Industrial property developer Becamex posts $74 mln profit in 2022 thanks to joint ventures, associates

By Trang Nguyen
Sun, February 5, 2023 | 10:44 am GMT+7

Becamex IDC, Vietnam's leading developer of large-scale industrial townships, reported an after-tax profit of VND1,724 billion ($73.52 million) in 2022, of which VND1,145 billion ($48.83 million) came from its joint ventures and associates.

The figure is a 15% increase year-on-year and equivalent to 59% of its target.

The corporation, listed on the Ho Chi Minh City Stock Exchange as BCM, earned net revenue of VND6,507 billion ($277.49 million), up 6% and fulfilling 67% of the target.

BCM's headquarters on Hung Vuong street, Binh Duong province, southern Vietnam. Photo courtesy of the company.

BCM's headquarters on Hung Vuong street, Binh Duong province, southern Vietnam. Photo courtesy of the company.

In the fourth quarter of 2022, Becamex's net revenue reached VND879 billion ($37.48 million), down 71% compared to the same period last year.

The revenue structure showed a strong decline in the real estate business which earned VND232 billion ($9.89 million), down 91%.

The construction segment increased with VND183 billion ($7.8 million), up 6.7 times, while other segments did not see much change.

Becamex's after-tax profit in Q4 hit VND7 billion ($298,500), down 98% year-on-year, the lowest quarterly profit since Q2/2017.

As of December 31, 2022, Becamex's total assets reached VND48,519 billion ($2.07 billion), down 1% compared to the beginning of the year. A remarkable feature of its asset structure is that inventories increased by 1.2% to VND21,181 billion ($903.26 million), accounting for 43.6%.

Receivables also increased 13% to VND6,020 billion ($256.72 million), accounting for 12.4% of total assets. Of this, short-term receivables were VND5,394 billion ($230 million), up 8%; while long-term receivables hit VND626 billion ($26.69 million), a two-fold rise compared to the beginning of the year.

At the closing session on February 3, the BCM shares price hit VND84,000 ($3.58) per unit.

In December, Becamex IDC had decided not to buy shares expected to be offered to potential investors and employees of its joint venture BW Industrial Development with Warburg Pincus.

The joint venture plans to issue new shares to increase its capital from VND13,774 billion ($581.9 million) to more than VND17,826 billion ($753.1 million). If the issuance succeeds and due to the Becamex refusal, its ownership in BW Industrial would drop to 23.18% from the current 30%.

Becamex is the Vietnamese partner of Singapore's Sembcorp Industries in the VSIP joint venture.

Comments (0)
  • Read More
Vietnam PM asks Brazil's aerospace giant Embraer to help with air logistics development

Vietnam PM asks Brazil's aerospace giant Embraer to help with air logistics development

Vietnam seeks to build an air logistics center and plans to collaborate with Brazil’s aerospace giant Embraer for the task, says Prime Minister Pham Minh Chinh.

Companies - Mon, November 18, 2024 | 10:45 am GMT+7

Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss

Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss

Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.

Finance - Mon, November 18, 2024 | 10:19 am GMT+7

Vietnam's opportunity in a shifting global EVs market

Vietnam's opportunity in a shifting global EVs market

The global electric vehicle boom presents numerous opportunities for Vietnam's economy, supported by leading technology suppliers like Bühler Group.

Companies - Mon, November 18, 2024 | 10:00 am GMT+7

Vietnam, Brazil elevate bilateral ties to strategic partnership

Vietnam, Brazil elevate bilateral ties to strategic partnership

Vietnam and Brazil issued a joint statement on elevating their bilateral relations to a Strategic Partnership in Rio de Janeiro on Sunday (local time) on the occasion of Prime Minister Pham Minh Chinh’s ongoing trip to the Latin American nation to attend the G20 Summit and join bilateral activities.

Politics - Mon, November 18, 2024 | 8:11 am GMT+7

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.

Companies - Mon, November 18, 2024 | 7:52 am GMT+7

State-owned housing developer HUD has new chairman

State-owned housing developer HUD has new chairman

Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).

Companies - Sun, November 17, 2024 | 9:34 pm GMT+7

Vietnam private lender LPBank reports $394 mln profit in 10 months

Vietnam private lender LPBank reports $394 mln profit in 10 months

Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.

Banking - Sun, November 17, 2024 | 3:30 pm GMT+7

Vietnam stock market unlikely to experience further steep declines in next sessions: experts

Vietnam stock market unlikely to experience further steep declines in next sessions: experts

The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.

Finance - Sun, November 17, 2024 | 1:30 pm GMT+7

Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam

Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam

Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.

Industries - Sun, November 17, 2024 | 10:00 am GMT+7

Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.

Companies - Sun, November 17, 2024 | 9:00 am GMT+7

Vietnam pledges to make more contributions to APEC cooperation

Vietnam pledges to make more contributions to APEC cooperation

APEC leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.

Politics - Sun, November 17, 2024 | 8:05 am GMT+7

Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026

Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026

Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.

Energy - Sun, November 17, 2024 | 8:00 am GMT+7

PM arrives in Brazil, beginning trip to attend G20 Summit

PM arrives in Brazil, beginning trip to attend G20 Summit

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived in Rio de Janeiro, Brazil on November 16 afternoon (local time), beginning their three-day visit to attend the G20 Summit and have bilateral meetings.

Southeast Asia - Sun, November 17, 2024 | 7:30 am GMT+7

Vietnam-China partnership to enable export of Kim Long brand cars

Vietnam-China partnership to enable export of Kim Long brand cars

Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.

Companies - Sat, November 16, 2024 | 7:13 pm GMT+7

Northern Vietnam province attracts $124 mln investment from Taiwan firm

Northern Vietnam province attracts $124 mln investment from Taiwan firm

Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.

Industries - Sat, November 16, 2024 | 7:01 pm GMT+7

Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025

Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025

Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.

Energy - Sat, November 16, 2024 | 3:20 pm GMT+7