AsemconnectVietnam - Announcing business results for the first 6 months of 2023, Sovico Group's total assets reached VND159,986 billion, equivalent to about USD7 billion, among the group of Vietnamese businesses with the largest assets.

Sovico Group Joint Stock Company (Sovico Group) has just announced its business results for the first 6 months of 2023. This announcement has clarified the business picture of Sovico Group. Investors can partly see the scale of one of the largest multi-industry private investment corporations in Vietnam, operating in the fields of finance and banking, aviation, digital transformation, energy, urban development, resorts...
By the end of June 2023, it continues to be a positive business period for the Group with a consolidated profit after tax of VND1,547 billion, 3.7 times higher than the same period last year and equal to 50% of the total profit in 2022. Profit after tax continues to be recorded mainly from dividends from distributed investments.
Compared with businesses on the floor excluding banks, Sovico Group's asset scale by the end of June 2023 is VND159,986 billion, equivalent to about USD7 billion, second only to Vingroup/Vinhomes, Hoa Phat and Bao Viet. The increase in the Group's asset scale was recorded from the end of 2022 when consolidating business, finance, insurance, aviation, and urban development activities held by Sovico Joint Stock Company (Sovico Holdings) for many years.
Sovico Group's equity was recorded at VND50,790 billion at the end of June 2023, a slight increase compared to the end of 2022 at VND49,237 billion, while liabilities decreased to VND109,200 billion. Liabilities mainly include debts to shareholders and partners that have been matched with receivables. This group does not record debt at the bank, this is a rare large enterprise that does not owe money to the bank.
On the other hand, it is also noted that the debt-to-equity ratio (D/E) by the end of June 2023 is 0.64, down from 0.9 times at the end of 2022, compared to the average level of over 3.5. of the market. In the first 6 months of 2023, Sovico Group paid VND2,945 billion in bond interest and VND5,400 billion in bond principal.
As of March 15, 2023, the pre-mature repurchase balance is VND2,258 billion, the remaining balance of the Group's outstanding bonds is VND15,742 billion. Sovico Group said that in order to increase capital to consolidate operations, invest in projects, and restructure finances, the Group has issued corporate bonds in previous years.
Bonds issued from 2021 all have guaranteed assets. Bonds issued by this Group have reasonable interest rates and high reliability. Investors are satisfied with the investment results and have just agreed to increase the term of some bond lots to 2026, instead of 2024.
Information disclosure shows that, after consolidating business areas in 2022, businesses with capital contributions from the Group will operate stably, growing revenue and profits according to the sustainable development strategy, environmentally friendly and responsible to the community.
N.Nga
Source: VITIC/Tinnhanhchungkhoan