State capital investment company records $141 mln in H1 profit
Vietnam's State Capital Investment Corporation, which manages and invests state capital in enterprises, reported an after-tax profit of VND3,310 billion ($141 million) in the first half of 2022, down 42% year-on-year and fulfilling 92% of the year's profit plan.
The company (SCIC) achieved a revenue of VND4,915 billion ($210 million) during the period, a 29% rise compared to the same period last year, according to its review meeting for the first six months.
Dividend revenue reached $157 million, equaling 63% of the year's plan. Stake sale revenue hit $30.6 million, 53% of the year's target.
As of June 30, 2021, SCIC's business portfolio included 128 companies with a total state capital of $2.02 billion, while its total charter capital reached $6.76 billion.
Since the beginning of the year, the corporation has successfully sold stakes in 17 enterprises, reaping proceeds of $30.6 million on the capital expenses of $5.47 million.
In the first half, SCIC cooperated with the state-run Vietnam Expressway Corporation (VEC) in seeking investment opportunities in the field of infrastructure, studied a project to sell toll collection rights on the North-South Expressway, and partnered with the Airports Corporation of Vietnam (UPCoM: ACV) to explore a project supplying aircraft fuel at Long Thanh International Airport, a giant project under construction in Dong Nai province.
It has also cooperated with the Southern Airports Services JSC (Sasco, UPCoM: SAS) to study a gas port project, partnered with Petrovietnam to study upgrading and expanding Dung Quat Oil Refinery, and teamed up with Vietnam Railways to study a railway logistics project.
In the last six months of the year, SCIC will focus on selling its stakes in a number of large firms like Vietnam Water and Environment Investment Corporation, Electric Machine JSC, international manpower supply and trade company Sona JSC, and Vinh Long Real Estate JSC.
The industrial and logistics market in Ho Chi Minh City, Dong Nai, Binh Duong, Long An, and Ba Ria-Vung Tau will continue to grow in 2022-2023 thanks to Vietnam’s resilient economic expansion, according to Cushman and Wakefield.
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