On October 30, 2024, Bamboo Capital Group Joint Stock Company (HoSE: BCG) has just announced its Financial Report with accumulated 9 months of 2024, consolidated net revenue reached 3,238.1 billion VND; Profit after tax reached 748.3 billion VND.
Profits surge, energy sector contributes more than 1,000 billion in revenue
In the third quarter of 2024, Bamboo Capital recorded VND 1,137.9 billion in net revenue, an increase of 11.8% over the same period in 2023. The revenue structure was mainly contributed by the Renewable Energy segment (VND 339.7 billion) - accounting for 29.9%, Real Estate (VND 287.2 billion) accounting for 25.2% and Financial Services (VND 240.3 billion) - accounting for 21.1%. The third quarter of 2024 recorded a positive recovery in the Real Estate segment, with revenue from this segment increasing sharply by 194.4% compared to the second quarter of 2024 (reaching VND 97.5 billion) thanks to the continued handover of the two projects Malibu Hoi An and Hoian d'Or ( Quang Nam ).
Notably, Bamboo Capital's after-tax profit in the third quarter of 2024 reached VND 331.2 billion, 36 times higher than the same period.
Accumulated in the first 9 months of 2024, Bamboo Capital's consolidated net revenue reached VND 3,238.1 billion, an increase of 14.3% over the same period in 2023. In particular, revenue structure analysis shows that BCG Energy's Renewable Energy segment contributed the most with VND 1,029.5 billion - accounting for 31.8%, Tracodi's Construction - Infrastructure segment contributed VND 730.9 billion - accounting for 22.6%, the Financial Services segment mainly contributed by AAA Insurance VND 606.2 billion - accounting for 18.7%, BCG Land's Real Estate segment contributed VND 594.6 billion - accounting for 18.4% and the Manufacturing segment (including Nguyen Hoang wooden furniture and Tipharco Pharmaceuticals) accounted for 8.5%.
BCG Energy's renewable energy segment continues to be a bright spot, maintaining stable revenue thanks to the good performance of solar power plants. Electricity output in the first 9 months of 2024 from operating plants reached 604 million kWh, up 16.7% year-on-year.
Notably, the financial services segment, which is mainly contributed by AAA Insurance, has significantly improved. By the end of the third quarter, AAA Insurance has also completed its 2024 revenue plan and is expected to exceed 30% of the plan by the end of the year. In addition, the merger of Tipharco Pharmaceutical Joint Stock Company (HNX: DTG) from the second quarter of 2024 also contributed 4.6% (149 billion) to Bamboo Capital's total revenue.
Profit after tax in the first 9 months of 2024 reached VND 748.3 billion, 4 times higher than the same period in 2023. The main reason for the profit breakthrough comes from the efficiency of cost management. The highlight is that financial expenses decreased sharply by VND 761.5 billion, equivalent to a decrease of 65.9% over the same period, mainly due to BCG Energy proactively buying back all 2 separate bond lots worth VND 2,500 billion in advance, greatly reducing the pressure on interest rates and costs of managing collateral assets of this bond lot.
With the above business results, by the end of the third quarter of 2024, Bamboo Capital had completed 54.7% of the revenue plan and 78.6% of the after-tax profit plan this year.
Safe financial structure, great growth potential
Bamboo Capital's total assets as of Q3/2024 reached VND45,407.9 billion, an increase of 8.1% compared to the beginning of 2024 due to the merger of Tipharco Pharmaceuticals into the ecosystem. Bamboo Capital's equity as of September 30, 2024 was recorded at VND21,279.6 billion, an increase of 21.9% compared to the beginning of the year thanks to the successful capital increase to VND8,002 billion from the public offering in Q2/2024. Accordingly, Bamboo Capital's financial leverage ratio continued to decrease, remaining at a safe level.
Thanks to proactive capital increase, the debt-to-equity ratio decreased significantly from 2.2 times at the end of 2022 to 1.1 times at September 30, 2024. In addition, the debt-to-equity ratio decreased to only 0.6 times, lower than that of other businesses in the same industry.
According to the Cash Flow Statement as of September 30, 2024, the net cash flow from operating activities was negative VND 2,741.2 billion, mainly due to Bamboo Capital expanding its investment into the waste-to-energy sector and constructing real estate projects: Malibu Hoi An (Quang Nam) and King Crown Infinity (HCMC), which shows that when the market is still facing many difficulties, Bamboo Capital is still making efforts to selectively carry out M&A and implement project construction.
Notably, net cash flow from financial activities shifted from negative VND 794.2 billion to positive VND 2,207.2 billion at the end of the third quarter of 2024 thanks to revenue from the public offering of shares.
In addition, the real estate market has also passed the most difficult period and started to record positive signals. BCG Land is continuing to accelerate the completion of unfinished projects for handover to customers. It is expected that in the fourth quarter of 2024, BCG Land will organize the sale of the remaining part of the King Crown Infinity project (HCMC) and record extraordinary revenue thanks to the handover of projects by the end of 2024.
In general, Bamboo Capital's production and business activities in the third quarter have had positive changes. With favorable macroeconomic factors and signs of recovery from the market, the company is likely to complete its 2024 business goals and continue to develop sustainably.
Vinh Phu
Source: https://vietnamnet.vn/9-thang-dau-nam-2024-bamboo-capital-dat-doanh-thu-hon-3000-ty-dong-2339812.html
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