AsemconnectVietnam - Trung Nam Solar Power JSC has just announced its financial situation for the first half of 2024 with after-tax profit equal to 80% of the profit in 2023 and 88% of the profit in 2022.

In the first half of 2024, Trung Nam Solar Power reported a profit of VND221.2 billion, an increase of about 26% over the same period last year. Previously, in 2023, Trung Nam Solar Power also had a profit after tax of about VND278 billion, while this figure in 2022 was VND251 billion. Thus, in the first half of 2024 alone, the profit that the enterprise brought in was equal to 80% of the profit in 2023 and 88% of the profit in 2022.
At the end of the second quarter of 2024, Trung Nam Solar Power's equity increased by more than 6.9% over the same period, reaching VND1,514 billion. Accordingly, the profit after tax/corporate equity ratio reached 14.61%, significantly improved compared to 10.71% in the same period in 2023.
Meanwhile, Trung Nam Solar Power's liabilities were more than VND2,907 billion, with the debt/equity ratio at 1.92 times. The outstanding corporate bond debt alone was more than VND1,801 billion.
Currently, the company is circulating 12 bond lots with a total value of VND2,100 billion, issued in 2019, with a term of 7-9 years, and maturity from 2026-2028. In the first half of 2024, the company will complete its obligation to pay interest on time for the bond lots, and repurchase a portion of the principal of 3 lots TBSCH1926003, TBSCH1926004, and TBSCH1926005, with a total repurchase value of VND69.5 billion on February 2, 2024.
Trung Nam Solar Power Company was established in June 2017, a member of Trung Nam Group and the investor of Trung Nam Solar Power Plant in Loi Hai and Bac Phong communes, Thuan Bac district, Ninh Thuan province, with a capacity of 204 MW.
In July 2024, Trung Nam Renewable Energy JSC (a subsidiary of Trungnam Group) announced the transfer of all 19.9 million shares of Trung Nam Solar Power JSC to: Asia Renewable Energy Investment and Development Company Limited (18 million shares) and Mr. Nguyen Thanh Binh, the new Chairman of the Board of Directors of Trung Nam Solar Power (1.9 million shares).
In addition, Mr. Vu Nhat Thanh and Ms. Dao Thi Minh Hue also transferred 10,000 shares and 90,000 shares of Trung Nam Solar Power to Mr. Nguyen Dang Khoa, respectively.
Notably, Asia Renewable Energy Investment and Development Company Limited is a subsidiary of Asia Industrial Technology JSC (ACIT). Mr. Nguyen Dang Khoa is the Deputy General Director of ACIT.
Previously, since 2021, ACIT has owned 49% of shares of Trung Nam Solar Power JSC. By increasing its ownership through Asia Renewable Energy, ACIT has raised its ownership in Trung Nam Solar Power to over 51% and holds the controlling right of this enterprise instead of Trungnam Group.
N.Nga
Source: VITIC/Tinnhanhchungkhoan