Ninh Thuan BOT One Member Co., Ltd. (BOT Ninh Thuan) has just announced periodic information on its 2025 semi-annual financial situation to the Hanoi Stock Exchange (HNX) and bondholders.
Accordingly, BOT Ninh Thuan recorded a profit after tax in the first 6 months of 2025 of nearly 173 billion VND, lower than the level of nearly 208 billion VND in the same period last year but still increased more than 35 times compared to the same period in 2023.
The profit/equity ratio reached 18.9%, lower than the nearly 27% in the first 6 months of last year but much higher than that of businesses in many other industries, especially businesses in the BOT transport sector, which have faced many difficulties in the past few years when revenue did not meet expectations.
The profit/equity ratio of BOT Ninh Thuan is very high, higher than many large listed enterprises on the Vietnamese stock market and higher than other BOT enterprises on the stock market such as HHV, HUT. Many traffic BOT enterprises have been making losses recently.
The return on equity (ROE) in the first 6 months of 2023 of BOT Ninh Thuan only reached nearly 0.8%.
In 2024, BOT Ninh Thuan reported after-tax profit of nearly 400 billion VND, 7.5 times higher than the results achieved in 2023.
Thus, BOT Ninh Thuan has had impressive business results in the first half of 2024 and the first half of 2025.
Ninh Thuan BOT's profit increased sharply in the context that from the end of 2023, Ca Na Toll Station (Km 1584+100, National Highway 1, Ninh Thuan province, part of the National Highway 1 expansion construction investment project) has adjusted the ticket price to increase by 18%.
At the end of 2023, the Ministry of Transport (old) issued a document approving the adjustment of ticket prices of 44 BOT projects/48 toll stations, thereby helping many listed infrastructure enterprises such as CII, Cienco 4, Deo Ca, Tasco... benefit.
CII parent company booms
Regarding financial health, as of the end of June 2025, BOT Ninh Thuan recorded an increase of more than 18% in equity to nearly VND 915 billion, mainly due to an increase in undistributed profit after tax.
However, total liabilities also increased from nearly VND1,950 billion at the beginning of the year to more than VND2,222 billion. Of which, bond debt remained unchanged at VND1,185 billion.
The debt/asset ratio is quite high, still above 70%. While the debt/equity ratio is 2.43 times.
Previously, on January 29, 2024, BOT Ninh Thuan successfully issued the BNTCH2433001 bond lot, worth VND 1,200 billion, with a term of 117 months (nearly 10 years). The maturity date is October 29, 2033. This is a "three no" bond lot: Non-convertible, no warrants and no collateral, interest rate of 10.5%/year...
The investor who bought the bonds is CII, the parent company of BOT Ninh Thuan. In the first 6 months of 2025 alone, BOT Ninh Thuan spent nearly 62 billion VND to pay interest on this bond.
BOT Ninh Thuan is a project enterprise, the main activity of which is to invest in the construction and operation of the BOT project to expand National Highway 1 through Ninh Thuan province. Regarding the ownership structure, CII is indirectly holding 54.84% of the capital in this company through another member unit, CII Bridge and Road Investment Joint Stock Company (LGC), however, CII's voting ratio at BOT Ninh Thuan is 100%.
Total investment according to the estimate is 2,111 billion VND. The project is operating to collect fees to recover capital according to the estimated schedule from 2017-2034.
BOT Ninh Thuan was established in 2014, operating in the construction sector, headquartered in Ho Chi Minh City. The legal representative of the enterprise is Director Huynh Thai Hoang.
The operation of BOT Ninh Thuan is an important part contributing to the overall business results of the CII ecosystem.
Source: https://vietnamnet.vn/bot-ninh-thuan-tiep-tuc-bao-lai-cao-ngat-ong-lon-ha-tang-bung-no-2430980.html
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