Vietnam’s leading IP builder Idico books record net profit in 2024 on strong sales
Idico Corporation, a leading industrial park developer in Vietnam, reported a record-high net profit of VND1.99 trillion ($78.21 million) in 2024, up 43% year-on-year.
According to its Q4/2024 earnings report, the firm (HoSE: IDC) recorded VND8.84 trillion ($346.63 million) in revenue last year, up 22% from 2023.
Incomes increased across most of IDC’s business segments compared to the previous year. The industrial park segment generated VND3.98 trillion ($156.2 milion), up 21%. The electricity business reached VND3.37 trillion ($132.1 million), up 15.3%.
Construction revenue surged by 69% to VND246 billion ($9.64 million), while road toll collection rose by 5.4% to VND464 billion ($18.18 million). The real estate segment experienced the most significant growth, increasing five-fold to VND531 billion ($20.8 million).
An industrial park developed by Idico Corporation. Photo courtesy of IDC.
As of end-2024, Idico’s total assets hit nearly VND18.8 trillion ($736.68 million), rising by VND1 trillion ($39.18 million) from the beginning of last year. Its short-term receivables fell significantly to VND1.51 trillion ($59.3 million) from VND2.4 trillion.
Since May 2024, Idico has received in-principle approval for three industrial park projects covering a total of 800 hectares, increasing the number of industrial parks under its management to 13, with a combined area of 4,236 hectares.
The most recent project, approved by Deputy Prime Minister Tran Hong Ha on May 1, involves the construction of the first phase of the Vinh Quang Industrial Park in Hai Phong, a northern port city.
The project will span 226 hectares in Vinh Bao district and is expected to cost VND3.55 trillion ($139 million).
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