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