Bamboo Capital (BCG): Profit after tax in the second quarter of 2024 reached 318.6 billion VND
Bamboo Capital Group Joint Stock Company (HoSE: BCG) has just announced its business results for the second quarter of 2024 with net revenue reaching VND 1,114.8 billion and profit after tax reaching VND 318.6 billion, an impressive growth of 98.2% over the same period.
Specifically, according to the recently announced financial report for the second quarter of 2024, Bamboo Capital recorded VND 1,114.8 billion in net revenue, an increase of only 0.04% over the same period in 2023. The main revenue contribution came from the Renewable Energy segment (VND 369.4 billion), accounting for 33.1%, Infrastructure Construction (VND 338.5 billion), accounting for 30.4% and Financial Services (VND 180.2 billion), accounting for 16.2% of the Group's revenue.
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| BCG Energy Company with stock code CGE of BCG was just listed on UPCoM on the morning of July 31. |
Notably, after-tax profit in the second quarter of 2024 reached VND 318.6 billion, a sharp increase of 98.2% compared to the second quarter of 2023.
Accumulated in the first 6 months of 2024, Bamboo Capital's consolidated net revenue reached VND 2,100.3 billion, up 15.7% over the same period. The revenue structure was mainly contributed by the Renewable Energy segment (VND 689.8 billion), accounting for 32.8%, Infrastructure Construction (VND 560.7 billion), accounting for 26.7% and Financial Services (VND 366.0 billion), accounting for 17.4% of the Group's total revenue.
Renewable energy revenue to surge in H1 2024 thanks to strong performance of solar power plants.
In particular, the growth momentum mainly came from the electricity output of Phu My Solar Power Plant (330 MW) reaching 268 million kWh, an increase of 44.9% over the same period due to the additional output from 114MW in commercial operation from May 31, 2023.
It can be seen that the renewable energy sector of BCG Energy is gradually becoming an important pillar, bringing in large revenues for Bamboo Capital Group. In addition, the Construction - Infrastructure sector of Tracodi (a member of Bamboo Capital) continues to contribute positive revenues thanks to the acceptance of projects and stone production - exploitation activities.
Bamboo Capital's after-tax profit in the first 6 months of the year reached VND 416.8 billion, an increase of 137.3% over the same period in 2023. Financial expenses decreased sharply by VND 413.0 billion, equivalent to a decrease of 32.1% compared to the second quarter of the previous year.
In addition to the revenue growth, the main reason for Bamboo Capital's profit breakthrough is thanks to the effective management of financial costs from BCG Energy. BCG Energy proactively bought back all 2 separate bond lots worth VND2,500 billion in advance, helping to reduce the great pressure on interest rates and costs of managing collateral assets of this bond lot.
The Group's total assets as of June 30, 2024 reached VND 45,308.3 billion, an increase of 7.9% compared to the beginning of 2024 due to the merger of Tipharco Pharmaceutical Joint Stock Company (HNX: DTG) into the Bamboo Capital ecosystem.
Notably, BCG's equity as of June 30, 2024 was recorded at VND 20,987.9 billion, an increase of 20.2% compared to the beginning of the year thanks to the completion of Bamboo Capital's capital increase to VND 8,002 billion from the public offering of shares in the second quarter of 2024. Bamboo Capital's financial leverage ratio continued to decrease to a safe level.
Thanks to proactively increasing charter capital, the debt-to-equity ratio decreased significantly from 2.2 times at the end of 2022 to 1.2 times at June 30, 2024. In addition, Bamboo Capital's debt-to-equity ratio also decreased to 0.6 times.
As a Group investing heavily in capital-intensive industries such as renewable energy and real estate, achieving the above leverage ratios shows Bamboo Capital's great efforts to bring debt leverage to an ideal level, lower than that of businesses in the same industry.
In the first half of 2024, Bamboo Capital Group will continue to limit external investment activities and focus on investing in core business segments. In the Cash Flow Statement, it can be seen that net cash flow from financial activities changed from negative VND 1,073.9 billion to positive VND 2,466.8 billion at the end of the second quarter of 2024 thanks to revenue from the public offering of shares.
Bamboo Capital is actively adding capital to serve production and business activities, while maintaining the Group's liquidity at a safe level.
With the above business results, at the end of the second quarter of 2024, Bamboo Capital Group completed 34.4% of the revenue plan and 43.8% of the after-tax profit plan submitted at the 2024 General Meeting of Shareholders. In general, Bamboo Capital's production and business activities in the first 6 months of the year had many bright spots, most of the core business segments maintained stable operations and began to change positively.
In the real estate sector, taking advantage of the time when the real estate market shows signs of recovery, BCG Land is preparing to hand over and operate the entire Malibu Hoi An condotel block, speeding up the progress of King Crown Infinity, Hoian d'Or projects and the rest of Malibu Hoi An to soon hand over products to customers. It is expected that in the third quarter of 2024, BCG Land will organize the opening sale of the remaining part of the King Crown Infinity project.
Bamboo Capital's energy sector has received a lot of good news. BCG Energy, the subsidiary in charge of the Group's energy sector, has just announced its consolidated financial statements for the first half of 2024 with impressive business growth results. Net revenue reached VND 689.8 billion, up 22%; profit after tax also increased sharply, reaching VND 290.7 billion, 33 times higher than the same period last year. On July 31, BCG Energy will officially trade 730 million shares on UPCoM, stock code BGE and reference price VND 15,600/share.
In addition, BCG Energy is urgently implementing the Dong Thanh 1 (80 MW capacity), Dong Thanh 2 (120 MW capacity) wind power projects in Tra Vinh province and Khai Long 1 (100 MW capacity) wind power in Ca Mau. These projects are expected to come into operation in 2025 and help increase BCG Energy's total power generation capacity by more than 50%.
BCG Energy also started construction of the Tam Sinh Nghia Waste-to-Energy Plant in Cu Chi District, Ho Chi Minh City on July 20. Phase 1 of the Plant will be implemented from 2024 to 2025, with a total investment of VND 6,400 billion, a capacity to burn 2,600 tons of waste/day, a power generation capacity of 60 MW, and an expected power output to the grid of up to 365 million kWh/year. Waste-to-energy is a new strategic business segment with attractive economic potential and promises to bring diverse sources of income to Bamboo Capital in the future.
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