Renewables giant Trungnam Group's assets top $4 bln
Vietnamese private conglomerate Trungnam Group's total assets finished last year at VND96 trillion ($4.1 billion), according to its financial statement.
The largest solar power plant in Southeast Asia in Ninh Thuan province, invested by Trungnam Group. Photo courtesy of the company.
In 2022, the Ho Chi Minh City-based major reported after-tax profit of VND254 billion ($10.8 million), down 84.4% year-on-year, due to a spike in profits from the sale of renewable energy shares in 2021.
Trungnam Group sold a 49% stake in the 204 MW Trung Nam Thuan Bac Solar Power Plant to Asia Industrial Technology JSC (ACIT) in 2021 and sold a 35.1% stake in the Trung Nam Wind Power Plant to Hitachi Sustainable Energy (Hitachi SE), a member of Hitachi Group.
The share sales helped the group raise more cash to implement other projects in the future. In early July 2022, according to Bloomberg, Trungnam Group was working with a financial consulting unit to sell 30-35% of shares in its investment portfolio, mainly wind and solar power projects. These properties could be valued at up to $1 billion.
Regarding capital structure, the copmpany's equity was VND27.91 trillion ($1.19 billion), down slightly by 0.12%, while liabilities hit more than VND68.11 trillion ($2.9 billion), up nearly 5.5%.
Of which, outstanding bond debts reached VND24.29 trillion ($1.04 billion), accounting for nearly 36% of Trungnam Group's total liabilities.
Due to high interest rates, the tens of trillions of dong in bond debts also caused the decline in profits for Trungnam Group and its members in 2022, and in some cases heavy losses.
Specifically, Trung Nam Solar Power JSC reported a post-tax profit of VND251.2 billion ($10.7 million) in 2022, down nearly 12% compared to 2021. Meanwhile, Trungnam Tra Vinh Solar Power JSC posted after-tax profit of VND113 billion ($4.8 million), almost flat compared to 2021.
Trung Nam Thuan Nam Solar Power Co., Ltd recorded after-tax profit of VND81.1 billion ($3.45 million) in 2022, down nearly 80%, and Trung Nam Dak Lak 1 Wind Power JSC posted a loss of VND859 billion ($36.6 million).
Trung Nam Renewable Energy Corporation was the only company in Trungnam Group to report an increase in after-tax profit in 2022 with VND280.5 billion ($11.96 million), up 260.5% year-on-year.
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