AsemconnectVietnam - Becamex Infrastructure Development Corporation (Becamex IJC, code IJC - HOSE) recorded a profit of VND86.6 billion in Q3, accumulated profit in the first 9 months of 2024 was VND199.34 billion, down 37.5% over the same period and only completed 39% of the yearly plan.

In Q3/2024, Becamex IJC recorded revenue of VND189.19 billion, down 11.6% over the same period; profit after tax reached VND86.6 billion, up 24.9% over the same period last year. In which, gross profit margin decreased from 59.1% to 51.3%.
During the period, gross profit decreased by 23.3% over the same period, equivalent to a decrease of VND29.5 billion, to VND97.08 billion; financial expenses decreased by 57.1%, equivalent to a decrease of VND10.25 billion, to VND7.7 billion; sales and administrative expenses increased by 15.9%, equivalent to an increase of VND3.8 billion, to VND27.71 billion; profit from joint ventures and associates was recorded at VND43.52 billion compared to the same period without recording; and other activities fluctuated insignificantly.
In terms of core business activities (gross profit - financial expenses - sales and administrative expenses), in the third quarter, Becamex IJC recorded a profit decrease of 27.2% over the same period, equivalent to a decrease of VND23.05 billion, to VND61.67 billion.
Thus, in the third quarter, core profit grew negatively but after-tax profit grew positively, mainly due to the sudden increase in accounting for profits from joint ventures and associates.
In the first 9 months of 2024, Becamex IJC recorded revenue of VND714.36 billion, down 43.1% over the same period and after-tax profit of only VND199.34 billion, down 37.5% over the same period last year.
In 2024, Becamex IJC plans to increase revenue by 44% to VND2,206 billion, after-tax profit by 29% to VND511 billion.
Thus, ending the first 9 months of 2024 with a profit after tax of VND199.34 billion, Becamex IJC has only completed 39% of the ambitious profit plan of VND511 billion in 2024.
In addition to the decline in business, it is worth noting that in the first 9 months of 2024, Becamex IJC also recorded a negative main business cash flow of VND199.9 billion compared to the same period of positive VND157.8 billion. In addition, investment cash flow was negative VND523.1 billion and financial cash flow was positive VND600.7 billion.
It is known that after a negative cash flow of VND963.79 billion in 2021, Becamex IJC has experienced two consecutive years of positive business cash flow when 2022 recorded a positive VND308.83 billion and 2023 recorded a positive VND291.41 billion.
In terms of asset size, as of September 30, 2024, Becamex IJC's total assets increased by 23.7% compared to the beginning of the year, equivalent to an increase of VND1,517.8 billion, to VND7,921.6 billion. Of which, the main assets in inventory were recorded at VND3,733.4 billion, accounting for 47.1% of total assets; long-term financial investments recorded VND763.7 billion, accounting for 9.6% of total assets...
Notably, Becamex IJC announced the list of overdue debts for Apax English Joint Stock Company at VND1.12 billion, with a recoverable value of VND0.44 billion. In addition, some overdue receivables from real estate sales of other organizations and individuals with a value of VND435 billion, with the possibility of recovering the entire VND435 billion.
Thus, the total list of overdue debts amounted to VND436.1 billion at the end of the third quarter of 2024 (overdue debts were VND433.8 billion at the beginning of the year).
Regarding capital sources, by the end of the third quarter of 2024, Becamex IJC's total short-term and long-term debt decreased by 43.3% compared to the beginning of the year, equivalent to a decrease of VND429.5 billion, to VND561.7 billion and equal to 11.2% of equity (at the beginning of the year, outstanding debt was VND 991.2 billion and equal to 25.9% of total equity).
N.Nga
Source: VITIC/Tinnhanhchungkhoan