development Holding Corp. reported revenues of VND4.5 trillion ($189.99 million) and profits of VND2 trillion ($84.5 million) in the first six months of this year.

The figures, released at the company's recent shareholder meeting, show that it had fulfilled more than 50% of its year plans.

Deputy general director Pham Phuc Hieu said that since the beginning of the year, Kinh Bac has leased more than 170 hectares of industrial land to companies like Foxconn and Goertek.

Kinh Bac, listed on the Ho Chi Minh Stock Exchange (HoSE) as KBC, will focus this year on completing site clearance compensation for the Nam Son-Hap Linh Industrial Park project in Bac Ninh province (the remaining 108 hectares); the expanded Quang Chau IP in Bac Giang province (38 ha); and the Tan Phu Trung IP in Ho Chi Minh City (the remaining 33 ha).

It will also focus on speeding up progress on some new IPs like the Trang Due 3 IP and the Trang Cat Urban Area in Hai Phong city; the Kim Dong-Chinh Nghia-An Thi Industrial Cluster in Hung Yen province; the Dam Nha Mac Industrial Cluster in Quang Ninh province; and the Phuoc Vinh Dong IP, Loc Giang IP and Tan Tap Industrial Cluster in Long An province.

The company said it will also step up preparations for new IP projects in Hau Giang like the Song Hau 2 IP.

In Hai Phong city, the Trang Due Urban Area is set to hand over its last 83 villas this year. Kinh Bac is yet to break ground for the Trang Cat Urban Area and Trang Due Industrial Park 3 projects, but preparations are underway.

For the Phuc Ninh Urban Area in Bac Ninh province, the firm has met with provincial leaders to resolve procedural issues. It will continue signing contracts for houses in the project’s next phase.

A social housing project in Bac Giang province is set to be handed over this year.

KBC has targeted revenues of VND9 trillion ($383.26 million) and after-tax profits of VND4 trillion ($170.34 million) in 2023, up 9.5 times and 2.5 times year-on-year, respectively.

On the HoSE, KBC shares closed at VND30,600 ($1.29) on Friday.