Net profit after tax in Q2/2024 reached VND 318.6 billion.

Bamboo Capital (BCG): Net profit after tax in Q2/2024 reached VND 318.6 billion.

Bamboo Capital Group Joint Stock Company (HoSE: BCG) has just announced its Q2/2024 business results with net revenue reaching VND 1,114.8 billion and after-tax profit reaching VND 318.6 billion, an impressive growth of 98.2% compared to the same period last year.

Specifically, according to the recently released Q2/2024 financial report, Bamboo Capital recorded net revenue of VND 1,114.8 billion, an increase of only 0.04% compared to the same period in 2023. The revenue contribution mainly 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 total revenue.

BCG Energy, with the stock code CGE of BCG, was listed on the UPCoM exchange on the morning of July 31st.

Notably, after-tax profit in Q2/2024 reached VND 318.6 billion, a sharp increase of 98.2% compared to Q2/2023.

For the first six months of 2024, Bamboo Capital's consolidated net revenue reached VND 2,100.3 billion, an increase of 15.7% compared to the same period last year. The revenue structure was primarily 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 surged in the first half of 2024 thanks to the strong performance of solar power plants.

In particular, the growth was mainly driven by the electricity output of the Phu My Solar Power Plant (330 MW), which reached 268 million kWh, an increase of 44.9% compared to the same period last year, due to the addition of 114 MW of output from the plant that commenced commercial operation on May 31, 2023.

It is evident that BCG Energy's renewable energy segment is gradually becoming a crucial pillar, generating significant revenue for Bamboo Capital Group. In addition, Tracodi's Construction and Infrastructure segment (a member of Bamboo Capital) continues to contribute positively to revenue through the completion of projects and stone quarrying and production activities.

Bamboo Capital's after-tax profit for the first six months of the year reached VND 416.8 billion, an increase of 137.3% compared to the same period in 2023. Financial expenses decreased sharply by VND 413.0 billion, a decrease of 32.1% compared to the second quarter of the previous year.

Besides revenue growth, the main reason for Bamboo Capital's breakthrough profit is the effective management of financial costs from BCG Energy. BCG Energy proactively repurchased the entire 2 private bond tranches worth VND 2,500 billion ahead of schedule, significantly reducing the pressure of interest payments and asset management costs associated with these bonds.

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 Bamboo Capital's capital increase of VND 8,002 billion from its public offering in Q2/2024. Bamboo Capital's financial leverage ratio continued to decrease to a safe level.

Thanks to proactively increasing its charter capital, the debt-to-equity ratio decreased significantly from 2.2 times at the end of 2022 to 1.2 times as of June 30, 2024. In addition, Bamboo Capital's debt-to-equity ratio also decreased to 0.6 times.

As a group that invests heavily in capital-intensive sectors such as renewable energy and real estate, achieving such leverage ratios demonstrates Bamboo Capital's significant efforts to bring its debt leverage to an ideal level, lower than that of its peers.

In the first half of 2024, Bamboo Capital Group continued to limit external investment activities and focused on investing in its core business segments. According to the Cash Flow Statement, net cash flow from financing activities shifted from a negative VND 1,073.9 billion to a positive VND 2,466.8 billion at the end of Q2/2024, thanks to revenue from the public offering of shares.

Bamboo Capital is actively raising capital to support its business operations while maintaining the Group's liquidity at a safe level.

With the above business results, at the end of Q2/2024, Bamboo Capital Group completed 34.4% of its revenue plan and 43.8% of its after-tax profit plan as presented at the 2024 Annual General Meeting of Shareholders. Overall, Bamboo Capital's business performance in the first six months of the year showed many positive signs, with most core business segments maintaining stable operations and beginning to show positive changes.

In the real estate sector, taking advantage of the improving real estate market, BCG Land is preparing to hand over and operate the entire Malibu Hoi An condotel complex, accelerating the progress of the King Crown Infinity, Hoian d'Or, and the remaining parts of Malibu Hoi An projects to deliver products to customers as soon as possible. It is expected that in Q3/2024, BCG Land will launch sales for the remaining parts of the King Crown Infinity project.

Bamboo Capital's energy segment continues to receive good news. BCG Energy, the subsidiary responsible for the energy sector of the Group, recently announced its consolidated semi-annual financial statements for 2024, showing impressive business growth. Net revenue reached VND 689.8 billion, a 22% increase; after-tax profit also increased sharply, reaching VND 290.7 billion, 33 times higher than the same period last year. On July 31st, BCG Energy will officially trade 730 million shares on the UPCoM exchange under the ticker symbol BGE and a reference price of VND 15,600 per share.

In addition, BCG Energy is rapidly implementing the Dong Thanh 1 (80 MW) and Dong Thanh 2 (120 MW) wind power projects in Tra Vinh province, and the Khai Long 1 (100 MW) wind power project in Ca Mau . These projects are expected to be operational in 2025 and will increase BCG Energy's total power generation capacity by more than 50%.

BCG Energy also recently commenced construction of the Tam Sinh Nghia waste-to-energy plant in Cu Chi District, Ho Chi Minh City on July 20th. Phase 1 of the plant, scheduled for 2024-2025, has a total investment of VND 6,400 billion, a waste incineration capacity of 2,600 tons per day, a power generation capacity of 60 MW, and an expected annual electricity output of up to 365 million kWh. Waste-to-energy is a new strategic business segment with attractive economic potential and promises to provide a diversified revenue stream for Bamboo Capital in the future.

Source: https://baodautu.vn/bamboo-capital-bcg-loi-nhuan-sau-thue-quy-ii2024-dat-3186-ty-dong-d221268.html