Thailand IP developer Amata's profit in Vietnam down 69% to $3.8 mln in 2024
Amata VN, the Vietnam subsidiary of Thailand’s top industrial park developer Amata, earned a profit of THB132.7 million ($3.8 million) in 2024, down 68.8% year-on-year.
Amata VN’s performance review for 2024 attributed the lower profit to the higher real estate costs and the write-off of assets damaged by super typhoon Yagi.
Amata City Ha Long (Quang Yen Industrial Park) in Quang Ninh province, northern Vietnam. Photo courtesy of Amata VN.
Its total revenue grew 24.2% year-on-year to THB5.32 billion ($157 million). The revenue included THB2.4 billion from real estate sales, up 6.5%; THB2.88 billion from utility services, up 49.8%; THB27 million from rental services, down 18.1%; and other incomes.
It clarified that the real estate revenue featured sales of 69.61 hectares in Amata City Ha Long (Quang Yen Industrial Park) in the northern province of Quang Ninh and 5.38 hectares in Amata City Long Thanh (Long Thanh high-tech park) in the southern province of Dong Nai.
Despite higher revenue, the real estate sector recorded lower gross profits, at THB520.4 million ($15.3 million), down 32.3% year-on-year.
Amata started investing in Vietnam with Amata City Bien Hoa (Long Binh Industrial Park) in Dong Nai province in 1994. So far, Amata’s industrial parks in Vietnam have attracted foreign investments of $6.7 billion, employing 60,000 people.
Its industrial real estate portfolio in Vietnam now has Amata City Bien Hoa, Amata City Long Thanh, Amata City Ha Long, and Quang Tri Industrial Park.
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