In the first quarter of 2024, Bamboo Capital (BCG) achieved revenue of 985 billion VND

At the end of the first quarter of 2024, BCG recorded net revenue of VND 985.4 billion, an increase of 40.5% over the same period in 2023. Consolidated profit after tax in the first quarter reached VND 98.2 billion, an increase of more than 10 times over the same period.

Specifically, at the end of the first quarter, Bamboo Capital Group recorded net revenue of VND 985.4 billion, an increase of 40.5% over the same period in 2023. Revenue contributions came mainly from the Renewable Energy segment (VND 320.4 billion), accounting for 32.5%, Infrastructure Construction (VND 222.1 billion), accounting for 22.5%, Real Estate (VND 209.8 billion), accounting for 21.3% and Financial Services (VND 185.7 billion), accounting for 18.8% of the Group's revenue.

The renewable energy segment contributed VND320.4 billion, equivalent to 32.5% of BCG's revenue in the first quarter.

After many years of strong investment, BCG Energy's renewable energy segment has proven its effectiveness by becoming the segment contributing the largest proportion of Bamboo Capital's revenue.

The financial services segment, with a large contribution from AAA Insurance Corporation, also rose to account for 18.8% of revenue (11% in the same period). This shows that Bamboo Capital's revenue structure has been evenly distributed among core business segments, including renewable energy, construction - infrastructure, real estate and financial services.

Net revenue and profit in the first quarter of 2024 grew impressively.

Bamboo Capital's consolidated profit after tax in the first quarter reached VND98.2 billion, an increase of more than 10 times over the same period. In addition to revenue growth, one of the other important factors that helped Bamboo Capital achieve this sudden increase in profit was thanks to good control of interest expenses. Specifically, the Group's interest expenses decreased by VND129.4 billion over the same period, equivalent to a decrease of 32.7%. The decrease in interest expenses is thanks to proactive efforts to pay off loans and partner debts in 2023 to minimize financial risks.

As of March 31, 2024, Bamboo Capital's total assets reached VND 42,592.1 billion, a slight increase of 1.4% compared to the beginning of the year. The Group's equity reached VND 24,918.8 billion, a slight increase of 1.5%. In general, the indicators on Bamboo Capital's balance sheet remained stable, without much change compared to the end of 2023.

Bamboo Capital 's total assets continue to increase.

With the orientation of controlling good asset quality, ensuring financial health, as well as creating room to mobilize capital for future projects, Bamboo Capital continues to proactively pay off loans and partner debts. Thanks to that, the debt-to-equity ratio is maintained at a safe level of 1.4 times, equivalent to the level recorded at the end of 2023. In addition, the debt-to-equity ratio continues to decrease to 0.5 times compared to more than 1 time in the first quarter of 2023.

In the Cash Flow Statement, net cash flow from investing activities was negative VND 298 billion at the end of the first quarter of 2024 because during the period, subsidiary BCG Energy acquired Tam Sinh Nghia Investment - Development JSC to invest in the construction of a waste-to-energy incineration plant. Cash flow from operating activities was negative VND 432 billion because part of the investment in Tam Sinh Nghia was transferred to a partner to develop modern waste-to-energy technology. In addition, net cash flow from financing activities recorded VND 62 billion in the first quarter of 2024 because AAA Insurance Corporation increased its capital.

On April 1, 2024, the Prime Minister approved the plan to implement the National Power Development Plan for the 2021-2030 period, with a vision to 2050, with the goal of increasing the contribution rate of the renewable energy sector to 30.9 - 39.2% by 2030 and oriented to 67.5% - 71.5% by 2050. The implementation of the VIII Power Plan not only marks an important step forward in the electricity sector but also opens up development space for the renewable energy sector.

Debt ratio is always under control.

BCG Energy - a member company of Bamboo Capital currently owns a portfolio of up to nearly 1 GW approved under the Power Plan VIII with a vision to be implemented until 2030. Notably, a series of large-scale wind power projects, including: Dong Thanh 1 wind power (80 MW), Dong Thanh 2 (120 MW) in Tra Vinh province; Khai Long 1 (100 MW) in Ca Mau will be deployed by BCG Energy this year and expected to be put into operation in 2025. Once operational, these projects will help increase the total power generation capacity of BCG Energy by about 53%.

Notably, in the 2024-2025 period, BCG Energy will build a modern waste-to-energy plant with an investment capital of more than VND5,000 billion in Ho Chi Minh City. The plant has a capacity to burn 2,000 tons of waste per day and night, equivalent to a power generation capacity of 40 MW. In the next phase, BCG Energy's waste-to-energy plant can increase its processing capacity to 5,200 tons of waste per day and generate power generation capacity of up to 130 MW, becoming one of the largest plants in the world in this field.

At the same time, BCG Energy is also building waste-to-energy plants in Long An, Kien Giang and other provinces. By continuing to promote the development of renewable energy projects in the 8th Power Plan and building more large-scale waste-to-energy plants, BCG Energy will continue to contribute positively to the consolidated business results of Bamboo Capital Group.

According to the 2024 shareholders' meeting documents announced by Bamboo Capital, the Group aims for total consolidated revenue in 2024 to reach VND 6,102.5 billion and total profit after tax to reach VND 951.7 billion. Compared to the results achieved in 2023, Bamboo Capital Group's 2024 business plan is expected to increase revenue by 152% and profit by 556%. Bamboo Capital's 2024 annual shareholders' meeting will be held online on April 27, 2024.

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