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Ho Chi Minh City Infrastructure Investment JSC (CII): Profit in Q3/2023 increased by 86.2%, to VND96.23 billion 

 Saturday, November 11,2023

AsemconnectVietnam - Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII code - HoSE) recorded a profit of VND96.23 billion in the third quarter, cumulatively in the first 9 months of 2023 recorded a profit of VND214.1 billion, down 74.9% over the same period last year.

In the third quarter of 2023, Ho Chi Minh City Infrastructure Investment Joint Stock Company recorded revenue of VND732.07 billion, down 66.5% over the same period, profit after tax recorded VND96.23 billion, up 86.2% over the same period. Of which, gross profit margin improved from 15.1% to 36.3%.
During the period, gross profit decreased by 19.3% over the same period, corresponding to a decrease of VND63.48 billion, to VND265.73 billion; Financial revenue increased by 52.5%, equivalent to an increase of VND93.19 billion, to VND270.62 billion; Financial expenses increased by 15.1%, equivalent to an increase of VND48.86 billion, to VND371.77 billion; Sales and corporate management expenses decreased by 24%, equivalent to a decrease of VND25.53 billion, to VND81.04 billion and other activities fluctuated insignificantly.
Thus, in the third quarter, although gross profit decreased, profit after tax still increased strongly, mainly due to a strong increase in financial revenue, while reducing sales and corporate management costs.
Explaining increased profits, Ho Chi Minh City Infrastructure Investment JSC said it was due to increased net profit from business activities of BOT projects and transfer profits from financial investments.
Cumulatively in the first 9 months of 2023, Ho Chi Minh City Infrastructure Investment JSC recorded revenue of VND2,323.4 billion, down 40.3% over the same period and profit after tax recorded VND214.1 billion, down 74.9% over the same period last year.
It is known that in 2023, Ho Chi Minh City Infrastructure Investment plans a revenue of VND5,155 billion and a profit after tax of parent company shareholders of VND469 billion (before allocating goodwill costs). Thus, at the end of the first 9 months of 2023, with the after-tax profit of the parent company's shareholders recorded at about VND242 billion (plus back to the allocated goodwill costs), the Company has completed about 52% of the target.
As of September 30, 2023, the total assets of Ho Chi Minh City Infrastructure Investment decreased by 8.7% compared to the beginning of the year, corresponding to a decrease of VND2,478.9 billion, to VND26,080.6 billion. Of which, the main assets were fixed assets recorded at VND6,717.9 billion, accounting for 25.76% of total assets; Short-term receivables recorded VND5,453 billion, accounting for 20.9% of total assets; Long-term receivables recorded VND5,103 billion, accounting for 19.6% of total assets; Other long-term assets recorded VND3,034.3 billion, accounting for 11.6% of total assets and other items.
Regarding asset fluctuations, securities investment increased by 65.2% compared to the beginning of the year, corresponding to an increase of VND401.4 billion, to VND1,017 billion. Notably, at the beginning of the year there was no record, but as of September 30, 2023, there was an investment of 17.32 million shares, equivalent to an investment of VND401.4 billion in Tasco Joint Stock Company (code: HUT).
In addition, another noteworthy point, on November 11, 2022, the Board of Directors of CII Bridge and Road Investment Joint Stock Company issued a Decision approving the transfer of 60,170,549 shares, equivalent to 39% of capital at the Joint Stock Company. BOT Trung Luong - My Thuan from Tuan Loc Construction Investment Joint Stock Company. This transfer has also been approved by the People's Committee of Tien Giang province on May 31, 2023 and is expected to be completed in the fourth quarter of 2023. If the transaction becomes a Company, CII will increase its ownership from 50% to 89% of the capital at Trung Luong - My Thuan BOT Joint Stock Company and change the accounting method from a joint venture company to a Subsidiary Company.
Regarding capital sources, as of the end of the third quarter, the total short-term and long-term debt of Ho Chi Minh City Infrastructure Investment JSC decreased by 11.6% compared to the beginning of the year, corresponding to a decrease of VND1,684.6 billion, to VND12,897.7 billion and accounting for 49.5% of total capital. Of which, short-term debt is VND5,106.6 billion and long-term debt is VND7,791.1 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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