AsemconnectVietnam - On July 30, 2024, Bamboo Capital Group Joint Stock Company (HOSE: BCG) announced its business results for the second quarter of 2024 with net revenue of VND1,114.8 billion and profit after tax of VND318.6 billion, an impressive growth of 98.2% over the same period.

According to the recently announced Q2/2024 financial statements, Bamboo Capital recorded VND1,114.8 billion in net revenue, up only 0.04% over the same period in 2023. Revenue contributions mainly came from Renewable Energy (VND369.4 billion), accounting for 33.1%, Infrastructure Construction (VND338.5 billion), accounting for 30.4% and Financial Services (VND180.2 billion), accounting for 16.2% of the Group's revenue. Notably, profit after tax in Q2/2024 reached VND318.6 billion, a sharp increase of 98.2% over Q2/2023. Accumulated in the first 6 months of 2024, Bamboo Capital's consolidated net revenue reached VND2,100.3 billion, up 15.7% over the same period. Revenue structure is mainly contributed by Renewable Energy (VND689.8 billion), accounting for 32.8%, Infrastructure Construction (VND560.7 billion), accounting for 26.7% and Financial Services (VND366.0 billion), accounting for 17.4% of the Group's total revenue.
Renewable energy revenue will break out in the first half of 2024 thanks to the good performance of solar power plants. In particular, the growth momentum mainly comes from the electricity output of Phu My Solar Power Plant (330 MW) reaching 268 million kWh, up 44.9% over the same period due to the additional output from 114MW in commercial operation from May 31, 2023.
It can be seen that BCG Energy's renewable energy segment is gradually becoming an important pillar, bringing in large revenue for Bamboo Capital Group. In addition, Tracodi's Construction - Infrastructure segment continued to contribute positive revenue thanks to the acceptance of projects and stone production - exploitation activities.
Bamboo Capital's after-tax profit in the first 6 months of the year reached VND416.8 billion, up 137.3% over the same period in 2023. Financial expenses decreased sharply by VND413.0 billion, equivalent to a decrease of 32.1% compared to the second quarter of the previous year. In addition to the growth in revenue, the main reason for Bamboo Capital's profit breakthrough was thanks to the effective management of financial expenses from BCG Energy. BCG Energy proactively repurchased all 2 separate bond lots worth VND2,500 billion in advance, helping to reduce the great pressure on interest rates and collateral management costs of this bond lot.
The Group's total assets as of June 30, 2024 reached VND45,308.3 billion, an increase of 7.9% compared to the beginning of 2024 due to the merger of Tipharco Pharmaceutical JSC (HNX: DTG) into the Bamboo Capital ecosystem.
Notably, BCG's equity as of June 30, 2024 recorded VND20,987.9 billion, an increase of 20.2% compared to the beginning of the year thanks to the completion of Bamboo Capital's capital increase to VND8,002 billion from the public offering in the second quarter of 2024. Bamboo Capital's financial leverage ratio continued to decrease to a safe level.
Thanks to proactively increasing charter capital, the debt-to-equity ratio decreased significantly from 2.2 times at the end of 2022 to 1.2 times at June 30, 2024. In addition, Bamboo Capital's debt-to-equity ratio also decreased to 0.6 times. As a Group investing heavily in capital-intensive industries such as renewable energy and real estate, achieving the above leverage ratios shows Bamboo Capital's great efforts to bring its debt balance to an ideal level, lower than that of other businesses in the same industry.
In the first half of 2024, Bamboo Capital Group still limited external investment activities and focused on investing in core business segments. In the Cash Flow Statement, it can be seen that net cash flow from financial activities shifted from negative VND1,073.9 billion to positive VND2,466.8 billion at the end of the second quarter of 2024 thanks to revenue from the public offering of shares. Bamboo Capital is actively adding capital to serve production and business activities, while maintaining the Group's liquidity at a safe level.
With the above business results, at the end of the second quarter of 2024, Bamboo Capital Group completed 34.4% of the revenue plan and 43.8% of the after-tax profit plan submitted at the 2024 General Meeting of Shareholders. In general, Bamboo Capital's production and business activities in the first 6 months of the year had many bright spots; most of the core business segments maintained stable operations and began to change positively. In the real estate segment, taking advantage of the time when the real estate market showed signs of recovery, BCG Land is preparing to hand over and operate the entire Malibu Hoi An condotel block, speeding up the progress of the King Crown Infinity, Hoian d'Or projects and the remaining part of Malibu Hoi An to soon hand over products to customers. It is expected that in the third quarter of 2024, BCG Land will organize the opening sale of the remaining part of the King Crown Infinity project.
Bamboo Capital's energy sector has received a lot of good news. BCG Energy, the Group's subsidiary in charge of the energy sector, has just announced its consolidated financial statements for the first half of 2024 with impressive business results: Net revenue reached VND689.8 billion, up 22%; profit after tax also increased sharply, reaching VND290.7 billion, 33 times higher than the same period last year. On July 31, BCG Energy will officially trade 730 million shares on the UPCoM floor, with the stock code BGE and a reference price of VND15,600/share. In addition, BCG Energy is rushing to implement the Dong Thanh 1 wind power projects (capacity of 80 MW), Dong Thanh 2 (capacity of 120 MW) in Tra Vinh province and Khai Long 1 wind power projects (capacity of 100 MW) in Ca Mau. These projects are expected to be operational in 2025 and will help increase BCG Energy's total power generation capacity by more than 50%.
BCG Energy has also just started construction of the Tam Sinh Nghia Waste-to-Energy Plant in Cu Chi, Ho Chi Minh City on July 20. Phase 1 of the Plant will be implemented from 2024 to 2025, with a total investment of VND6,400 billion, a capacity to burn 2,600 tons of waste/day, a power generation capacity of 60 MW, and an expected power output to the grid of up to 365 million kWh/year. Waste-to-energy is a new strategic business segment with attractive economic potential and promises to bring diverse sources of revenue to Bamboo Capital in the future.
The domestic macroeconomic context is recovering positively, the world economy is showing optimistic signs. Along with that, many policies such as the revised Land Law, the Plan to implement the Power Plan 8 and the newly issued Direct Power Purchase Mechanism are expected to actively support Bamboo Capital Group to accelerate and complete its business plan in the second half of 2024.
N.Nga
Source: VITIC/Tinnhanhchungkhoan