Industrial park developer Kinh Bac targets 2.5-fold profit hike in 2023

Kinh Bac City Development Holding Corp., one of Vietnam's leading industrial real estate developers, is targeting revenue of VND9 trillion ($383.26 million) in 2023 and after-tax profit of VND4 trillion ($170.34 million), up 9.5 times and 2.5 times year-on-year, respectively.

This year, the company, listed on the Ho Chi Minh Stock Exchange (HoSE) as KBC, will focus on implementing the Nam Son-Hap Linh Industrial Park (IP) project in Bac Ninh province, the expanded Quang Chau IP in Bac Giang province, and the Tan Phu Trung IP in Ho Chi Minh City, while seeking authorities' in-principle approval for the Trang Due 3 Industrial Park project in Hai Phong city.

Notably, Kinh Bac has assigned its board of directors to arrange capital for timely payment and early redemption of all outstanding bonds as of December 31, 2022.

In the first quarter of 2023, Kinh Bac's net revenue reached VND2.22 trillion ($94.67 million), up 3.2 times, and after-tax profit of VND1.06 trillion ($44.96 million), up 2 times year-on-year.

As of March 31, 2023, Kinh Bac's total assets had stood at VND35.09 trillion ($1.49 billion), up VND187 billion ($7.96 million) compared to the beginning of the year, of which cash and cash equivalents were up 36% to VND2.29 trillion ($97.39 million), and investment real estate hit VND1.05 trillion ($44.58 million), up 6 times.

By the end of March, liabilities were VND16.19 trillion ($689.49 million), down 5% compared to the beginning of the year.

On the HoSE, KBC finished at VND18,650 ($0.79) on Friday.