Investment corp. IPA targets 24% rise in 2024 pre-tax profits, plans rights offering
Vietnamese investment holding company I.P.A Investments Group JSC has set revenue and pre-tax profit targets of VND1.08 trillion ($42.43 million) and VND425 billion ($16.7 million) for 2024, up 211% and 24% year-on-year, respectively.
The targets were announced at the firm’s 2024 AGM held on Thursday.
The firm, featured on the Unlisted Public Company Market (UPCoM) as IPA, said it intended to issue 213.8 million shares at VND10,000 ($0.39) apiece through a rights offering in 2024 or 2025, subject to approval by the State Securities Commission.
IPA's board member Pham Minh Huong (left) answers shareholders' questions at the company's 2024 AGM, June 20, 2024. Photo courtesy of Cong Thuong (Trade Industry) newspaper.
IPA expects to earn VND2.31 trillion ($90.75 million) from the offering. It will use VND1.8 trillion ($70.71 million) of the proceeds to contribute capital to its subsidiaries and affiliates such as Post-Telecommunication Joint-Stock Insurance Corporation, I.P.A Securities Investment Fund Management Limited Company, IPA Technology Solution JSC, and Bac Ha Energy JSC.
This year, IPA will continue to develop its ecosystem to achieve long-term goals for its business pillars including environmentally-friendly product distributor IPAM Life, business solution provider IPA SMEs, financial service segment IPA Financial and infrastructure/renewables-focused IPA Green Investment.
Speaking of IPA’s acquisition of a 9.36% stake in Trung Nam Energy Development and Investment Corporation (Trung Nam EDI) for VND850 billion ($33.39 million) in Q1/2024, IPA board member Pham Minh Huong, also chairwoman of securities firm VnDirect, said that the company saw the deal an opportunity to expand further into renewable energy, a sector “of the future.”
Renewable energy has already been an income generator for IPA, enabling investments in other segments, Huong noted.
She also expressed confidence in Trung Nam EDI’s capacity to do well in the market.
On the company’s divestment of a 51.15% stake in South Can Tho Development and Investment JSC to Hai Phong Investment JSC, whose director Pham Thi Men is a former IPA accountant, IPA CEO Mai Huu Dat said it was a normal divestment/investment activity to mobilize capital for other projects.
Huong said that despite its substantial land fund, IPA has prioritized cash flow generating activities and was yet to invest in real estate.
To ensure shareholder benefits, IPA needed to wait for smoother legal conditions and identify promising investment opportunities, she stressed.
IPA chairman Vu Hien noted that real estate investment demanded significant time and capital, citing the example of two building projects in Hanoi and HCMC stuck in legal procedures. However, the firm will keep looking for suitable real estate investment opportunities, he added.
- Related News
- Read More
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7
Japanese investment in Vietnam shifts toward service, trade, and technology: bank exec
Japanese investment in Vietnam is seeing a notable shift, with sharp increases in the services, trade, and technology sectors, while investment in manufacturing has slowed, said Abe Ryota, a senior economist at Sumitomo Mitsui Banking Corporation (SMBC).
Economy - Wed, August 6, 2025 | 4:06 pm GMT+7
