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Bamboo Capital (BCG): Liabilities decreased by more than VND5,498 billion, equity increased by 26.5% 

 Friday, February 16,2024

AsemconnectVietnam - Cumulatively for the whole year 2023, the consolidated net revenue of Bamboo Capital Group Joint Stock Company (HoSE: BCG) reached VND4,011.6 billion, profit after tax reached VND188.2 billion.

According to the fourth quarter 2023 financial statements announced by Bamboo Capital, the business recorded VND1,178.1 billion in net revenue, down 3.5% compared to the same period in 2022. Profit after tax in the quarter only recorded VND3.4 billion, however this is a significant improvement compared to the fourth quarter of last year.
Bamboo Capital's consolidated net revenue for the whole year 2023 reaches VND4,011.6 billion, equivalent to completing 57.9% of the revenue plan presented at the General Meeting of Shareholders in 2023. Accumulated profit after tax for the whole year 2023 reaching VND188.2 billion, completing 28.9% of the plan. In the context of last year, the macroeconomic market was still difficult and fluctuation; this is a positive result thanks to Bamboo Capital's solid defensive strategy.
Analyzing the revenue structure of Bamboo Capital Group, the main revenue for the whole year 2023 is still contributed from core business activities: construction - infrastructure (VND1,349 billion - 33.6%), renewable energy (VND1,121 billion - 27.9%), real estate (VND944 billion - 23.5%) and financial services (VND358 billion - 8.9%).
Notably, in the financial services group, AAA Insurance Corporation has begun to make a profit after the restructuring process since merging into the Group, while expanding its business network with more than 50 branches across the country. AAA Insurance's revenue grew rapidly, reaching 116% of the business plan, growing 123%. In 2024, AAA Insurance Corporation has set a revenue target of exceeding VND1,000 billion and improving business efficiency compared to the previous year.
Although the real estate market has not recovered and there are still many difficulties, BCG Land's real estate segment is still profitable and contributed positive revenue during the year thanks to the handover of products at the Malibu Hoi An and Hoian d'Or projects.
Total assets as of the fourth quarter of 2023 reached VND41,979.0 billion, a slight decrease of 4.2% compared to the beginning of 2023. In particular, total liabilities decreased by more than VND5,498 billion because the Group proactively settled the settlement. Loans are intended to reduce interest costs to ensure financial security for businesses.
Previously, BCG Energy (a member company of Bamboo Capital's renewable energy segment) proactively bought back all 2 lots of bonds worth VND2,500 billion before maturity. At the same time, Bamboo Capital Group also proactively recovers investments and cooperates to pay other payables. It can be seen that the entire Bamboo Capital Group has actively managed finances and been drastic in restructuring debt to minimize risks during a period of macroeconomic difficulties and fluctuations.
As of December 31, 2023, Bamboo Capital's equity reached VND17,456.2 billion, equivalent to a growth of 26.5% compared to the beginning of 2023 because its subsidiary BCG Energy has completed its capital increase to VND7,300 billion in Quarter 4/2023. This continues to reduce BCG's leverage ratio to a safe level.
With capital increase and proactive debt reduction, Bamboo Capital's total debt-to-equity ratio has decreased from 2.2 times at the end of 2022 to 1.4 times at the end of this year. Bamboo Capital's debt-to-equity ratio has officially decreased to less than 1 time, lower than other businesses in the same industry.
In the Cash Flow Report, net cash flow from business activities has changed from negative VND3,609 billion in the fourth quarter of 2022 to negative VND152 billion in the fourth quarter of 2023; Net cash flow from investment activities also improved significantly from negative VND4,031 billion to positive VND608 billion. Total net cash flow during the period changed from negative VND415 billion to positive VND127 billion in the fourth quarter of this year, demonstrating the safety of the Group's liquidity.
Source: VITIC/Tinnhanhchungkhoan


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