Bamboo Capital (BCG) reached VND184.8 billion profit after tax in the first 9 months of the yearFriday, November 10,2023
AsemconnectVietnam - On October 30, Bamboo Capital Group Joint Stock Company (HoSE: BCG) announced its consolidated financial report for the third quarter of 2023. Accumulated in the first 9 months of 2023, Bamboo Capital achieved revenue of VND2,833.5 billion, profit after tax reached VND184.8 billion.
According to the recently announced financial statements for the third quarter of 2023, this quarter Bamboo Capital Group recorded revenue of VND1,017.9 billion, down 13.5% compared to the same period in 2022. The contribution in terms of revenue came mainly from from Renewable Energy (VND325 billion) - accounting for 31.9%, Infrastructure Construction (VND323 billion) - accounting for 31.7%, Real Estate (VND230 billion) - accounting for 22.6% and Financial Services (VND92 billion) – accounting for 9% of the Group's revenue. Consolidated profit after tax reached VND9.1 billion, down 76.9% compared to the same period in 2022.
With the above business results, at the end of the third quarter of 2023, Bamboo Capital Group's 9-month accumulated revenue reached VND2,833.5 billion, equivalent to completing 40.9% of the revenue and profit after tax plan. Accumulated reached VND184.8 billion, equivalent to completing 28.4% of the plan approved at the 2023 General Meeting of Shareholders.
Bamboo Capital's core operations remain stable. The renewable energy segment still contributes steady revenue, BCG Energy's electricity output sold to the grid in the third quarter of 2023 increased by 28.3% over the same period. Real estate projects continue to be completed and handed over to customers. Specifically, the Malibu Hoi An project has handed over 222 units out of a total of 675 condotel units, the Hoi An d'Or project has handed over 56/202 shophouse units. However, due to the volatile market situation, directly affecting construction progress, sales as well as payment cash flow from partners, the acceptance volume of Tracodi's construction works decreased compared to the same period last year, resulting in Bamboo Capital's total consolidated net revenue decreasing by 13.5% over the same period.
In addition, the sharp increase in the USD exchange rate in the third quarter of 2023 has caused Bamboo Capital's exchange rate difference costs to increase sharply. This is the direct cause of reducing the Group's profit after tax. During the current volatile market period, Bamboo Capital proactively does not carry out M&A activities, which is the Group's strength. The lack of revenue from this segment also contributes to the decline in profits. At present, Bamboo Capital is trying to overcome difficulties and focus resources on the Group's core business activities.
By the end of the third quarter of 2023, Bamboo Capital's total assets reached VND42,976.6 billion, a slight decrease of 1.9% compared to the beginning of 2023. The bright spot is Bamboo Capital's total liabilities at the end of the third quarter of 2023 recorded a decrease of more than VND1,722.3 billion compared to the beginning of the year. This group has proactively settled loans to reduce interest costs to ensure financial security for businesses in a context where interest rates are still high.
With efforts to control and reduce debt, Bamboo Capital's debt-to-equity ratio has decreased to 1.9 times at the end of September 2023. Besides, the debt-to-equity ratio also decreased to less than 1 time. This is a signal that the financial risk of the business has decreased to a balanced level.
Notably, in the Cash Flow Statement, net cash flow from business activities has changed from negative VND1,872.3 billion at the third quarter of 2022 to positive VND1,267.4 billion at the end of the third quarter of 2023 due to Bamboo Capital stopped external investment activities and focused on core activities. In addition, net cash flow from financial activities was negative because the Group proactively paid off some loans during the period. It can be seen that Bamboo Capital has been actively managing finances, minimizing risks during a period of macroeconomic difficulties and fluctuations.
The financial pressure of the Bamboo Capital "ecosystem" was significantly reduced when a number of related companies successfully negotiated with bondholders to move the payment deadline of a total of VND5,000 billion of bonds to 2026. Specifically, BCG Land has adjusted the term of the bond batch worth VND2,500 billion from 36 months to 60 months, the maturity date moved from March 31, 2024 to March 31, 2026. Gia Khang Investment Trading and Services Joint Stock Company was approved to move the maturity date of two batches of bonds worth VND2,500 billion from February 2024 to February 2026.
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