Vietnamese conglomerate Sovico reported net revenue of VND687.5 billion ($29.15 million) in 2022, up 2.3 times year-on-year, and after-tax profit of VND3.27 trillion ($138.77 million), up nearly 5 times.
Chaired by billionaire Nguyen Thi Phuong Thao, the group operates in fields including finance and banking, energy, aviation, and real estate.
Its total assets climbed three times to VND165.08 trillion ($7 billion) as of December 31, 2022, due to the consolidation of business, finance, insurance, aviation, and urban development activities.
The firm has recorded strong growth in equity from VND11.25 trillion ($477 million) to VND49.24 trillion ($2.09 billion), 4.4 times higher compared to the end of 2021.
In the fourth quarter of 2022, Sovico completed the acquisition of a 54.86% stake in Sovico Real Estate JSC.
The group recorded after-tax profit from dividends of member companies distributed in 2022 at more than 72.6 million HDBank (HDB) shares, equivalent to VND1.45 trillion ($61.35 million) on September 20, 2022, and more than 8.2 million Vietjet Air (VJC) shares, equivalent to VND1.08 trillion ($45.62 million) on May 31, 2022.
As her fortune crossed $3 billion in March, chairwoman Nguyen Thi Phuong Thao entered the list of the 1,000 richest people on the planet, ranking 987th, up 126 places compared to the beginning of the month, according to Forbes.
In August, oil giant BP and Sovico proposed a 3-gigawatt offshore wind project in Quang Ninh province, an emerging industrial base in northern Vietnam.
The farm will be developed in three phases: the first from 2027-2030 with a capacity of 500 megawatts; and the second and third phases from 2030-2035 with a combined capacity of 2,500 MW.