Only four out of the 14 companies in private equity firm Mekong Capital's investment portfolio have announced their financial statements for 2022, with mixed results.
Vietnamese financial services firm F88 reported after-tax profit of VND212 billion ($9.03 million) in 2022, up four times compared to 2021. Notably, its return on equity (RoE) increased significantly from 11.1% to 31.6%.
As of December 31, 2022, F88's total assets had reached VND4.44 trillion ($188.9 million), up 98.8% compared to the beginning of the year. Its equity capital hit VND853 billion ($36.3 million), up 75.8%, while liabilities were VND3.58 trillion ($152.58 million), up 105.1%. Its outstanding bond debts were more than VND1.45 trillion ($61.75 million), down nearly 6.6%.
At the end of 2022, F88's shareholders included its founder Phung Anh Tuan with a 17.84% stake, Mekong Capital with 37.03%, and Granite Oak Fund with 11.63%.
This March, F88 raised $50 million in a Series C funding round led by Vietnam Oman Investment (VOI) and Mekong Capital's Mekong Enterprise Fund IV (MEF IV).
Meanwhile, Nhat Tin Investment Trading Development JSC posted a loss of VND21.7 billion ($924,200) in 2022, a little higher than the VND21.3 billion in 2021.
With losses for two consecutive years, Nhat Tin's equity as of December 31, 2022 had decreased by more than VND25 billion to VND182.9 billion ($7.78 million). The company's liabilities were VND366 billion ($15.6 million), up nearly 15.7%, while outstanding bond debts hit about VND14.63 billion ($623,100). At the end of 2022, Nhat Tin's total assets had stood at VND549 billion ($23.38 million), up nearly 4.7%.
According to Hanoi Stock Exchange (HNX) data, Nhat Tin issued a bond tranche in December 2021 or VND500 billion ($21.3 million) to be matured in May 2023 with a coupon rate of 11.5% per year.
However, this tranche was repurchased by Nhat Tin in November 2022 with a spending of VND350 billion ($14.9 million), and in March 2023 with VND150 billion ($6.4 million).
In 2017, Mekong Capital invested in Nhat Tin through Jeromosity Pte. Ltd to become a strategic investor. Mekong Capital partner Chris Freund is a senior advisor for the company.
The company's charter capital has reached more than VND72 billion ($3.06 million) after rising five times. Jeromosity Pte.Ltd is the only foreign investor, accounting for 30.6% of capital.
The third company, major Vietnamese mattress brand Vua Nem, recorded a loss of nearly VND57 billion ($2.4 million) in 2022.
In 2017, Mekong Capital invested VND58 billion in the firm. In 2019, Vua Nem started promoting e-commerce and had 59 stores. By December 2021, it had a total of 115 stores nationwide and is expected to expand to 500 stores in 2023.
Another part of Mekong Capital's investment portfolio, A Ba Business Solution Corporation, earned a net revenue of VND335.7 billion ($14.3 million) in 2022, up 0.4% year-on-year. However, it posted a loss of VND36.3 billion ($1.55 million), its fourth consecutive year with losses.
As of December 31, 2022, its aggregate loss had reached VND108 billion ($4.6 million).
Established in 2008, A Ba provides temperature preservation transportation services and solutions in Vietnam. In 2016, the company officially entered the cold storage business through the acquisition of a facility in Hanoi. A Ba is currently developing an integrated logistics chain in the Vietnamese market.
In August 2016, Mekong Capital announced that the Mekong Enterprise Fund III (MEF III) had made an investment in A Ba. By the end of 2022, the fund held a 48.16% stake of A Ba through Beautegrity Pte.
In March 2001, American national Chris Freund established Mekong Capital, the first fund management company in Vietnam. It is now one of the leading fund management companies in Vietnam.